Which Company Type for Transferwise Business Account?

[Zaki]

Can u tell us wich State mate ?

 

[exprtadvisrdev]

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]

Went through this myself now, very easy, for RAK IBC: MoA, register of shareholders⁠

 

[HKS]

Where did you incorporate.?

 

[Runway]

UK LLP

 

[For Free]

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]

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]

Where you have tax residence or does it not matter ?

 

[rowena]

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]

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]

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.‍