Im thinking starting Wyoming LLC for my digital business i will sell online and use paypal as gateway. im non-us. i dont know what is the best country to open it since i read the US paypal report to IRS over 20000USD? and what can be a good setup if i want to withdraw money to bank account or different bank accounts? i dont mind getting a pm with help how i can find the best setup.
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Wyoming LLC - What solution for bank and paypal to avoid reporting to my local authorities?
- Thread starter kengan
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What is the business you are into. You may want to do a Google search on the forum to find similar threads with lot's of answers. It seems you know the forum rules so even you just registered you may not be new.
There is also a thread about New Mexico which I personally researching on as we speak. It sounds somehow better compared to Wyoming.
There is also a thread about New Mexico which I personally researching on as we speak. It sounds somehow better compared to Wyoming.
To give you the best solution you would have to provide a bit more information about your situation. What is your budget to set up your structure? What is your tax residency? Why the US? Who are your customers? What is your business exactly?
my idea was to become a resident of philippines or other country, last years i travel and not staying in one country. i recieive around 20K every month. i was looking at estoninan company but there need to pay 20% tax.... looking for advice. what about paypal solution? i want to have a good setup for this.
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Wyoming LLC owned by an foreigner and then PayPal.... hmmm not sure if this is going to work. I have seen a UK Ltd owned by a non resident in the UK open an account with PayPal and that worked temporary but got shut down after a few months.
I have that working and I don't have problems. Maybe because I have an EU passport and the transactions are legit with 0% chargebacks
aha, strange, after researching and asking PayPal they said it's not allowed, the system can also not handle it. I believe more that it is a policy PayPal has to comply to because of various International tax rules.
PayPal said, if you have a UK LTD you will need a UK UBO to apply for the account otherwise the account will not be fully verified and approved.
OH and yes, I hold a EU passport
It's a US LLC with registered EIN, have no problems so faraha, strange, after researching and asking PayPal they said it's not allowed, the system can also not handle it. I believe more that it is a policy PayPal has to comply to because of various International tax rules.
PayPal said, if you have a UK LTD you will need a UK UBO to apply for the account otherwise the account will not be fully verified and approved.
OH and yes, I hold a EU passport
Even being 100% legit as an eBay seller it's very hard to maintain a 0% chargeback account due to scammers.
why not use 2co so you will have creidt card processing and paypal in one basked and you don't have to worry about all the PP issues?
It's unfortunately not quite that simple. You might want to start here and familiarize yourself with ECI: Effectively Connected Income (ECI) | Internal Revenue Service There are more articles and resources available that explain ECI a in even more depth.
Furthermore, an LLC is normally considered a pass-through entity which itself is not taxed. That means the profits of the LLC become your personal income, which further muddles the waters with regards to ECI.
Enforcement of ECI for small businesses is lax or non-existent. It's not on the IRS' radar to pick up on a few thousand bucks sold to US customers through a foreign-owned LLC. But unless US customers are going to be a significant revenue source, you can do what many businesses do and simply not allow US customers.
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