Interactive Brokers requests for LLC business account

[Vesemir]

Hello,
I’m an european citizen and with my LLC new mexico I tried to open a business trade account with IB, but I have to stop as they required me a real business address, no PO box or virtual address. They recommended me to use my personal home address … please anyone have a solution? Thanks

 

[waykooksaram]

Hello,
I’m an european citizen and with my LLC new mexico I tried to open a business trade account with IB, but I have to stop as they required me a real business address, no PO box or virtual address. They recommended me to use my personal home address … please anyone have a solution? Thanks

Find another brokerage. I had a LLC account with them and then when I tried to pay bills or transfer money out the refused as the will only allow a transfer to another bank or account that has the same LLC name. Their service was terrible too.

 

[JohnnyDoe]

Find another brokerage. I had a LLC account with them and then when I tried to pay bills or transfer money out the refused as the will only allow a transfer to another bank or account that has the same LLC name.

Every broker does that. IBKR is not a bank.

Their service was terrible too.

It is the best and cheapest self-directed discount broker. Their platforms work perfectly. Of course, you will never manage to talk to customer service quickly, but you should never need that.

 

[waykooksaram]

Every broker does that. IBKR is not a bank.

It is the best and cheapest self-directed discount broker. Their platforms work perfectly. Of course, you will never manage to talk to customer service quickly, but you should never need that.

If you do not have a bank account titled in the name of the LLC, your money will be stuck. I had to open an account at a different brokerage and transfer the assets.

Not true. I was able to open an account at a large US brokerage. They allow me to transfer money and send payments to 3rd party accounts. In order to do this, you need to be rock solid for the KYC. I also went through a large financial advisor which made passing the KYC easier compared to my individual attempts. I have St Kitts Nevis passport with residence in Thailand.

 

[Vesemir]

Find another brokerage. I had a LLC account with them and then when I tried to pay bills or transfer money out the refused as the will only allow a transfer to another bank or account that has the same LLC name. Their service was terrible too.

I agree… what other broker business account do you suggest for no resident LLC ?

 

[JohnnyDoe]

If you do not have a bank account titled in the name of the LLC, your money will be stuck. I had to open an account at a different brokerage and transfer the assets.

Not true. I was able to open an account at a large US brokerage. They allow me to transfer money and send payments to 3rd party accounts. In order to do this, you need to be rock solid for the KYC. I also went through a large financial advisor which made passing the KYC easier compared to my individual attempts. I have St Kitts Nevis passport with residence in Thailand.

What is this large US broker?

 

[waykooksaram]

I agree… what other broker business account do you suggest for no resident LLC ?

I am not an expert so I can't give a recommendation. It really depends on your citizenship, tax home and how well you can pass the KYC.

What is this large US broker?

I am reluctant to give a specific name but I was able to open 2 accounts with major US brokerages. This process was assisted by my financial advisor and I thoroughly prepared for the KYC. Here some brokerages I found that is possible, ScXXX, FiXXX plus there was another smaller brokerage but I can't recall their name.

It may also be the case I was able to open these accounts because I have Nevada LLC that has been in existence for more than 10 years, which is held in a South Dakota trust. I have the feeling it will be tough or impossible if you LLC is not from the US, much tougher KYC. I did have to give lot's of evidence for my citizenship and residency.

I agree… what other broker business account do you suggest for no resident LLC ?

Let me follow this up with this, I hired an investment manager who is experienced in dealing with similar cases as well as a good Trust company.

 

[Martin Everson]

I am reluctant to give a specific name

Why?

 

[waykooksaram]

Why?

In today’s world I tend to be extra cautious. I had an account in my LLC name for 10 years with TD Ameritrade. I mentioned to my account manager that I was thinking about changing citizenship and then they locked my account and kicked me out.

 

[GeneralGogol]

I had an account in my LLC name for 10 years with TD Ameritrade. I mentioned to my account manager that I was thinking about changing citizenship and then they locked my account and kicked me out.

Was it to a citizenship-by-investment?

 

[waykooksaram]

Was it to a citizenship-by-investment?

Yes

 

[DrKlau]

I am not an expert so I can't give a recommendation. It really depends on your citizenship, tax home and how well you can pass the KYC.


I am reluctant to give a specific name but I was able to open 2 accounts with major US brokerages. This process was assisted by my financial advisor and I thoroughly prepared for the KYC. Here some brokerages I found that is possible, ScXXX, FiXXX plus there was another smaller brokerage but I can't recall their name.

It may also be the case I was able to open these accounts because I have Nevada LLC that has been in existence for more than 10 years, which is held in a South Dakota trust. I have the feeling it will be tough or impossible if you LLC is not from the US, much tougher KYC. I did have to give lot's of evidence for my citizenship and residency.


Let me follow this up with this, I hired an investment manager who is experienced in dealing with similar cases as well as a good Trust company.

Wow you have a Nevada LLC held in a South Dakota trust, a St.Kitts passport and living in Thailand! Man you are the epitome of flags theory!

 

[name]

I am not an expert so I can't give a recommendation. It really depends on your citizenship, tax home and how well you can pass the KYC.


I am reluctant to give a specific name but I was able to open 2 accounts with major US brokerages. This process was assisted by my financial advisor and I thoroughly prepared for the KYC. Here some brokerages I found that is possible, ScXXX, FiXXX plus there was another smaller brokerage but I can't recall their name.

It may also be the case I was able to open these accounts because I have Nevada LLC that has been in existence for more than 10 years, which is held in a South Dakota trust. I have the feeling it will be tough or impossible if you LLC is not from the US, much tougher KYC. I did have to give lot's of evidence for my citizenship and residency.


Let me follow this up with this, I hired an investment manager who is experienced in dealing with similar cases as well as a good Trust company.

Fidelity and Schwab?

This is enlightening! Thanks for sharing

You don't need to deal with IRS, except 1040 and 5472?

I'm also a bit curious about what kind of evidences you provided for your citizenship. I suppose for residency, its things like bills, lease contract, entry/exit dates.

I'm also curious how you "package" them these evidence docs. I imagine they have a regular process that's no catered to specific cases like yours and most of their employees wouldn't know what to do with you

 

[waykooksaram]

Fidelity and Schwab?

This is enlightening! Thanks for sharing

You don't need to deal with IRS, except 1040 and 5472?

I'm also a bit curious about what kind of evidences you provided for your citizenship. I suppose for residency, its things like bills, lease contract, entry/exit dates.

I'm also curious how you "package" them these evidence docs. I imagine they have a regular process that's no catered to specific cases like yours and most of their employees wouldn't know what to do with you

As long as you do not have any US based income and do not own US situs assets there is no need to file any tax forms.

For citizenship I provided a certified copy of my passport and for residency it was bills and credit card statements showing my Thai address.

 

[tolstoy]

If you do not have a bank account titled in the name of the LLC, your money will be stuck. I had to open an account at a different brokerage and transfer the assets.

Not true. I was able to open an account at a large US brokerage. They allow me to transfer money and send payments to 3rd party accounts. In order to do this, you need to be rock solid for the KYC. I also went through a large financial advisor which made passing the KYC easier compared to my individual attempts. I have St Kitts Nevis passport with residence in Thailand.

And which brokerage are you talking about?

 

[zzzzzz]

As long as you do not have any US based income and do not own US situs assets there is no need to file any tax forms.

For citizenship I provided a certified copy of my passport and for residency it was bills and credit card statements showing my Thai address.

@waykooksaram isn't US LLC treated as US situs asset?

 

[WorldCitizen99]

@waykooksaram isn't US LLC treated as US situs asset?

They will be treated as disregarded entities (flow-through structures) by the IRS. Disregarded entities exist legally, but they don’t have to pay any income taxes unless the Foreign Owned SMLLCs are generating income that are FDAP or effectively connected to US Trade or Business.

https://www.irs.gov/individuals/int...ed-determinable-annual-periodical-fdap-incomehttps://www.irs.gov/individuals/international-taxpayers/effectively-connected-income-eci