Setting up a bank account and processing payments

[PrisonMike]

Hey,

I want to set up a company with a bank account and I want to be able to process credit card payments as well.

I'm thinking about a Delaware LLC but I don't know of any banks that I can open an account with that don't require me to visit the US. I can't leave my country. I live in New Zealand.

What country is best to set up a company and open a bank account in? Low cost to open is my biggest concern, and I'm not too worried about high taxes.

Thanks.

Last edited: Jul 21, 2021

 

[Sols]

Your best option is New Zealand.

Start a local company, open a local business account, and just sign up with Stripe, Braintree, or some other popular payment processor. You can be up and running by next week.

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This is the probably the answer to your question.

 

[uplana]

What is your budget for the setup?

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[PrisonMike]

Sols said:
Your best option is New Zealand.

Start a local company, open a local business account, and just sign up with Stripe, Braintree, or some other popular payment processor. You can be up and running by next week.
Click to expand...

I can't do it in my country, they have laws hostile to the industry I'm going to be doing business in. I would if I could.

uplana said:
What is your budget for the setup?
Click to expand...

$500

 

[Sols]

PrisonMike said:
I can't do it in my country, they have laws hostile to the industry I'm going to be doing business in. I would if I could.
Click to expand...

As long as you live in New Zealand, you have to answer to New Zealand law.

Whether it's FATCA or CRS, there is a greater than zero risk that NZ finds out about your business through exchange of information (even if your name isn't public, as is the case with many US LLCs). It's not a long leap from there to determining that you are in violation of NZ law.

Forming an overseas company might not be the liability shield you seek. Depends on what laws you're breaking and how you do it.

PrisonMike said:
$500
Click to expand...

You can start a US LLC, bank it with Mercury and/or Wise, and then try running around to different PSPs hoping to get accepted (most will say no).

Getting an EIN (tax ID for the company) might break your budget, though, since most service providers charge a few hundred for it if you don't have your own US social security number. You will in most cases need that to open bank and merchant accounts.

UK might be a cheaper option since there are no significant costs involved for incorporation or getting tax ID. Depending on what line of business you're in, might also be easier to bank and find processing for.

A deeper issue is that whatever you go with, you're a start-up without deep pockets operating under a company in a jurisdiction you're not resident. That's not very attractive to most financial institutions and payment processors, hence going local at least to begin with would be preferable if you can make it work legally.

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This is the probably the answer to your question.

 

[uplana]

Sols said:
You can start a US LLC, bank it with Mercury and/or Wise, and then try running around to different PSPs hoping to get accepted (most will say no).
Click to expand...

at least it is worth a try I would say 🙂

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Find help to the ultimate anonymous setup on OffshoreCorpTalk - Tried, Tested & Works
Need help to get things done, ping me inside the Mentor Group Gold forums.