E-Commerce LLC formation + Bank Account for best anonymity

[MMMtich]

Hi All,

Would be great to get some of your expert assistance and thoughts on a setup we're looking to implement for an E-commerce business which will sell internationally. Tax isn't the main concern, but more so the privacy or our names and ensure that there is absolute limited paper trail with our personal details.

In terms or locations we have rounded down options to Wyoming and New Mexico, we are non US residents.

As for Banks we have come across, Transferwise and Mercury.

Would like to know which might be a better setup or if there might be other alternatives.

If we go through an agency does this provide more privacy or would it be the same if we registered the LLC and opened the bank account ourselves?

Your thoughts, feedback and ideas would be greatly appreciated. Thank you in advanced!!

 

[onemansomewhere]

There are more countriea where you can have higher level of privacy..

What is a reason for looking for unusual lever of privacy?

By my opinion as a lawyer, Wyoming is better than New Mexico. But many people feels to be better New Mexico. For a small companies, differences are just a minimum..

Forget Mercury.. It is openned to almost everyone.. It means, they will be in problems soon for letting money lanudered use their services..

Transferwise - works just for some time.. soone or later, you will need a regular bank account

Using agency does not provide any higher level of privacy.

 

[Sols]

There is no way around having a registered agent if you're not US resident. You can use their nominee services for submitting documents that go on public record. IIRC, no information at all goes on public information in New Mexico so there is no need for nominees there.

 

[MMMtich]

There are more countriea where you can have higher level of privacy..

What is a reason for looking for unusual lever of privacy?

By my opinion as a lawyer, Wyoming is better than New Mexico. But many people feels to be better New Mexico. For a small companies, differences are just a minimum..

Forget Mercury.. It is openned to almost everyone.. It means, they will be in problems soon for letting money lanudered use their services..

Transferwise - works just for some time.. soone or later, you will need a regular bank account

Using agency does not provide any higher level of privacy.

For the privacy reason, our products where generally legal in some countries, are governed more "strictly" in others. Our product will be available internationally to all online up to the buyers discretion.

We will be a small company. Out of curiosity why is Wyoming your personal preference? I know in terms of ongoing maintenance/tax:
- Wyoming = Annual report + 0% Tax on international business / 30% on us business
- New Mexico = No annual report + Tax not too certain (Alot of people claiming higher privacy)

That makes sense with Mercury, will do some more research on this. The main issue with regular banks to our knowledge we need to appear in person in US to set up are thre any known ways around this for Wyoming LLC?

Without using an agency, we would have to provide our names and details for US addresses, pplications, EIN and Bank Account. Is there a smarter way to approach this?

Some agencies we were looking at:
llcuniversity.com
firstbase.io
newmexicoregisteredagent.com

Thank you @onemansomewhere

 

[MMMtich]

There is no way around having a registered agent if you're not US resident. You can use their nominee services for submitting documents that go on public record. IIRC, no information at all goes on public information in New Mexico so there is no need for nominees there.

Thanks for pointing out. Did you have any experience with either and have any recommendations for a smaller setup?

 

[user9823671]

For the privacy reason, our products where generally legal in some countries, are governed more "strictly" in others.

I assume they are completely legal without ambiguity in the US?

 

[MMMtich]

I assume they are completely legal without ambiguity in the US?

Yes, completely legal in USA.

 

[MMMtich]

Main priority is to protect the company owners in the instance any other country authorities do wish to pursue the US company.

 

[user9823671]

Main priority is to protect the company owners in the instance any other country authorities do wish to pursue the US company.

Is there any precedent of foreign companies trying to sue US companies for similar? I know the other way round it happens a lot (US companies suing companies in other countries based on precedent of US court cases for something legal in the other country

 

[onemansomewhere]

Is there any precedent of foreign companies trying to sue US companies for similar? I know the other way round it happens a lot (US companies suing companies in other countries based on precedent of US court cases for something legal in the other country

It is all just about a money. It makes sens to sue for any 7 digits or higher amount in the US. It does not make any sent so sue anyone for any small amounts from outside of the USA in a US courts. It is just all about costs..

 

[user9823671]

It is all just about a money. It makes sens to sue for any 7 digits or higher amount in the US. It does not make any sent so sue anyone for any small amounts from outside of the USA in a US courts. It is just all about costs..

I will disagree with you. Court order are not always about making money, but closing down / threatening businesses. For an example, look at facebook going after like / follower sellers in China / Hong Kong / New Zealand

 

[onemansomewhere]

I will disagree with you. Court order are not always about making money, but closing down / threatening businesses. For an example, look at facebook going after like / follower sellers in China / Hong Kong / New Zealand

I do not say, that no other exists.. It is about fact if it makes any sense to someone to sue you..

 

[JohnLocke]

Did setup with a Wyoming company and TW as a "bank" sounds like a really good start and definitely a good and possible startup setup. However, you need to consider if you can find a proper payment processor for your setup, you have it all fine and I would get my business started right away. Once you have built a stable business, you can always try to find a bank for your money.

 

[JustAnotherNomad]

- Wyoming = Annual report + 0% Tax on international business / 30% on us business
- New Mexico = No annual report + Tax not too certain (Alot of people claiming higher privacy)

My understanding is that there is never US tax to be paid if there is no "US business". US business means that you have a warehouse or employees that only/mostly work for you (dependent agent). Even if you use Amazon FBA and ship to US clients, there wouldn't be US taxes on the company level. But maybe sales taxes, depending on the states where your customers are.
Definitely talk to a US CPA before registering the company.

 

[DanielJang]

That's true. Many users on this forum are actually misleading about sale tax and taxation US-sourced income although I heard from many people that are hard to obtain Stripe for US LLC with NON-Resident of US.

 

[MMMtich]

Is there any precedent of foreign companies trying to sue US companies for similar? I know the other way round it happens a lot (US companies suing companies in other countries based on precedent of US court cases for something legal in the other country

There wouldn't be any instance for a company to sue for money.

 

[MMMtich]

Did setup with a Wyoming company and TW as a "bank" sounds like a really good start and definitely a good and possible startup setup. However, you need to consider if you can find a proper payment processor for your setup, you have it all fine and I would get my business started right away. Once you have built a stable business, you can always try to find a bank for your money.

From further research, even thought we can start in Wyoming with no public records, we have found if the state requests information on the LLC's owners, the organizers need to hand over the details.

Are there any other suggestions that might provide a higher level of security or more tedious process with state requests?

My understanding is that there is never US tax to be paid if there is no "US business". US business means that you have a warehouse or employees that only/mostly work for you (dependent agent). Even if you use Amazon FBA and ship to US clients, there wouldn't be US taxes on the company level. But maybe sales taxes, depending on the states where your customers are.
Definitely talk to a US CPA before registering the company.

Thank you for the not. In our instance thought Tax isn't so much main issue, more in regards to privacy for the LLC (With state requests too). Would love to hear if you have any experience around this.

That's true. Many users on this forum are actually misleading about sale tax and taxation US-sourced income although I heard from many people that are hard to obtain Stripe for US LLC with NON-Resident of US.

Do you know if Stripe available to integrate with Transferwise or Mercruy for Non US resident LLCs? Thank you for sharing too!

 

[henrymilk]

I had just formed a Wyoming LLC and now struggling with the banks issue. In order to get any bank account we need the EIN. And, during this covid time, is being IMPOSSIBLE to reach out IRS by phone or fax. Only giving us the chance of doing it by mail (considering that i'm outside the USA, that's the only possibility available). It can take about a month to get it done.

Before we could do Transferwise, Mercury and some others. Now ALL OF THEM are asking the EIN number. ANy thoughts on that? Any help? Any other possibility while getting the EIN?

Regards,

 

[onemansomewhere]

I had just formed a Wyoming LLC and now struggling with the banks issue. In order to get any bank account we need the EIN. And, during this covid time, is being IMPOSSIBLE to reach out IRS by phone or fax. Only giving us the chance of doing it by mail (considering that i'm outside the USA, that's the only possibility available). It can take about a month to get it done.

Before we could do Transferwise, Mercury and some others. Now ALL OF THEM are asking the EIN number. ANy thoughts on that? Any help? Any other possibility while getting the EIN?

Regards,

Sure.. there are many companies who offers to use IRS phone service available for US residents.. The mnmost of registration agents provides this service. You can hire them to be your agent and they can call IRS and use their SSN. It costs 50-150 USD..

 

[MMMtich]

I had just formed a Wyoming LLC and now struggling with the banks issue. In order to get any bank account we need the EIN. And, during this covid time, is being IMPOSSIBLE to reach out IRS by phone or fax. Only giving us the chance of doing it by mail (considering that i'm outside the USA, that's the only possibility available). It can take about a month to get it done.

Before we could do Transferwise, Mercury and some others. Now ALL OF THEM are asking the EIN number. ANy thoughts on that? Any help? Any other possibility while getting the EIN?

Regards,

As we are speaking to a few agencies, they have all advised obtaining EIN's for non residents are currently at a stand still due to the recent COVID situation. They did mention they would be able to submit the applications but there is no definite timelines on how long it would take. As @onemansomewhere mentioned, one of the agencies also advised via phone (267-941-1099) would be the quickest option, however, even then they have stopped taking calls at the moment. Just from what I've heard, could have been some changes or differences.