Business account for US LLC - ecommerce & NRA

[Mastrok]

Hi,
I've been stuck for almost a month now on this very problem so any help would be very damn much appreciated .

SO , basically :

• I live in EU
• incorporated a US LLC as i plan to do business in the US exclusively as of now
• Business through e-commerce & 3pl fulfillment service . Type : Apparel brand
• Have no physical address in the USA
• already been to the US , opened bank account with Wells Fargo . closed after 3 weeks because address supplied was not a physical address

and what i want :

• US bank account or literally any business bank account i can set up for the business 'legally' and trouble-free that work with payment gateways like stripe , 2checkout...etc as they require that bank account and company will need to be in the same country.

So, decent folk, Please send help!!

 

[Btraveler]

I also have an LLC in USA and just opened account with Transferwise.

The asked me several times where the control decisions center. As I'm EU citizen living in EU country, I told them I would be travelling to USA to have workers there...Finally, they openes the business account for my LLC Usa company. Howecer, as I'm EU citizen and my primary account is in my name, I'm anxious about if Transferwise will report the activity of my LLC account wIth them to my EU home country or not...Anyone else in the same situation?

By the way, EMI like Advcash, Stripe or Perfect Money are reporting detaila of accounts about EU citizens to their home country inside the CRS reporting?

 

[Mastrok]

I reached out to Transferwise before and yet again the business address problem came up again . after some back and forth with them about viable options for a physical address they seem to accept shared offices. I did not complete the registration with Transferwise as most payment gateways don't accept Transferwise. So back to square one.

Logically speaking, since they enforce the same regulations as real banks i suppose they do but no way to confirm .

 

[Btraveler]

Hello there mastrok,

In their terms and conditions, at this moment seems that they are not reporting. See this link to there:

https://transferwise.com/help/13/understanding-fees-and-rates/2932394/borderless-accounts-and-tax
But, it's weird and I'm very unsure about that...

 

[Mastrok]

Update :
Transferwise opened a business account for me but still back to square one as payment gateways (Stripe) that can accept Transferwise said i would need a US LLC , US address , US bank account( transferwise? ) to get a US account and similarly the same information for a Polish account.

Stripe Support told me to use polish business information to sign up for a polish account but i don't have such info since business in incorporated in the US . Sometimes i feel the support guys is just some mediocre AI not real humans .

Is there no options except starting from scratch in Poland and end up with two companies (one is practically useless) ?

 

[neweraoffshore]

@Btraveler Transferwise says that they are "still evaluating the impact of the Common Reporting Standards " I am quite sure that they are already reporting or they will do so in 2020. And as TW is a UK company they are already applying for an EU EMI license in Brussel (As Brexit looms, TransferWise seeks EU payments license in Brussels ) so, with 5AMLD in 2020 they will report for 100% .

@Mastrok That's what most people are left with when choosing the cheapest providers... useless papers which state them, that they have a company somewhere which can't be used as they don't have bank accounts. Sorry for you . Happend to me, too when I started in the offshore scene, I think this happens to a lot of people . Most offshore providers should call them useless papers providers, hahah

 

[lavel]

they are already applying for an EU EMI license in Brussel (As Brexit looms, TransferWise seeks EU payments license in Brussels ) so, with 5AMLD in 2020 they will report for 100% .

Have you used and tested them ? I have seen the service before but never used it.

 

[neweraoffshore]

@lavel What? You never used Transferwise?
I can really recommend this for international payments in different currencies. Their currency exchange rates are top notch!
However they get stricter and stricter everyday, there is a growing number of forum member complaining about frozen funds.

 

[clemens]

I agree with newera @lavel have you not been using TW before?

The reason for all the frozen funds with TW may be the business some people are running and even some may try to trick the company!

 

[lavel]

I opened an account today to see how it works.

I agree with newera @lavel have you not been using TW before?

 

[Brianthedog]

Hi,
I've been stuck for almost a month now on this very problem so any help would be very damn much appreciated .

SO , basically :

• I live in EU
• incorporated a US LLC as i plan to do business in the US exclusively as of now
• Business through e-commerce & 3pl fulfillment service . Type : Apparel brand
• Have no physical address in the USA
• already been to the US , opened bank account with Wells Fargo . closed after 3 weeks because address supplied was not a physical address

and what i want :

• US bank account or literally any business bank account i can set up for the business 'legally' and trouble-free that work with payment gateways like stripe , 2checkout...etc as they require that bank account and company will need to be in the same country.

So, decent folk, Please send help!!

Out of interest, what address did you provide? I´m in a similar situation but haven´t registered the LLC yet, I assumed a virtual office, such as of the LLC Registrar would be sufficient?