Uk LLP problem with stripe

[Mark Rucken]

Did someone manage to open Stripe for UK LLP if both Partners are individuals, residents of some other (European) country?

 

[joffreylol]

Did you solve it? I´m on similar situation, did you solve with Shopify Payments?

Thanks in advance

nope, I've just started thinking about US LLC instead of UK LLP marzio ghosted us

 

[Mark Rucken]

BUMP: Any feedback regarding UK LLP and non-resident partners, will Stripe approve that application or will they ask for partners to show some UK proof of address or UK residency proof? Any feedback would be appreciated.

 

[Atbatb]

No news from my side, thinking about form an LTD instead LLP

 

[Mark Rucken]

No news from my side, thinking about form an LTD instead LLP

I checked Stripe and they did not mention that LLP partners have to be UK residents, but some people on here claimed Stripe asked UK address proof for Partners.

I am hesitant to proceed with UK LLP formation if Stripe is gonna reject me because partners have no connection to the UK.

 

[Atbatb]

I checked Stripe and they did not mention that LLP partners have to be UK residents, but some people on here claimed Stripe asked UK address proof for Partners.

I am hesitant to proceed with UK LLP formation if Stripe is gonna reject me because partners have no connection to the UK.

Same from me, we are 2 EU citizens, but atm we are not UK residents.
Btw form an LLP is very cheap so maybe i give a try

 

[Mark Rucken]

Same from me, we are 2 EU citizens, but atm we are not UK residents.
Btw form an LLP is very cheap so maybe i give a try

If you do, please share experience here.

Well, it is cheap, but if you want full service, mail forwarding, local phone number, certification of documents, obtaining UTR numbers ... it can go up-to 500-600 pounds.

 

[CaptK]

Register a LTD not a LLP as purely a payment gateway to "access" the UK market.
You can use a virtual address that will give you tenancy agreement and bills,
On the back of that you can also register a TW, Tide, Monese, Revolut or Monzo account using that bill. As an EU citizen you will can also open normal bank account in the UK if you can get here before Brexit.

There is a link to a group I was introduced to, the guys below are very expensive but there are other providers.

https://www.morgan-corporate.com/po... request and all basic,as 'proof of address'.

 

[John Andrews]

@CaptK So one can have residency on a zero tax country, an offshore LLC or IBC and a UK LTD acting as a payment gateway?

What kind of legal document should be arranged between the offshore company and the UK limited company? An agency agreement?

Since the UK LTD would serve as a payment gateway, would it be necessary to obtain a license from the UK FCA?

 

[CaptK]

@CaptK So one can have residency on a zero tax country, an offshore LLC or IBC and a UK LTD acting as a payment gateway?

What kind of legal document should be arranged between the offshore company and the UK limited company? An agency agreement?

Since the UK LTD would serve as a payment gateway, would it be necessary to obtain a license from the UK FCA?

No it works as a marketing office, so the product is still dealt with via head office but the UK entity takes the payment.
By virtue of the company being run from another country the effective place of management is where the tax will be due.
Use the CFC rules against them.

 

[Dandyline]

No it works as a marketing office, so the product is still dealt with via head office but the UK entity takes the payment.
By virtue of the company being run from another country the effective place of management is where the tax will be due.
Use the CFC rules against them.

I you have residency in a 0% tax country with a UK Ltd., i assume you could just pay out 100% of the monthly earnings as salary to avoid paying any corporate tax at the end of the year.

BTW, LLP should work fine. Just write a UK adress and send a UK utility bill if they ask.

 

[AMD]

If you pay out any money from any type of entity as salary you have to pay personal income tax from that amount. It does not really make any sense unless you pay a very low tax rate in your country or can avoid it totally.

Back to the UK LLP - I don't understand why not open a LTD on darks... it is like a company on steroids... look it up in mentor gold if you need help to get the thing done.

 

[px1]

@CaptK

If using LTD as gateway:
- Can this LTD be dormant?
- Morgan Corporates seems a good solution. However, does anyone know any cheaper providers?

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- Is there any way to do use Shopify Payments using a Canadian (British Columbia) LLP?

 

[CaptK]

@CaptK

If using LTD as gateway:
- Can this LTD be dormant?
- Morgan Corporates seems a good solution. However, does anyone know any cheaper providers?

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- Is there any way to do use Shopify Payments using a Canadian (British Columbia) LLP?

No it cant it would just pass the payment through and then take a 0.5% transaction fee. You submit accounts and cover the costs.

 

[boomy]

I you have residency in a 0% tax country with a UK Ltd., i assume you could just pay out 100% of the monthly earnings as salary to avoid paying any corporate tax at the end of the year.

BTW, LLP should work fine. Just write a UK adress and send a UK utility bill if they ask.

I agree it works with stripe. My only problem they did not respond to my support ticket which is 5 days ago!

 

[Mimimel]

If you really want to use your LLP setup you have to open a UK LTD, give it 5% of the LLP so that you can have a local UK director. You'll have to pay 19% tax on the 5% of the LLP that's owned by the LTD.

Hi, it is the best way ? why 5% and not 0% ? Why not use an us llc instead of an ltd ? Thanks