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Set Up Advice...

Discussion in 'Offshore Company formation' started by Lurence, Apr 29, 2018.

  1. Lurence

    Lurence New Member

    Ok so I have a UK set up but my customers are in the US so want to be able to process in USD. Im a UK resident.

    I need to be able to take card payments on the website but every payment processor is rejecting me saying I impose a higher risk then they can accept.
    I dont believe this is the business model as I have applied with various website so I can only see its due to the set up.

    Ideally I want a easy up formation with bank account & little to no tax if possible... But the main thing is being able to get accepted for the payment processors : )

    Please let me know if anyone has advise on the best formation & rough price of this.
     
    blueweb, blizz and auric like this.
  2. SamiAhmed

    SamiAhmed New Member

    Get a Wyoming LLC or Trust. Wyoming is basically America's Switzerland. The fees to set up are low and you could do it yourself online, by downloading the needed forms from the WY Secretary of State site and mail them in for the minimum fee. No reports needed except no matter what State you are in the company will owe Federal taxes still. Look for yourself.

    Wyoming Secretary of State

    You will also need a "registered agent" and you can bank in the USA that way.
     
    diablo and auric like this.
  3. Lurence

    Lurence New Member

    And you think this would be better than a Delaware LLC formation with a SVB for instance ¿
     
  4. SamiAhmed

    SamiAhmed New Member

    Delaware is great, but do you have <$50000? If so, ok, Delaware may be right for you.

    Keep in mind however I'm just a guy looking for advice like you are.
     
  5. diablo

    diablo Banned Users Business Angel BANNED MEMBER

    @Lurence do you know what the costs are for such a company you suggest? any agent your can recommend for the same?
     
  6. Lurence

    Lurence New Member

    Everyone is just looking for the right solution ; ) But what do I need the $50000 for?

    Diablo no im not sure on the cost of this but didnt think it would be much, im not even sure if this would be a good set up for what I need ? I appreciate any advice.
     
  7. SamiAhmed

    SamiAhmed New Member

    Delaware requires a high level of capital to maintain a corporation there. Why in particular do you need it in Delaware? If you really only need a US-based bank account the best thing you could do is set up in Wyoming because they have the lowest possible reporting requirements and there is no requirement to do most corporate administration type of things like minutes or resolutions. At least in my case – I know Delaware is not a good option for me.

    Your mileage may vary. Also, I'm in the same position as you and I don't have all the answers.
     
  8. Admin

    Admin Forum Moderator The Forum Cleaner

    What do you mean by that? paid in share capital ?
     
  9. Lurence

    Lurence New Member

    Its not realy that I need it in Delaware its just I read online it was a good place, ? My problem is all payment processors seem to be rejecting my applications. I can only see this is because I have a UK company & bank but all my custom is in the US. I was thinking if I get a US company & bank account then it might help solve the issue.

    So really like my original post im just looking for good advise on the best set up that might help my problem. I have also been looking into a Wyoming company & seeing what options I have for a bank account etc.
     
  10. SamiAhmed

    SamiAhmed New Member

    Yes sir. That fear was particularly why I didn't set up there myself.
     
  11. Lurence

    Lurence New Member

    @SamiAhmed can you recommend any companies that will take care of this formation including setting up a bank account ? Or do you think both are easy to do my self. Any idea how long it takes ?
     
  12. SamiAhmed

    SamiAhmed New Member

    @Lurence I would suggest you look around search engines for Wyoming registered agents and look from there. I can guarantee you no one legitimate offers a bank account FOR You, you will have to set it up for your entity, although if you have mail forwarding in WY it will be based there and as long as you are you can open an account anywhere in the US and there are a few all-online banks where you could mail in forms + deposits. You will need to get an EIN and file with the IRS for the entity in order to open an account at any US bank.

    I don't want to make overt recommendations because I have no training in this, I'm just going based on things I've looked up online as well.
     
  13. blizz

    blizz Trusted Member Mentor Group Business Angel

    banking in the USA is impossible for non US citizens unless you find someone that is doing the underwriting for you. This has been discussed here a lot of times and some users pull in and say they have a valid solution but each time we ask after some time, no one confirms they got their US account :eek:
     
  14. SamiAhmed

    SamiAhmed New Member

    You need an EIN in the name of the business, and then you need to get a bank account also in the name of the business. As long as you're willing to pay US taxes, it's very simple to get a bank account as long as you have the EIN. You are definitely not going to be able to have a bank account in the US that is not taxed by the US government. You are also not going to be able to hide money, specifically from any Five Eyes country, in any way whatsoever.
     
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  15. SamiAhmed

    SamiAhmed New Member

    Basically, from what I can tell you from my own experience so far as setting up my own entity. I am a US citizen, but I live in California, and my business is based in Montana.

    Even if you're not a US citizen - they still welcome you to set up shop but what you have to do is call the IRS to get your EIN on the special line for internationals and request an EIN for your business entity. The address of your entity has to match the address of your registered agent for your entity and you have to have your bank account at a bank that is licensed in the area where your entity is i.e. if your entity is in Wyoming, your bank must be licensed to do business in Wyoming and your address for your entity must match the official address of your business because you're opening the account for your business, not for you - even if you're the beneficial owner or director.

    https://www.quora.com/Does-a-non-US-citizen-need-an-ITIN-to-obtain-EIN-for-the-company

    Check the post by Natalia Romanova, which explains it well.
     
    blizz likes this.
  16. challenge

    challenge Member

    No offense, the amount of BS and clichés here is scary.
    What you're asking for is easily feasible if you're not US citizen and aren't ETBUS, even the remote bank account. But there's not a solution that fits all.
    Contact a US tax lawyer that works with non resident aliens. It'll be easily done, but you need professional advice not "a guy that heard from another guy", as if you do it wrong you'll end doubling your tax burden.

    A good consultant will cost a bit, but if he's good he'll save you way more in taxes each year.
    There are also country treaties to factor in, maybe he'll smooth your business model to be accepted, and he could end changing your actual structure to pay even less tax while selling globally.

    If it's worth it depends on your revenue.
     
    blizz and blueweb like this.
  17. blueweb

    blueweb Corporate Services Mentor Group Business Angel

    where do you think we can get this professional advise?
     
  18. blizz

    blizz Trusted Member Mentor Group Business Angel

    useless information! 95% of people here will fail to do it right!