Which Company Type for Transferwise Business Account?

[rowena]

Hello,
I want to set up company which will work with TransferWise business account. Can you suggest me best way to this ? Which company setup ?

Best

 

[JohnLocke]

Check what countries they support and match it with your goals.

What requirements do you have?

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[rowena]

Admin said:
Check what countries they support and match it with your goals.

What requirements do you have?
Click to expand...

Thanks for reply.

I have a legal business. I am receiving payments from Apple(in USD). I am planing to get that payment to my TransferWise borderless account and after I am planing to transfer my personal account(USD or AED, my account is at UAE) over TransferWise. This is why I need to setup company that works with TransferWise.

What do you think about my setup ?

 

[JohnLocke]

You must check with transferwise and Apple store what countries they support before you setup a company! Most often a Cyprus company will work fine for this purpose but it is also not the cheapest.

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[rowena]

Admin said:
You must check with transferwise and Apple store what countries they support before you setup a company! Most often a Cyprus company will work fine for this purpose but it is also not the cheapest.
Click to expand...

I can say both are supporting all countries but I am trying to find cheapest company setup. They request these documents to verify company TransferWise Help | Verify your business

 

[Milky Moon]

The cheapest easiest way for TransferWise is a UK Ltd.

 

[rowena]

Milky Moon said:
The cheapest easiest way for TransferWise is a UK Ltd.
Click to expand...

Thanks for the reply. Did you try before ? and I am looking for zero tax solution like seychelles corporation over TransferWise.

 

[JohnLocke]

Cheap and no tax are difficult to get in combination!

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[rowena]

Admin said:
Cheap and no tax are difficult to get in combination!
Click to expand...

I believe it is not too much difficult for my situation because I have tax-free residency(UAE), I can transfer any money to my bank account without considering tax. I am using TransferWise but they have yearly $250k limit for personal accounts and because of that I need business setup. This is why I am looking for something with basic, easy setup. I just need to setup cheapest offshore company to TransferWise. If I am wrong please correct me, thanks.

 

[JohnLocke]

ahhh that makes sense. Have you checked what countries they support?

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[rowena]

Admin said:
ahhh that makes sense. Have you checked what countries they support?
Click to expand...

TransferWise does not have any restriction for a business account with USD, AED currencies. They will allow use of business account after verification and this is their verification guide: TransferWise Help | Verify your business

I don't see any restrictions at their business verification guide.

 

[iloveyouguys]

rowena said:

Milky Moon said:
The cheapest easiest way for TransferWise is a UK Ltd.
Click to expand...

Thanks for the reply. Did you try before ? and I am looking for zero tax solution like seychelles corporation over TransferWise.
Click to expand...

Can I ask, why haven't you set up a UK Ltd?

 

[rowena]

iloveyouguys said:
Can I ask, why haven't you set up a UK Ltd?
Click to expand...

Because of tax issues. I heard that I can avoid paying taxes because it will be a non-resident UK company but I couldn't find any reliable accountant/agency for this setup.

 

[exprtadvisrdev]

rowena said:
Because of tax issues. I heard that I can avoid paying taxes because it will be a non-resident UK company but I couldn't find any reliable accountant/agency for this setup.
Click to expand...

I don't know if this is still relevant and I don't know what kind of business you do with Apple but I formed an US LLC and paired it with transferwise where my clients pay me, I don't pay taxes there in the US (but I have to fill some documents every year) since I offer internet services as a developer but I have to pay taxes in my residential country. Pairing transferwise with my LLC was really ease since they only asked me the EIN and the articles of the organization... I think the process took less than a week.

 

[JohnSeed]

US corps work fine with transferwise, the same does Seychelles, UK and many other EU countries as well as Georgia companies. You simply pick one that fits your needs the most.

 

[iloveyouguys]

rowena said:
Because of tax issues. I heard that I can avoid paying taxes because it will be a non-resident UK company but I couldn't find any reliable accountant/agency for this setup.
Click to expand...

AFAIK, the main problem is that your personal name will be all over the internet if you own a UK company. If a girl ever googles your name, you gotta watch out 🙂

eadeveloper said:
I formed an US LLC and paired it with transferwise where my clients pay me, I don't pay taxes there in the US (but I have to fill some documents every year)
Click to expand...

I assume you file Form 1040NR, Form 1120 and Form 5472 every year. Do you do it yourself & do you have any tips?

 

[exprtadvisrdev]

iloveyouguys said:
I assume you file Form 1040NR, Form 1120 and Form 5472 every year. Do you do it yourself & do you have any tips?
Click to expand...

Yes those three forms are the only ones I need to fill every year but I have to be honest: Taxes scare me so I paid an accountant to do the filling haha, the easy part was getting the EIN and that filling was made by myself. But basically the 1040NR is filled because of the disregarded entity and the 1120 is a "pro forma" that is included with the 5472.

This year I will use the "online taxman" services and I will asked them to teach me how to do it, I think it will be more expensive but I guess it will be worthy for next years

 

[JohnLocke]

What accouting firm did you use for the filing of these documents? How much did you paid for this if you don't mind?

Does someone know if the US LLC (delaware, wyoming or alaska) is registered with UBO on public records?

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[exprtadvisrdev]

Admin said:
What accouting firm did you use for the filing of these documents? How much did you paid for this if you don't mind?
Click to expand...

I used this one Taxes For Expats - Top Rated Tax Service for Americans Abroad. and I think it was good but I also think it was expensive (almost $900 for an LLC that didn't generate too much) and that's why I will try this year "online taxman" since I read it could be only up to $500 because of the my kind of business. I have a meeting with them this month on 20th, I will update here how it goes

 

[iloveyouguys]

eadeveloper said:
Taxes scare me so I paid an accountant to do the filling haha, the easy part was getting the EIN and that filling was made by myself. But basically the 1040NR is filled because of the disregarded entity and the 1120 is a "pro forma" that is included with the 5472.
Click to expand...

$900 for only 3 forms sounds expensive but better to be safe than sorry since taxes and their penalties are scary.

Do you have Telegram? I'm most likely going to set up a US LLC, we could help each other with resources. I've found this after dozens of hours of research and they seem great. gwcarter.com/us-tax-guide-for-nonresident-aliens-with-single-member-llc/