Which Company Type for Transferwise Business Account?

[Zaki]

I formed an US LLC and paired it with transferwise where my clients pay me,

Can u tell us wich State mate ?

 

[exprtadvisrdev]

Can u tell us wich State mate ?

WY and FL, both had their TW account. Now I registered one in NM but I'm waiting for the EIN but I guess TW will be OK too

 

[Runway]

It should be standard documents(company certificate, MoA, register of members and officers) and it is better to support with a recently dated certificate of incumbency letter.

Went through this myself now, very easy, for RAK IBC: MoA, register of shareholders

 

[HKS]

Went through this myself now, very easy, for RAK IBC: MoA, register of shareholders

Where did you incorporate.?

 

[Runway]

Where did you incorporate.?

UK LLP

 

[For Free]

I incorporated UK LLP and used my UAE company as a second partner. It is working very well with TransferWise and Fire. Completely legal and zero tax solution

Dear @rowena. Do you need to open new TW account for UK LLP or just change/update the old TW account of UAE company to UK?

 

[rowena]

Dear @rowena. Do you need to open new TW account for UK LLP or just change/update the old TW account of UAE company to UK?

You can't update your UAE company to UK company. You need to open a "new business" account and connect it to your personal account by giving admin permission.

 

[Piano]

I incorporated UK LLP and used my UAE company as a second partner. It is working very well with TransferWise and Fire. Completely legal and zero tax solution

Where you have tax residence or does it not matter ?

 

[rowena]

Where you have tax residence or does it not matter ?

Yes, it matters. UK LLP is a tax transparent entity. It means UK LLP's tax residency depends on partners' tax residency. If partners have zero tax residency(like UAE) then UK LLP will be a tax-free entity as long as you don't perform any business inside UK.

 

[nethostler]

On the topic of TW and US LLC's. Is an EIN required to open a TW business account?

 

[For Free]

Dear @rowena. After one year of using UK LLP, can you share some experiences? Do you get bank account in any traditional bank or just use Wise as your main "bank"? I also want to have an UK LLP as I don't have business related to UK

 

[rowena]

Dear @rowena. After one year of using UK LLP, can you share some experiences? Do you get bank account in any traditional bank or just use Wise as your main "bank"? I also want to have an UK LLP as I don't have business related to UK

Very good so far. I didn't approach any traditional bank because Wise or any other EMI accept my business and they don't make any problems for my transactions.

 

[For Free]

Very good so far. I didn't approach any traditional bank because Wise or any other EMI accept my business and they don't make any problems for my transactions.

Good news
Do you have to submit annual return or do any account audit process? I want to use my company and myself as 2 members to form an UK LLP. Any recommendation/note from you will help me so much
Thank you

 

[rowena]

No audit. You need to submit an annual return but the amount you declare will be zero because you only report your UK-based income. I will send you a recommendation.