Our valued sponsor

Unique Payment
Sword and Shield

Wyoming LLC (Non-Resident) with Wise Business Account?

L

Lekstadt

New member
Jun 5, 2021
18
5
3
30
Spain
#1
Hello, I am almost done setting up my new anonymous Wyoming LLC for online revenue (app ads and app premium sales) and I was searching for a bank account. As of now, I can only get one online, which probably means I have to opt for one of those fintechs, although I have the possibility to give someone a Power of Attorney to act on my behalf an open a business account in person in the states. I don't think I have access to Brex or BlueVine yet, so I am probably stuck with Mercury, Wise or Airwallex.. And because I really needed one asap I tried setting up Wise. They asked for all my personal information; KYC required legal name, ID, selfie and residencial address. I tried calling support several times and I'm still not certain what's up with them regarding regulations, since their privacy policy says it's determined based on country of residence and I seem to be on the global website. The question is, are these people going to adhere to FATCA and report only to the US IRS (which is perfectly fine with me) or are they going to treat my LLC business account as something to report to the EU as CRS. I can't seem to find anything explicit about this, or maybe I am just not looking for it well, I don't know. I also have a separate personal account from long ago which I don't use. I am just very worried with the lack of transparency some of these fintechs have going on for them. They shut down accounts all the time from what I've seen and retain the funds... Are these people going to treat my account like a personal account essentially and report to my home country whatever it is I am doing without taking into account my privacy needs?
 
#2
Lekstadt said:
Hello, I am almost done setting up my new anonymous Wyoming LLC for online revenue (app ads and app premium sales) and I was searching for a bank account. As of now, I can only get one online, which probably means I have to opt for one of those fintechs, although I have the possibility to give someone a Power of Attorney to act on my behalf an open a business account in person in the states. I don't think I have access to Brex or BlueVine yet, so I am probably stuck with Mercury, Wise or Airwallex.. And because I really needed one asap I tried setting up Wise. They asked for all my personal information; KYC required legal name, ID, selfie and residencial address. I tried calling support several times and I'm still not certain what's up with them regarding regulations, since their privacy policy says it's determined based on country of residence and I seem to be on the global website. The question is, are these people going to adhere to FATCA and report only to the US IRS (which is perfectly fine with me) or are they going to treat my LLC business account as something to report to the EU as CRS. I can't seem to find anything explicit about this, or maybe I am just not looking for it well, I don't know. I also have a separate personal account from long ago which I don't use. I am just very worried with the lack of transparency some of these fintechs have going on for them. They shut down accounts all the time from what I've seen and retain the funds... Are these people going to treat my account like a personal account essentially and report to my home country whatever it is I am doing without taking into account my privacy needs?
Click to expand...


Use only Mercury they are the best

Say yes to US operations and do really one or 2 US operations

Brex will say no to you
 
  • Like
Reactions: Lekstadt
#3
Alexmorgan said:
Use only Mercury they are the best

Say yes to US operations and do really one or 2 US operations

Brex will say no to you
Click to expand...
Thank you for your recommendation. I currently use a registered agent that also forwards mail and I use their address as my business', I don't want to hire a coworking or virtual office just yet, and I do have my own US .com domain. I don't know if that's enough to justify US operations, given that I'll only be dealing with a few online clients (app sales and ad serving on those apps). These are US companies, but nothing physical, no ECI at the federal level. Should the website and registered agent be enough in the absence of physical operations in any other country? I won't be using this LLC for anything else.
 
#6
Lekstadt said:
Hello, I am almost done setting up my new anonymous Wyoming LLC for online revenue (app ads and app premium sales) and I was searching for a bank account. As of now, I can only get one online, which probably means I have to opt for one of those fintechs, although I have the possibility to give someone a Power of Attorney to act on my behalf an open a business account in person in the states. I don't think I have access to Brex or BlueVine yet, so I am probably stuck with Mercury, Wise or Airwallex.. And because I really needed one asap I tried setting up Wise. They asked for all my personal information; KYC required legal name, ID, selfie and residencial address. I tried calling support several times and I'm still not certain what's up with them regarding regulations, since their privacy policy says it's determined based on country of residence and I seem to be on the global website. The question is, are these people going to adhere to FATCA and report only to the US IRS (which is perfectly fine with me) or are they going to treat my LLC business account as something to report to the EU as CRS. I can't seem to find anything explicit about this, or maybe I am just not looking for it well, I don't know. I also have a separate personal account from long ago which I don't use. I am just very worried with the lack of transparency some of these fintechs have going on for them. They shut down accounts all the time from what I've seen and retain the funds... Are these people going to treat my account like a personal account essentially and report to my home country whatever it is I am doing without taking into account my privacy needs?
Click to expand...
Wise has a banking license in EU. If they will find out that you are a non US tax resident, everything will be reported to your home country.
 
#9
Lekstadt said:
Hello, I am almost done setting up my new anonymous Wyoming LLC for online revenue (app ads and app premium sales) and I was searching for a bank account. As of now, I can only get one online, which probably means I have to opt for one of those fintechs, although I have the possibility to give someone a Power of Attorney to act on my behalf an open a business account in person in the states. I don't think I have access to Brex or BlueVine yet, so I am probably stuck with Mercury, Wise or Airwallex.. And because I really needed one asap I tried setting up Wise. They asked for all my personal information; KYC required legal name, ID, selfie and residencial address. I tried calling support several times and I'm still not certain what's up with them regarding regulations, since their privacy policy says it's determined based on country of residence and I seem to be on the global website. The question is, are these people going to adhere to FATCA and report only to the US IRS (which is perfectly fine with me) or are they going to treat my LLC business account as something to report to the EU as CRS. I can't seem to find anything explicit about this, or maybe I am just not looking for it well, I don't know. I also have a separate personal account from long ago which I don't use. I am just very worried with the lack of transparency some of these fintechs have going on for them. They shut down accounts all the time from what I've seen and retain the funds... Are these people going to treat my account like a personal account essentially and report to my home country whatever it is I am doing without taking into account my privacy needs?
Click to expand...
Keep it super simple.

Legally, it is like this, based on where UBO (UBOs) are tax resident, they are sending report there.

Another question is how in practise it work, maybe they are not sending it at all.
 
#10
sknomad said:
They do. In Belgium.
In 2018 they received EMI license and in 2023 it was upgraded to a bank license.
Click to expand...
False. They do not even have an EMI license because Belgian regulations (same as e.g. CZ) allow PIs to undertake nearly equivalent activity via payment instruments. It is not too difficult to scroll down to the footer of a website.

Wise Europe SA is a company incorporated in Belgium with registered number 0713629988. Wise Europe SA is a payment institution authorised by the National Bank of Belgium. The registered address is at Rue du Trône 100, 3rd floor, 1050 Brussels, Belgium.
 
  • Like
Reactions: forward
#11
ilke said:
False. They do not even have an EMI license because Belgian regulations (same as e.g. CZ) allow PIs to undertake nearly equivalent activity via payment instruments. It is not too difficult to scroll down to the footer of a website.

Wise Europe SA is a company incorporated in Belgium with registered number 0713629988. Wise Europe SA is a payment institution authorised by the National Bank of Belgium. The registered address is at Rue du Trône 100, 3rd floor, 1050 Brussels, Belgium.
Click to expand...
Not even EMI license? Really?
 
You must log in or register to reply here.

Forum Announcement

Latest Threads

Top Bottom
Back