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Which Company Type for Transferwise Business Account?

#41
eadeveloper said:
Yes you don’t need to fill an annual report there in New Mexico but you still need to file IRS forms when the tax year ends just like with others states. Also the state annual report is not an issue since most of the registered agents do that for you by free.

About TransferWise, you can open one for all LLCs in US easily as long as the owner does not live in a country blocked by US’s gov.

About the accounting, you need to keep records but you are not required to show the data every year, is just to have a backup in case of an audit.
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It looks like nice. How about taxation and do you have any company formation company recommendation?
 
#42
rowena said:
It looks like nice. How about taxation and do you have any company formation company recommendation?
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Taxation depends on the kind of the business, an LLC with only one owner is a disregarded entity so the taxation goes to the owner which means foreigners does not pay taxes in the US for services that doesn't include US connections, for example if you are a designer you can sell services online to US people or people around the world and you won't pay taxes in the US (but you need to fill annual documents in the IRS)

I'm not sure if I got this right "do you have any company formation company recommendation?" but if you mean a company to form the company then I will suggest northwestregisteredagent since is the one I use
 
#43
eadeveloper said:
Yes you don’t need to fill an annual report there in New Mexico but you still need to file IRS forms when the tax year ends just like with others states. Also the state annual report is not an issue since most of the registered agents do that for you by free.
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Thank you very much, that part is clear.

eadeveloper said:
About the accounting, you need to keep records but you are not required to show the data every year, is just to have a backup in case of an audit.
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So it's basically like in any other country, but do you know how often they check such records or know about one who had to provide such record to the tax office?
 
#44
Admin said:
So it's basically like in any other country, but do you know how often they check such records or know about one who had to provide such record to the tax office?
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I haven't heard of someone who had been required to show the accounting, I read long ago that most of the time the US doesn't care about LLCs owned by a single foreigner since they probably won't get taxes from you and they just take care on big LLCs where they could take a slice of money but I don't know if that's true
 
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#45
eadeveloper said:
Because I have heard a lot that most financial entities doesn't like New Mexico LLCs, I know there you only need to pay $50 once and then you don't even need to file an annual report/fee but is just because of the banking thing (and I know that Wyoming aren't easy too but at least I haven't had issues with fintechs). Also I made a mistake in my last comment, in Wyoming the annual fee is only $50, the $100 is just when you fill the LLC
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Admin said:
Is that true you don't have to file anything with a New Mexico company? Someone here mentioned already it is possible to open a Transfer Wise account for such an entity. It looks like it is worth to take a close look at if privacy is granted and no accounting required.
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Here's more info for all states if anyone needs: LLC Annual Fees by State - All 50 States | LLC University®

For Wyoming it seems $100 for formation and $50 yearly recurring cost, also annual filing obligation to the WY Secretary of State

Wyoming LLC$100$50 minimumAnnual, anniversary monthWY Secretary of State, Annual Report
 
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#47
iloveyouguys said:
Arizona LLC seems like the cheapest and easiest option based on the list
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But they don't have the same privacy and accounting rules like the New Mexico corps have is that correct?
 
#53
rowena said:
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 :cool:
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What’s the business type ? I applied with TW using my travel agency business ltd that i incorporated in the uk in 2020, account deactivated straight away and appeal refused.
 
#54
rowena said:
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 :cool:
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Now that the UK is out of the EU, I understand you don't need to charge VAT for transactions outside UK, right ?
 
#55
IlyMily said:
What’s the business type ? I applied with TW using my travel agency business ltd that i incorporated in the uk in 2020, account deactivated straight away and appeal refused.
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This company will receive payments from Google.

GiGoGo said:
Now that the UK is out of the EU, I understand you don't need to charge VAT for transactions outside UK, right ?
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Yes it should be like that. Google based at Ireland.
 
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