Which Company Type for Transferwise Business Account?

[Zaki]

eadeveloper said:
I formed an US LLC and paired it with transferwise where my clients pay me,
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Can u tell us wich State mate ?

 

[exprtadvisrdev]

Hazqiyal said:
Can u tell us wich State mate ?
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WY and FL, both had their TW account. Now I registered one in NM but I'm waiting for the EIN but I guess TW will be OK too

 

[Runway]

rowena said:
It should be standard documents(company certificate, MoA, register of members and officers) and it is better to support with a recently dated certificate of incumbency letter.
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Went through this myself now, very easy, for RAK IBC: MoA, register of shareholders

 

[HKS]

Runway said:
Went through this myself now, very easy, for RAK IBC: MoA, register of shareholders
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Where did you incorporate.?

 

[Runway]

HKS said:
Where did you incorporate.?
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UK LLP

 

[For Free]

rowena said:
I incorporated UK LLP and used my UAE company as a second partner. It is working very well with TransferWise and Fire. Completely legal and zero tax solution 😎
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Dear @rowena. Do you need to open new TW account for UK LLP or just change/update the old TW account of UAE company to UK?

 

[rowena]

linhtinhforfree said:
Dear @rowena. Do you need to open new TW account for UK LLP or just change/update the old TW account of UAE company to UK?
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You can't update your UAE company to UK company. You need to open a "new business" account and connect it to your personal account by giving admin permission.

 

[Piano]

rowena said:
I incorporated UK LLP and used my UAE company as a second partner. It is working very well with TransferWise and Fire. Completely legal and zero tax solution 😎
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Where you have tax residence or does it not matter ?

 

[rowena]

Piano said:
Where you have tax residence or does it not matter ?
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Yes, it matters. UK LLP is a tax transparent entity. It means UK LLP's tax residency depends on partners' tax residency. If partners have zero tax residency(like UAE) then UK LLP will be a tax-free entity as long as you don't perform any business inside UK.

 

[nethostler]

On the topic of TW and US LLC's. Is an EIN required to open a TW business account?

 

[For Free]

Dear @rowena. After one year of using UK LLP, can you share some experiences? Do you get bank account in any traditional bank or just use Wise as your main "bank"? I also want to have an UK LLP as I don't have business related to UK

 

[rowena]

For Free said:
Dear @rowena. After one year of using UK LLP, can you share some experiences? Do you get bank account in any traditional bank or just use Wise as your main "bank"? I also want to have an UK LLP as I don't have business related to UK
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Very good so far. I didn't approach any traditional bank because Wise or any other EMI accept my business and they don't make any problems for my transactions.

 

[For Free]

rowena said:
Very good so far. I didn't approach any traditional bank because Wise or any other EMI accept my business and they don't make any problems for my transactions.
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Good news
Do you have to submit annual return or do any account audit process? I want to use my company and myself as 2 members to form an UK LLP. Any recommendation/note from you will help me so much
Thank you

 

[rowena]

No audit. You need to submit an annual return but the amount you declare will be zero because you only report your UK-based income. I will send you a recommendation.