US LLC receiving crypto only needs a bank account and an exchange

[cryptonator]

Hello everyone,

my business generates 10-20k USD through a digital service, which the customers pay for in crypto only. Some customer pay in BTC, but most of them pay in XMR. Until now, I have just accumulated the coins, but I want to turn this into a legal business now.

Any suggestions, which exchange I can use to change the crypto into fiat and get the money transfered to my bank account? Additionally I need a bank account, which will accept monthly payments from the exchange. I prefer a US bank, as the company will be an US LLC.

Best regards and thanks in advance.

 

[JohnnyDoe]

Mercury + Kraken no problem if your business is kosher

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[MarkusCostigan]

JohnnyDoe said:
Mercury + Kraken no problem if your business is kosher
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Haha probably accepting XMR not very Kosher, probably more Halal

 

[JohnnyDoe]

MarkusCostigan said:
Haha probably accepting XMR not very Kosher, probably more Halal
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Kraken welcomes xmr. But without proper planning both will not last long.

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[Forester]

JohnnyDoe said:
Mercury + Kraken no problem if your business is kosher
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Mercury + Kraken is reported to work; yet Mercury want their clients to have US operations, currently. So beware of this.

cryptonator said:
my business generates 10-20k USD
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Monthly/weekly/?

cryptonator said:
Additionally I need a bank account, which will accept monthly payments from the exchange. I prefer a US bank, as the company will be an US LLC.
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In general, you can find various suitable options for a US LLC in discussions here https://www.offshorecorptalk.com/threads/us-neo-banks-list-for-non-residents-llcs.37438/, here https://www.offshorecorptalk.com/threads/mercury-trynovel-or-something-else.39329/ and especially here https://www.offshorecorptalk.com/th...ss-account-in-18-emis-heres-the-result.44434/

In addition:
”“ especially for some use-cases, Bancoli can help as well (it's not mentioned above, AFAIK);
”“ it is worth looking here https://jamesbakercpa.com/packages (pay attention to No Travel VIP Bank Account - $2,500).

But have in mind that it all depends on what your business is particularly about, how you present it to a bank/EMI and also on your current residence and citizenship.

cryptonator said:
Best regards and thanks in advance.
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You are welcome.

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[Octagon]

JohnnyDoe said:
Kraken welcomes xmr. But without proper planning both will not last long.
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can you explain a little bit about planning? what do we need to not have stain coins.

 

[JohnnyDoe]

Octagon said:
can you explain a little bit about planning?
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Planning means setting up your operations in the right way and properly presenting the business to the bank with the needed supporting documentation.

Octagon said:
what do we need to not have stain coins.
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There is nothing to do about xmr, as they can't be “flagged” singularly, hence xmr is flagged as such. But you can indicate your xmr wallet on the invoices and document the transfers.
You can check btc yourself.

You haven't provided much details about your business so it's hard to tell more. But you can find more useful information and guidance in the Mentor Gold group.

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[tradeall]

And what about taxation?
As a foreign owner of a U.S. single member LLC, I'm considering investing some of the LLC's profits in cryptocurrencies (only buying USDT not trading in Kraken). Given that this LLC is a disregarded entity, I'm a non-resident alien (NRA), and I have no effectively connected income (ECI) in the U.S., would any potential cash in from these investments be exempt from U.S. taxation? I would mainly send FIAT from Mercury to Kraken. Then swap USD for USDT and send that USDT to a wallet or another exchange without KYC for example.

 

[JohnnyDoe]

tradeall said:
And what about taxation?
As a foreign owner of a U.S. single member LLC, I'm considering investing some of the LLC's profits in cryptocurrencies (only buying USDT not trading in Kraken). Given that this LLC is a disregarded entity, I'm a non-resident alien (NRA), and I have no effectively connected income (ECI) in the U.S., would any potential cash in from these investments be exempt from U.S. taxation? I would mainly send FIAT from Mercury to Kraken. Then swap USD for USDT and send that USDT to a wallet or another exchange without KYC for example.
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Buying usdt is not an investment in crypto but an unsecured loan to Tether and whichever bank they are using (Deltec, Britannia). You should better buy US T-Bills if you like the USD so much.
All the LLC's profits are taxed according to the DTA in place between your country of residence and the U.S., if any, or at 30%.

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[tradeall]

I am portuguese tax resident with NHR status. I don't get you with buying US T-Bills. The reason behind sending the usd to kraken and swapping to USDT is to trade in an exchange without KYC and then send to cold wallet. My question was about taxation of these operations due to my clients pay me bills of actual services but some of the earnings I want to convert into crypto

 

[cuno]

In my kraken account they don't accept any XMR / Monero any longer ! ?