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Wyoming, Delaware or New Mexico, please tell me what's your choice?

#142
To open a bank account personal- or corporate is almost impossible for foreigners unless you are traveling there (which is obvious not possible at the moment) you need someone to help you there.

Foreigners will not be able to open anything remote! You may have a local bank which is big enough to help you to open an account in New York, but still there are lots of requirements.
 
#143
sdip said:
In my LLC I use Stripe as a payment gateway and to withdraw money I use payonner, they give me a bank account and a rechargeable mastercad card for withdrawals at ATMs, it has to see the commissions according to the country but I understand that they are an approximate of 6 dollars every 300 per ATM, but I can also associate your local bank to make a withdrawal so the options are several, you investigate your convenience
This is my configuration, it does not mean that it is useful for you, you can make the one that suits you, but having a bank account in the USA is not strictly necessary
Click to expand...

So Stripe can be used to invoice people/businesses and payoneer offer a card used to withdraw at ATM?
 
#144
boomy said:
To open a bank account personal- or corporate is almost impossible for foreigners unless you are traveling there (which is obvious not possible at the moment) you need someone to help you there.

Foreigners will not be able to open anything remote! You may have a local bank which is big enough to help you to open an account in New York, but still there are lots of requirements.
Click to expand...

Yeah, well... I was hoping to investigate the possibility of opening an EMI account or something like that. I can see that sdip offers a solution with Stripe and Payoneer.
 
#148
Morrad said:
Denmark
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You have to investigate but I think you have 1 option, use stripe as a payment gateway and link payonner this has a commission cost of approx 5% in total, once you have your money in payonner link your local bank account or withdraw the money with your rechargeable mastercard or you can make purchases with it in any supermarket or store, like an international card. you have to see the issue of the transfer to your local bank account, because it can be a problem for fiscal monitoring
 
#149
sdip said:
You have to investigate but I think you have 1 option, use stripe as a payment gateway and link payonner this has a commission cost of approx 5% in total, once you have your money in payonner link your local bank account or withdraw the money with your rechargeable mastercard or you can make purchases with it in any supermarket or store, like an international card. you have to see the issue of the transfer to your local bank account, because it can be a problem for fiscal monitoring
Click to expand...

Okay, I understand.

Thanks for the help!
 
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#151
JustAnotherNomad said:
You guys are mixing up a lot of different concepts. Where your customers are located is for the most part irrelevant. I would strongly recommend you to talk to a CPA before forming any sort of company. Get the basics right first.
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Well, I have read the following:

'There is no sales tax in Delaware. It doesn't matter if a company's physical location is in the state or not; as a Delaware corporation, no in-state purchases are subject to tax. Additionally, there is no state corporate income tax on goods and services provided by Delaware corporations operating outside of Delaware'.

But I have also read that it depends on the LLC (maybe what kind of product it is selling)... I have read that it can vary from 0 to 9% for corporate income tax. Does anyone know what makes the difference between paying 0% and 9%?
 
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#152
Morrad said:
Well, I have read the following:

'There is no sales tax in Delaware. It doesn't matter if a company's physical location is in the state or not; as a Delaware corporation, no in-state purchases are subject to tax. Additionally, there is no state corporate income tax on goods and services provided by Delaware corporations operating outside of Delaware'.

But I have also read that it depends on the LLC (maybe what kind of product it is selling)... I have read that it can vary from 0 to 9% for corporate income tax. Does anyone know what makes the difference between paying 0% and 9%?
Click to expand...
non-resident foreigners do not pay taxes, yes you have to submit 2 forms from January 1 to March 15, I don't remember well the number of the forms but I think they are 1120 and 5472, if you ask any accountant they will want to charge you about 1500usd but there is a site that charges 200 usd to present both forms, to manage the LLC no matter the state where it is incorporated, no accountant is required, you have to follow these steps.
1st hire registered agent (approx 35 usd per year)
2 ° constitute the LLC in the state of your choice (I recommend new mexico tax 50 usd for one time, no annual renewal is required as is the case of delaware that every June 1 you have to pay 300usd)
3rd between January 1 and March 15 filing of forms 1120 and 5472 (I do not remember exactly the correct form number)
 
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#153
Morrad said:
'There is no sales tax in Delaware. It doesn't matter if a company's physical location is in the state or not; as a Delaware corporation, no in-state purchases are subject to tax. Additionally, there is no state corporate income tax on goods and services provided by Delaware corporations operating outside of Delaware'.
Click to expand...
does it mean we don't need to deal with any corporate tax in a Delaware company?
 
#154
sdip said:
non-resident foreigners do not pay taxes, yes you have to submit 2 forms from January 1 to March 15, I don't remember well the number of the forms but I think they are 1120 and 5472, if you ask any accountant they will want to charge you about 1500usd but there is a site that charges 200 usd to present both forms, to manage the LLC no matter the state where it is incorporated, no accountant is required, you have to follow these steps.
1st hire registered agent (approx 35 usd per year)
2 ° constitute the LLC in the state of your choice (I recommend new mexico tax 50 usd for one time, no annual renewal is required as is the case of delaware that every June 1 you have to pay 300usd)
3rd between January 1 and March 15 filing of forms 1120 and 5472 (I do not remember exactly the correct form number)
Click to expand...

Well, on the IRS website, it states:

Only member of LLC is an individual - LLC income and expenses are reported on Form 1040 or 1040-SR, Schedule C, E, or F. If you prefer to file as a corporation, Form 8832 must be submitted.

Only member of the LLC is a corporation, income and expenses are reported on the
corporation’s return, usually Form 1120
or Form 1120S.

Most LLCs with more than one member file
a partnership return, Form 1065. If you
would rather file as a corporation, Form
8832 must be submitted. No Form 8832 is needed if filing as a partnership.

So it means you have to report all of your income and expenses but dont pay any taxes if your business is outside the USA, correct?
 
#155
Morrad said:
Well, on the IRS website, it states:

Only member of LLC is an individual - LLC income and expenses are reported on Form 1040 or 1040-SR, Schedule C, E, or F. If you prefer to file as a corporation, Form 8832 must be submitted.

Only member of the LLC is a corporation, income and expenses are reported on the
corporation’s return, usually Form 1120
or Form 1120S.

Most LLCs with more than one member file
a partnership return, Form 1065. If you
would rather file as a corporation, Form
8832 must be submitted. No Form 8832 is needed if filing as a partnership.

So it means you have to report all of your income and expenses but dont pay any taxes if your business is outside the USA, correct?
Click to expand...
Personally, I have never submitted these forms, next year will be my first time, but as far as I know there is no need to submit collections and payments, I don't see that this is necessary for a non-resident foreigner who is not going to pay taxes. my LLC is single member,
 
#156
sdip said:
Personally, I have never submitted these forms, next year will be my first time, but as far as I know there is no need to submit collections and payments, I don't see that this is necessary for a non-resident foreigner who is not going to pay taxes. my LLC is single member,
Click to expand...

Do you mind checking what the exact form numbers are :)?
 
#160
www.muaytax.com

Presentación del Form 5472 (1120) - Muay Tax ES

Contratando el servicio de presentación del Form 5472 nos encargaremos de rellenar y presentar el formulario 5472 junto a la portada del Form 1120 requisito necesario si eres un Foreign-Owned US Single-Member de una LLC. Para conocer información más detallada leer las condiciones de venta y la...
www.muaytax.com www.muaytax.com

It seems that these guys have been revived, because they had the price of 200 usd and now 349 usd, it may still be the cheapest alternative if someone knows of another option it would be good to share it to know it
 
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