Which Company Type for Transferwise Business Account?

[rowena]

It looks like nice. How about︁ taxation and do you have any company formation company recommendation?

 

[exprtadvisrdev]

Taxation depends on the kind of the business, an‍ LLC with only one owner is a disregarded entity so the taxation goes to the⁠ owner which means foreigners does not pay taxes in the US for services that doesn't⁤ include US connections, for example if you are a designer you can sell services online⁣ to US people or people around the world and you won't pay taxes in the⁢ US (but you need to fill annual documents in the IRS)

I'm not sure if︀ I got this right "do you have any company formation company recommendation?" but if you︁ mean a company to form the company then I will suggest northwestregisteredagent since is the︂ one I use

 

[JohnLocke]

Thank you very⁤ much, that part is clear.

So it's basically like in︀ any other country, but do you know how often they check such records or know︁ about one who had to provide such record to the tax office?

 

[exprtadvisrdev]

I haven't heard of someone who had been⁠ required to show the accounting, I read long ago that most of the time the⁤ US doesn't care about LLCs owned by a single foreigner since they probably won't get⁣ taxes from you and they just take care on big LLCs where they could take⁢ a slice of money but I don't know if that's true

 

[iloveyouguys]

Here's more︂ info for all states if anyone needs: LLC Annual Fees by State - All 50︃ States | LLC University®

For Wyoming it seems $100 for formation and $50 yearly recurring︄ cost, also annual filing obligation to the WY Secretary of State

Wyoming LLC

$100

$50 minimum

Annual, anniversary month

WY Secretary of State, Annual Report

 

[iloveyouguys]

Arizona LLC seems like the cheapest and easiest option based on the list

 

[JohnLocke]

But they don't have the same privacy and accounting rules like the‍ New Mexico corps have is that correct?

 

[iloveyouguys]

I don't know yet. Let's update‍ this thread if we find more information.

 

[Brillo]

Just a question. When you're opening a Transferwise business account for a Seychelles company (or‌ any other tax 0 company) ... are you going to put your names or director‍ nomined name?

 

[megasis]

Finally eadeveloper do you use any account company for fill in form 5472+1120 or do‌ it myself?

 

[rowena]

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 😎

 

[exprtadvisrdev]

I use onlinetaxman.com, they normally charge $500 to‍ fill those forms

 

[IlyMily]

What’s the business type ? I applied with TW using my travel⁠ agency business ltd that i incorporated in the uk in 2020, account deactivated straight away⁤ and appeal refused.

 

[Clip]

Now that the UK is out of the EU, I understand you⁠ don't need to charge VAT for transactions outside UK, right ?

 

[rowena]

This company will receive payments from Google.

Yes it should be like⁤ that. Google based at Ireland.

 

[Runway]

Which documents did you have to provide for your UAE company?

 

[rowena]

It depends on the company type in the UAE. All of them different documents:‍ Mainland companies, FZ companies, offshore companies, etc...

 

[HKS]

What documents do you‍ feel would be needed if the UAE partner of the UK LLP was a RAK⁠ ICC (offshore). Due to TW changes need to re-structure.
Thanks
H

 

[rowena]

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.

 

[megasis]

I tried to call them and wrote to their e-mail but nobody answered. May‍ be they have been closed forever ?