Our valued sponsor

Wyoming LLC - What solution for bank and paypal to avoid reporting to my local authorities?

krok

New member
Jan 12, 2020
33
4
8
Visit site
Im thinking starting Wyoming LLC for my digital business i will sell online and use paypal as gateway. im non-us. i dont know what is the best country to open it since i read the US paypal report to IRS over 20000USD? and what can be a good setup if i want to withdraw money to bank account or different bank accounts? i dont mind getting a pm with help how i can find the best setup.
 
  • Like
Reactions: Btraveler
What is the business you are into. You may want to do a Google search on the forum to find similar threads with lot's of answers. It seems you know the forum rules so even you just registered you may not be new.

There is also a thread about New Mexico which I personally researching on as we speak. It sounds somehow better compared to Wyoming.
 
Im thinking starting Wyoming LLC for my digital business i will sell online and use paypal as gateway. im non-us. i dont know what is the best country to open it since i read the US paypal report to IRS over 20000USD? and what can be a good setup if i want to withdraw money to bank account or different bank accounts? i dont mind getting a pm with help how i can find the best setup.

To give you the best solution you would have to provide a bit more information about your situation. What is your budget to set up your structure? What is your tax residency? Why the US? Who are your customers? What is your business exactly?
 
my idea was to become a resident of philippines or other country, last years i travel and not staying in one country. i recieive around 20K every month. i was looking at estoninan company but there need to pay 20% tax.... looking for advice. what about paypal solution? i want to have a good setup for this.
 
Last edited:
Wyoming LLC owned by an foreigner and then PayPal.... hmmm not sure if this is going to work. I have seen a UK Ltd owned by a non resident in the UK open an account with PayPal and that worked temporary but got shut down after a few months.
 
Wyoming LLC owned by an foreigner and then PayPal.... hmmm not sure if this is going to work. I have seen a UK Ltd owned by a non resident in the UK open an account with PayPal and that worked temporary but got shut down after a few months.
I have that working and I don't have problems. Maybe because I have an EU passport and the transactions are legit with 0% chargebacks
 
I have that working and I don't have problems. Maybe because I have an EU passport and the transactions are legit with 0% chargebacks
aha, strange, after researching and asking PayPal they said it's not allowed, the system can also not handle it. I believe more that it is a policy PayPal has to comply to because of various International tax rules.

PayPal said, if you have a UK LTD you will need a UK UBO to apply for the account otherwise the account will not be fully verified and approved.

OH and yes, I hold a EU passport ;)
 
aha, strange, after researching and asking PayPal they said it's not allowed, the system can also not handle it. I believe more that it is a policy PayPal has to comply to because of various International tax rules.

PayPal said, if you have a UK LTD you will need a UK UBO to apply for the account otherwise the account will not be fully verified and approved.

OH and yes, I hold a EU passport ;)
It's a US LLC with registered EIN, have no problems so far
 
If that is the case I will try to get it fully verified for a Wyoming LLC , I assume it is the same for Wyoming and Alaska LLC - so let's see where this will go.
 
  • Like
Reactions: Btraveler
Another: what is considered doing business in the US? if i have webshop and selling digital goods and sell to one us customer? will this be consider doing business in US or not?

And if someone can for a good setup im willing to pay.
 
Another: what is considered doing business in the US? if i have webshop and selling digital goods and sell to one us customer? will this be consider doing business in US or not?

It's unfortunately not quite that simple. You might want to start here and familiarize yourself with ECI: Effectively Connected Income (ECI) | Internal Revenue Service There are more articles and resources available that explain ECI a in even more depth.

Furthermore, an LLC is normally considered a pass-through entity which itself is not taxed. That means the profits of the LLC become your personal income, which further muddles the waters with regards to ECI.

Enforcement of ECI for small businesses is lax or non-existent. It's not on the IRS' radar to pick up on a few thousand bucks sold to US customers through a foreign-owned LLC. But unless US customers are going to be a significant revenue source, you can do what many businesses do and simply not allow US customers.
 

Latest Threads