Which Company Type for Transferwise Business Account?

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Admin said:
Does someone know if the US LLC (delaware, wyoming or alaska) is registered with UBO on public records?
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Wyoming does not require listing the member or manager of an LLC on the State records. Though Registered Agents are required to know who the person is behind an LLC and must provide this information to the State or Federal authorities, if they request it. It is not however public information that can be accessed by anyone via a web browser.

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[JohnLocke]

GiGoGo said:
Though Registered Agents are required to know who the person is behind an LLC and must provide this information to the State or Federal authorities, if they request it. It is not however public information that can be accessed by anyone via a web browser.
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Thats very good. Like it was before in many offshore jurisdiction and still is in the Seychelles. Thank you!

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[Clip]

Admin said:
Thats very good. Like it was before in many offshore jurisdiction and still is in the Seychelles. Thank you!
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This is all the public information for a LLC in Wyoming
https://wyobiz.wy.gov/business/Fili...047111059240096129016191018209086086083063170
I honestly think that if you are not doing anything fishy, Wyoming LLC best option for its banking/payment options, taxes and privacy.

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[JohnLocke]

Yeah it looks like it is the best place for 2020 for the reasons you already pointed out. The only thing I don't like is the mandatory accounting and tax filing which can be the tricky and most expensive part if you don't find a cheap accounting firm.

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[Clip]

Admin said:
Yeah it looks like it is the best place for 2020 for the reasons you already pointed out. The only thing I don't like is the mandatory accounting and tax filing which can be the tricky and most expensive part if you don't find a cheap accounting firm.
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I agree that the penalties for not doing it on time could be as high as $10k, but they are really simple and you can do it yourself
https://wyobiz.wy.gov/Business/AnnualReport.aspx
They only want to know how much assets you have in Wyoming and if you still be the director and UBO.

How Much is the Annual Report Fee in Wyoming?
The annual report fee, called a license tax, is $50 or two-tenths of one million on the dollar ($.0002) of assets located in Wyoming, whichever is greater. Non-profits are charged only $25.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams

 

[JohnLocke]

Okay, sounds good, do you know about a agent that can setup the company and also take care of all of the accounting and tax filing part? Or just an accounting firm that take care of it without charge a arm and a leg ?

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[Clip]

Admin said:
Okay, sounds good, do you know about a agent that can setup the company and also take care of all of the accounting and tax filing part? Or just an accounting firm that take care of it without charge a arm and a leg ?
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https://www.freedomsurfer.com/register-38463/
Simon is a great guy, efficient and very helpful

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[JohnSeed]

GiGoGo said:
https://www.freedomsurfer.com/register-38463/
Simon is a great guy, efficient and very helpful
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but is he cheaper than the $900 mentioned here Which Company Type for Transferwise Business Account?

@Admin will you let me know if you go and use one of these firms what the outcome is or put them on your list of trusted providers if you find one?

 

[JohnLocke]

GiGoGo said:
https://www.freedomsurfer.com/register-38463/
Simon is a great guy, efficient and very helpful
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Thank you I will get in touch with the guy to see if we can figure something out.

moneynetwork said:
@Admin will you let me know if you go and use one of these firms what the outcome is or put them on your list of trusted providers if you find one?
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Yes ofcourse I will put the provider on my list. This list is here to help people and avoid losts.

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[iloveyouguys]

GiGoGo said:
I agree that the penalties for not doing it on time could be as high as $10k, but they are really simple and you can do it yourself
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So, you filed the forms 1040NR, 1120 and 5472 yourself? Any tips?

Penalty is $25,000 since 2017, not $10,000.

 

[Clip]

iloveyouguys said:
So, you filed the forms 1040NR, 1120 and 5472 yourself? Any tips?

Penalty is $25,000 since 2017, not $10,000.
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After doing some research I found this doc
https://www.irs.gov/pub/irs-pdf/i1065.pdf

The penalty is $195 for each month or part of a month (for a maximum of 12 months) the failure continues, multiplied by the total number of persons who were partners in the partnership during any part of the partnership's tax year for which the return is due.
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So it's $195 x 12 = $2340

Not bad, if that happens to your Cyprus or Irish company, penalties could be even worse

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[exprtadvisrdev]

iloveyouguys said:
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/
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I don't have Telegram, the guide that you point is one of the one I use. A really good site about LLCs is Learn How to Form an LLC (step-by-step) | LLC University®, they have guides for almost everything (no taxes guides but they have everything else).

Admin said:
Thank you I will get in touch with the guy to see if we can figure something out.
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Another company to create the business is northwestregisteredagent.com which is the one I use, it does not offer the accounting but is fast and cheap (at least that was my case). I created the Wyoming LLC with them and one year of registered agent for only $39 + the state fees ($100), the first year was only $139 but after one year then the registered agent services goes up to $129 which will be $229 counting the state fee. They don't get you the EIN either but that one is easy to get from the IRS. I think they offer good prices for a basic service, my LLC was created and it was on the WY systems in less than 24hrs.

The only thing I can complain is about their web dashboard which is not the best, they updated it last month and now is a little better but still not the best.

 

[JohnLocke]

GiGoGo said:
Not bad, if that happens to your Cyprus or Irish company, penalties could be even worse
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Please elaborate I don't understand how it is connected with the forms and the US LLC ?

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[Clip]

Admin said:
Please elaborate I don't understand how it is connected with the forms and the US LLC ?
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If you don't fill the forms on time for a EU company, the fees could be even higher

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[JohnLocke]

GiGoGo said:
If you don't fill the forms on time for a EU company, the fees could be even higher
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But I have never seen anyone be chased by anyone from Cyprus! I know lot's of people around in my business network and for the last 15 years no one has at any time heard anything. And believe me the CYP corps in this network are not managed as they should be.

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[iloveyouguys]

GiGoGo said:
After doing some research I found this doc
https://www.irs.gov/pub/irs-pdf/i1065.pdf

So it's $195 x 12 = $2340

Not bad, if that happens to your Cyprus or Irish company, penalties could be even worse
Click to expand...

What are you talking about? Penalty is $25,000 Form 5472 Failure to File Penalty Increased to $25,000

 

[iloveyouguys]

eadeveloper said:
I don't have Telegram, the guide that you point is one of the one I use. A really good site about LLCs is Learn How to Form an LLC (step-by-step) | LLC University®, they have guides for almost everything (no taxes guides but they have everything else).



Another company to create the business is northwestregisteredagent.com which is the one I use, it does not offer the accounting but is fast and cheap (at least that was my case). I created the Wyoming LLC with them and one year of registered agent for only $39 + the state fees ($100), the first year was only $139 but after one year then the registered agent services goes up to $129 which will be $229 counting the state fee. They don't get you the EIN either but that one is easy to get from the IRS. I think they offer good prices for a basic service, my LLC was created and it was on the WY systems in less than 24hrs.

The only thing I can complain is about their web dashboard which is not the best, they updated it last month and now is a little better but still not the best.
Click to expand...

Why haven't you created in New Mexico? It's $50/year instead of $100.

 

[exprtadvisrdev]

iloveyouguys said:
Why haven't you created in New Mexico? It's $50/year instead of $100.
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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

 

[JohnLocke]

eadeveloper said:
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
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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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[exprtadvisrdev]

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.
Click to expand...

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.