Finance and economics mentoring
New Horizons Paraguay
Ticker tape by TradingView

Which Company Type for Transferwise Business Account?

Status
Not open for further replies.
rowena

rowena

🧠 Recognized Voice
Dec 16, 2017
702
0
161
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
 
Check what countries they support and match it with your goals.

What requirements do you‌ have?
 
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 ?
 
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.
 
Thanks for the reply. Did you try before ? and I am looking for‍ zero tax solution like seychelles corporation over TransferWise.
 
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.
 
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.
 
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.
 
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 residential︀ country. Pairing transferwise with my LLC was really ease since they only asked me the︁ EIN and the articles of the organization... I think the process took less than a︂ week.
 
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.
 
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 🙂

I assume you file Form 1040NR, Form 1120 and Form 5472 every year. Do you do︀ it yourself & do you have any tips?
 
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 do︀ it, I think it will be more expensive but I guess it will be worthy︁ for next years
 
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?
 
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 will︀ update here how it goes
 
$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 hours︀ of research and they seem great. gwcarter.com/us-tax-guide-for-nonresident-aliens-with-single-member-llc/
 
Status
Not open for further replies.

JohnnyDoe.is is an uncensored discussion forum
focused on free speech,
independent thinking, and controversial ideas.
Everyone is responsible for their own words.

Quick Navigation

Forums

User Menu

Login
Community platform by JohnnyDoe © 2025 JohnnyDoe
Top Bottom