A Guide To Open A Stripe Account For Non-US Residents

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In this blog post, you will learn how to open a Stripe account for non-US residents. Before I proceed, let’s look at the requirements needed to create a Stripe account for non-US citizens.

Requirements To Open A Stripe Account for Non-US Residents

The requirements to safely open a Stripe account for non-US residents are:

1. Form a Limited Liability Company (LLC) in the US
2. EIN (Employer Identification Number) or Tax ID
3. A Personal US physical address
4. A US phone number
5. A US bank Account

1. Limited Liability Company

You will need to form a limited liability company, which is an LLC. It is a type of business structure in the United States of America. It is easy to form an LLC even as a foreign resident.

The LLC, which is your business, is what you will use to open your Stripe account for non-US residents. You will learn how to form an LLC in this post.

2. Employer Identification Number

Employer Identification Number, which is EIN, is like a Social Security number for individuals, but in this case, for businesses. Sometimes, it is also referred to as a federal tax ID. You will need to submit your EIN as a business when opening your Stripe account. In this guide, you will learn how to get your EIN.

3. A US House Address

You will need a US house address since you are forming your LLC in the United States. That is a small issue, as you can have a free and functional US house address at Shipito. Go there and sign up to get your California-based address.

4. A US Phone Number

Getting a US phone is not as hard as it may seem. You can get a working US phone number that can send/receive messages and make calls, or receive calls. You will need this in your LLC formation and Stripe account creation. Dingtone is an app available for mobile phones. Go there, download it, and purchase a US phone number of your choice.

5. A US Bank Account

There are many ways to get a US business or individual account. You can use Mercury.com to open a US business account, but only possible if you already have your LLC form. The best option is to open an Individual US bank account using Payoneer or Wise. Stripe will request a US bank account when you create your Stripe account.

Forming an LLC will cost you some dollars. If you are to register your business name or company in your home country, you will spend money. It is the same thing with LLC formation.

If you are to register your LLC using a lawyer, you should be ready to cough out close to $1000. I will show you the cheapest and easiest way to form your LLC.

The Cheapest States To Form An LLC

There are some cheap states to form an LLC. Here are a few with low state filing fees and annual tax fees.

Kentucky
Filing fee: $40
Annual tax fee: $15

Mississippi
Filing fee: $50
Annual tax fee: $0

Missouri
Filing fee: $50
Annual tax fee: $0

New Mexico
Filing fee: $50
Annual tax fee: $0

Colorado
Filing fee: $50
Annual tax fee: $10

The state filing fee is the fee charged by the state to file a new business entity. The annual tax fee is a tax that you pay to the state government every year. The tax fees that you pay depend on the type of business you have. If you have an LLC, then your annual tax fee is based on the number of members and profits in your company.

The reason I took my time to explain all of these terms is for you to understand what you are paying for and why you are paying for it. They are required for LLC formation, whether you are doing it yourself or hiring someone to do it for you.

If you don’t want to pay taxes every year, then you should choose either of these states: Mississippi, Missouri, or New Mexico. Please do know that things are meant to change over time, but at the time of publishing this post, the information above was accurate.

With all of these explained and other requirements ready (US phone number and address), it is time to start your LLC registration.

How To Form An LLC

To form an LLC, you will need to use an LLC formation service. An LLC formation service is a company that helps you form an LLC (limited liability company).

Many people who want to form an LLC don’t have the time, resources, and knowledge to do it themselves. That is where the service comes in.

They will handle all the paperwork, including filing the articles of incorporation, which is necessary if you want to operate under this type of structure.

The best and cheapest LLC formation service provider out there that will help you with everything is Bizee (formerly Incfile). They offer free LLC formation. They won’t charge for their services, but you only pay the mandatory fee required to form the LLC.

Visit Bizee to get started.

1. Click on form your free LLC now.

2. Select your entity, which should be LLC, and the state. Choose the standard or premium package (very important).

3. Fill in your company information.

4. Choose the state filing time.

5. Enter your name, email, and phone number.

6. Add your company and contact information. For a non-US resident, you can use your home country details for the contact address.

7. Skip the premium service package if you don’t need it.

8. Choose an individual if your LLC member is a person or a business. (Choose a person.)

9. Assign Bizee as your registered agent.

10. Indicate that you are a non-US citizen and that you don’t have a Social Security number.

11. Skip small business banking if you don’t need it.

12. Skip tax strategy / free consultation.

13. Skip business licenses and permits if you don’t need them.

14. Review your order.

15. Make your payment.

If you want other LLC formation services, you can try Northwest Registered Agent and ZenBusiness.

With this, you are just a few steps away from opening a Stripe account as a non-US citizen. Your information will be processed, and in a few weeks, you will get your EIN, which will be needed for the Stripe account creation.

If you have gotten your EIN, congratulations again! You are a few steps away from opening a verified Stripe account for non-US residents. But first, you need to create your US bank account.

Go to Payoneer.com and create an individual US bank account. It is needed during the stripe registration process — they will request a bank account. If your US bank account is available, then it is time to proceed to Stripe and set up your account.

How To Set Up A Verified Stripe Account For Non-US Citizens

It is assumed that at this stage, your LLC has been formed, and your EIN and registered agent details have been obtained. Now, it is time to proceed to Stripe to set up your account.

Step 1. Visit https://dashboard.stripe.com/register. Enter your email, full name, and country (leave it in the United States). Enter your password and click Create Account

Step 2. Verify your email address.

Step 3. Activate payments on your account. Click on Activate Payments to start the process of setting up your Stripe account.

Step 4. Choose your business type. The business location should be the United States. The type of business should be a company, and the business structure single-member LLC.

Step 5. Business details. Your legal business name should be the name of your LLC. Fill in the EIN obtained from Bizee. The registered business address should be the registered agent’s address from Bizee. Choose your industry, and enter your website URL and product description (business description). Click on continue.

Step 6. Business representative. This part is for you to verify your personal details. Your legal name should be your real name. Your email address will automatically be displayed there. Enter your home address. You should use your home address and phone number (not a US phone number). Since you are a non-US citizen, you don’t have an SSN. So, choose to provide a government-issued ID number instead.

Step 7. Fulfilment details. This part is to let Stripe know how long it will take for you to deliver to customers the products or services that you are selling after they make payment.

Step 8. Public details. This part is for you to decide what customers will see on their payment statements, invoices, and receipts. It is recommended that you enter your LLC in the statement descriptor (eg Mazicom LLC). In the shortened descriptor, you can add only the name of your business (eg Mazicom).

Step 9. Add your bank account to receive payouts. For you to be able to move your money out of Stripe, you must add a bank account. If your bank is not listed there, you need to enter it manually.

If you have a Payoneer account, you can go there and add the bank details. If you have any other US bank accounts from other financial institutions, you can try it too.

Step 10. Secure your account. You can use SMS or an authenticator app. With two-step authentication, no one else will be able to log in to your account. Once you are done, click continue.

Step 11. Tax calculation. Click No thanks.

Step 12. Climate contributions. Ignore this part.

Step 13. Review and submit. Check to see that all details you have entered are correct. If all the information is correct, click ‘Submit’.

Should I say finally? Maybe!

You need to check your email for any further information from Stripe. Sometimes they ask you for proof of certain details you submitted if they find it hard to verify the information.

If you follow this guide step by step, and you live in a country where Stripe is not supported, you should be able to start using Stripe legally. This method is accepted by Stripe. You won’t get banned by Stripe as long as your business is not restricted or prohibited.

Frequently Asked Questions

Is Stripe Available for non-US residents?

Yes, you can create a Stripe account for non-US residents when you register your business in the United States or any Stripe-supported country. You will learn how to form a US company easily so that you can use it to set up a functional Stripe account.

Does Stripe work for non-US residents?

You can use Stripe for non-US residents to receive payment seamlessly across the globe. For you to be able to use Stripe for non-US residents, you must have all the essential documents to open an account and verify it. This post will show you how to do so.

Can I use Stripe for non-US residents To Accept Payments From Customers Worldwide?

Yes, with Stripe, you can accept payments from customers all around the world — if your account is verified. Stripe supports international payments and allows businesses to receive funds from various countries.

Can Freelancers Or Self-Employed Individuals Open A Stripe Account for non-US residents?

Yes, freelancers and self-employed individuals can open a Stripe account for non-US residents, provided they fulfill the eligibility criteria.

How Long Does It Take To Open A Stripe Account for non-US residents?

The account setup process typically takes a few minutes, but it may require additional verification steps, which could take a few days.

Are There Any Fees Associated With Using Stripe for non-US residents?

Yes, Stripe charges transaction fees for each successful payment. The fees may vary depending on factors such as the currency used and the type of transaction (e.g., local or international). You can find detailed information about Stripe’s pricing structure on their website.

Can I Link Multiple Bank Accounts To My Stripe Account for non-US residents?

Yes, you can link multiple bank accounts to your Stripe account for non-US residents, which allows you to manage your funds more efficiently.

Are There Any Restrictions On The Types Of Businesses That Can Open A Stripe Account for non-US residents?

Stripe generally supports a wide range of businesses; however, certain industries or activities may be subject to specific regulations or restrictions.

What Currencies Does Stripe Support for non-US residents?

Stripe supports a wide range of currencies for non-US residents, including the Moroccan dirham (MAD), US Dollar (USD), Euro (EUR), British Pound (GBP), and many more. You can choose the currency that suits your business needs.

How can I integrate Stripe Into My Website Or App for non-US residents?

Stripe provides comprehensive documentation and developer tools to help you integrate their payment system into your website or app. You can find detailed instructions, APIs, and plugins on the Stripe website to guide you through the integration process.

What Are The Security Measures Taken By Stripe for non-US residents?

Stripe prioritizes security and employs various measures to protect your business and customer data. They utilize encryption, fraud detection algorithms, and follow strict PCI-DSS (Payment Card Industry Data Security Standard) compliance guidelines to ensure the safety of transactions.

Can I use Stripe For Recurring Payments Or Subscriptions for non-US residents?

Yes, Stripe offers features to handle recurring payments and subscription-based services. It provides APIs and tools to manage subscriptions, billing cycles, and customer renewals. This functionality can be useful for businesses offering subscription-based products or services.

What Customer Support Options Are Available For Stripe Users for Non-US Residents?

Stripe provides customer support through various channels, including email and live chat. You can reach out to their support team for assistance with technical issues, account-related inquiries, or any other questions you may have regarding using Stripe for non-US residents.

Is A Business License Necessary To Open A Stripe Account for non-US residents?

While having a business license is not mandatory, it is advisable to have one if you are operating as a registered business entity.

How Can I Ensure Compliance With My Country’s Laws When Using Stripe?

It is crucial to review and adhere to the local laws and regulations pertaining to your business activities, such as tax obligations and financial reporting.

Do I Need An SSN To Open A Stripe?

No, you do not need a Social Security Number (SSN) to open a Stripe account. SSN is a specific identification number used in the United States.

While Stripe may require personal identification or business documentation for verification purposes, it typically does not mandate an SSN for non-US residents.

You can only avoid providing an SSN if you are creating a business Stripe account as a non-US resident, but you will need to provide your business documents, like an Employer Identification Number (EIN) and a US bank account, and phone number. You can get an EIN when you form an LLC in the United States.

Can I Use Stripe Without an SSN?

No, you cannot use Stripe without an SSN if you are a US citizen or resident. Stripe requires a verifiable tax ID number (SSN or EIN) for all US accounts, as part of their mandatory identity verification requirement. This is to comply with regulations and to help prevent fraud and money laundering.

If you are a US citizen or resident and you do not have an SSN, you may be able to use Stripe if you have an EIN. However, you will still need to provide Stripe with documentation that verifies your identity and your business.

If you are not a US citizen or resident, you may be able to use Stripe without an SSN. However, the requirements for creating a Stripe account vary depending on the country where you are located. You should contact Stripe’s support team for more information.

What Documents Do I Need To Verify My Stripe Account?

The documents you need to verify your Stripe account will vary depending on your country of residence and the type of business you have. However, some common documents that Stripe may require include:

Proof of identity: This could be a scan of your driver’s license, passport, or other government-issued ID.

Proof of address: This could be a scan of a utility bill, bank statement, or other document that shows your current address.

Proof of business ownership: This could be a scan of your business registration paperwork, articles of incorporation, or other documents that show that you are the owner or authorized representative of the business.

Proof of tax ID: This could be a scan of your taxpayer identification number (TIN) or equivalent document.

If you are not sure what documents you need to verify your Stripe account, you can contact Stripe’s support team for more information.

How Long Does It Take For Stripe To Verify Your Account?

The time it takes for Stripe to verify your account can vary depending on several factors, including the country where you are located, the type of business you have, and the completeness of the information you provide. However, in most cases, the verification process takes 1–3 business days.

What Can Cause a Delay In the Stripe Verification Process?

Here are some things that can delay the verification process:

Incomplete information: If you do not provide all of the required information, Stripe will not be able to verify your account.

Fraudulent activity: If Stripe suspects that you are engaging in fraudulent activity, they may delay the verification process to investigate further.

High volume of requests: If there is a high volume of requests for account verification, Stripe may take longer to process your request.

If you are concerned about the time it is taking for Stripe to verify your account, you can contact their support team for more information. They can help you determine the status of your request and provide an estimated timeframe for completion.

How To Speed Up the Stripe Verification Process?

Here are some tips to help speed up the verification process:

Provide complete and accurate information: Make sure that you provide all of the required information, and that the information you provide is accurate.

Upload clear and legible documents: Make sure that the documents you upload are clear and legible, and that they match the information you have provided on your Stripe account.

Be patient: The verification process can take a few days, so be patient and do not contact Stripe’s support team multiple times.

Why Won’t Stripe Verify My Identity?

There could be several reasons why Stripe is unable to verify your identity. Here are a few possibilities:

1. Incorrect or incomplete information: Double-check the information you provided during the identity verification process. Make sure you’ve entered accurate and up-to-date details, including your name, address, and identification document information.

2. Document quality issues: If you submitted identification documents for verification, Stripe may have encountered issues with the quality or readability of the documents. Ensure that you’ve uploaded clear and legible copies of the required documents, such as a valid government-issued ID or passport.

3. Mismatched information: Stripe compares the information you provide during the identity verification process with various databases to confirm your identity. If there are discrepancies between the information you’ve provided and the records in those databases, it may result in a failed verification.

4. Restricted regions or unsupported documents: Stripe’s availability and supported document types may vary based on the country or region where you’re located. Certain regions may have additional regulatory requirements, or Stripe may not support specific types of identification documents from your country.

5. Technical issues: It’s possible that technical glitches or temporary system outages could hinder the verification process. In such cases, it’s advisable to reach out to Stripe’s customer support for assistance.

To resolve the issue, you should contact Stripe directly for more information. Their support team will be able to provide specific details about the reason for the verification failure and guide you on the next steps to take.