Stripe is an online payment processing for internet businesses. It builds the most powerful and flexible tools for internet commerce.
In case you missed, here’s our general guide on how to open a stripe account for non-US Citizens. Meanwhile, continue reading if you’re from Nigeria.
Whether you’re creating a subscription service, an on demand marketplace, an e-commerce store, or a crowd funding platform etc stripe helps you accept payment without stress.
Stripe payment gateway is unfortunately unavailable to Nigerians, and it has become a pain in the ass to anyone running an online business and wishes to use stripe to accept payments.
Stripe is easy to setup with seamless integration, with attractive features and prices. No activation or setup fees, just a 2.9% + 0.30 cents per successful card charge.
In this guide, you’ll learn how to open a stripe account in Nigeria (verified stripe account ) and you can then integrate into your e-commerce store/business website and start accepting payments in different manners.
I’m a Nigerian, but I still have a functional stripe account with which I use to accept online payments.
If you need a verified stripe account to accept payments online, maybe on your shopify store or anywhere, read along.
As for Nigerians, I keep getting the question:
- Can I use stripe in Nigeria?
- How to setup verified stripe account in Nigeria?
- How to use stripe in Nigeria.
- … and lot’s more.
Whatever is your country, India, Nigeria, Pakistan and non-us citizens, you’re welcomed to follow the guide on this blog to setup a verified stripe account.
I just updated this post as of June 2019. Because the last method stopped working.
And this guide is the latest and the best way to open a verified stripe account in Nigeria.
Impotant Links (Table of Contents)
- Requirements to Open a Stripe Account in Nigeria.
- LLC Formation.
- How to open a stripe account in Nigeria.
Requirements to Open a Stripe Account in Nigeria
To open a stripe account in Nigeria, as a foreigner, you need the following things:
- LLC Company Formation.
- EIN/TAX ID.
- US Phone Number.
- US Virtual Address.
- Payoneer US Bank Account.
- Your undivided attention for 30 minutes.
It’s easy, and within 30 minutes you’re done. Then you await for another 5 – 7 days for processing and that’s all.
In this post, we would be guiding you on how to get all of these things.
To form an LLC Company in US, We would be doing that at INCFILE.COM.
And we will be forming our llc at Kentucky.
Reason is, for some of the states, there is a tax fee, and states like California collect $800 annual tax fee or your llc formation cease to exit.
Forming an LLC at delaware also attracts $300 annual tax fee as well.
We choose Kentucky for you because the annual tax fee is just $15 (N5,400) so you don’t have to pay expensive annual tax fee.
Note: This is a detailed guide on getting stripe account in Nigeria. If you need our help on doing it for you from A-Z, please contact us and let’s discuss.
So, let’s get started and form your LLC Company and get the necessary things need to open a stripe account in Nigeria without hassles.
LLC Formation (Incfile Setup)
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Okay, follow the below steps to form your LLC Company.
Step 1: Go-to INCFILE.COM HERE.
From the drop down, select “LLC” entity type and select “KENTUCKY” for country formation.
We are forming our LLC in Kentucky because the ANNUAL TAX is just $15.
Click the Get started” box.
Step 2: Select a Package.
On the next page, you’ll have the option to select a package.
We recommend you select the GOLD Package (2nd package) or PLATINUM Package (3rd package).
The Silver Package (1st package) is NOT recommended.
Because the features are limited.
With the Gold Package, you’ll get:
- EIN/TAX ID for free.
- Preparation and Filing of IRS Form 2553.
- Operating Agreement.
- Banking Resolution.
- Professional box to organise company documents with your company name.
- Express Shipping.
…. and lot’s more.
They’re included free in the Gold Package. so, scroll to the bottom and select “get started” on the Gold Package.
Step 3: Enter your contact and mailing address.
In the contact person section. Enter your contact details. In the phone number section, they only need your US Phone Number.
You can purchase a US Virtual Phone number at CallHippo.com @$6.
When you get your US Phone Number, you can use it as your phone number.
The second section is your Mailing Address Section. You’re expected to enter your mailing address where your formation documents will be sent to. And it must be a US Address too.
If you don’t have a US address, you can signup at Shipito.com and you’ll get a US address to continue your signup. When you get a US address at shipito, anything shipped to your warehouse/US address will be updated in your warehouse and you’ll pay the shipping fee they charged you. Its pretty less than $10 since it’s just documents.
It’s just for the signup. When you finally get your INCFILE Registration Completed. You’ll have access to your registered agent address in Kentucky and you can use it for signup at Stripe.
So, enter your newly gotten US Address and click “Next” to continue the form signup.
Step 4: State Filling Time.
At this point, you can select how soon you want your LLC formation.
The normal filling time is just 7 Business Days.
If your fillings to be as fast as 2 Business Days, you can select the $50 Addon Bundle.
So, it’s your choice.
Step 5: Company Formation.
Enter your company details by entering your
- Choice of LLC Name.
- Select LLC as the designator.
- Enter your Business Type/Industry.
- Number of members. (You can select just 1 or any number of persons that run the llc)
- Finally, enter your business purpose.
Step 6: Add-on Bundle.
On the next step, you’ll be presented with some add-on bundles, you can add it or just skip it. It’s not necessary.
Step 7: Member.
In the next section, select “Individual“.
Tick the small box at the top left beside your name to auto select your address in the boxes and click on “save” to continue.
Step 8: Registered Agent Information.
Incfile offers 1 full year of Registered Agent service FREE, and you start paying for registered agent the second year.
A registered agent receives and forwards important legal and tax correspondence on behalf of the company.
Typical documents received by your Registered Agent can include:
- Service of Process, i.e. notification of a pending lawsuit or court order.
- State correspondence, i.e. annual reports or statements.
So, scroll down to the bottom, choose “Assign Incfile as my Registered Agent” and click “NEXT“.
Step 9: EIN / Tax Identification Number Information.
An Employer Identification Number (EIN) is a nine-digit number that is assigned by the IRS and used to identify taxpayers. We will apply and obtain your EIN from the IRS electronically. This option is the fastest way to obtain the EIN.
If you’re a foreign individual and don’t have an SSN (Social Security Number). Then select YES.
When you do that, you’ll receive a pop-up like the one below. Just select “I agree” and continue.
Complete the other simple steps, select your principal business activity and click “NEXT“.
Step 10: Tax Strategy/Free Consultation.
This consultation can help you identify important tax deductions and provide insight into the IRS tax classification of your new business. The offer is completely free of charge and does not obligate you in any way.
It’s absolutely free.
Just select it and click “NEXT“.
Step 11: Business Licenses and Permits.
It’s another add-on. A business License.
You can add that or ignore it.
Click “NEXT” to continue.
After clicking next, you will see another page to review all your information. If they are all correct, click “NEXT“.
Step 12: Payments (Billing Information).
This is the last page and final completion of the form.
Enter your billing address and payment details and complete your payment.
If you followed the steps on this post, you only have to pay $189.
- Gold Package – $149.
- Kentucky State Fee – $40.
That’s really cheap compared to other LLC Formation sites where you have to pay over $500 – $800 for your LLC Formation in US.
After payment, you’ll receive a confirmation mail like the one below:
And when you login to your INCFILE Dashboard, you can see your progress bar towards getting your LLC Formation.
When you goto your registered agent section, you’ll see your registered agent details, including the Address.
You’ll use this address while signing up anywhere that concerns your LLC, e.g Stripe.
They also receive documents and files on behalf of you and forward it to the US address you signed up with at Shipito.com.
They can alternatively scan and forward to your mails.
How to Open a Stripe Account in Nigeria in 2019
Opening a Payoneer Account/ US bank Account
Opening a payoneer account is the real deal. Payoneer offers you the opportunity to own a US bank account, including a UK, GBP, JYP, CNH, CAD, AUD.
Opening a Payoneer account takes nothing less than 5 minutes to setup and you’re good to go!
You need a Payoneer account for stripe account opening because stripe only allows you to withdraw your funds to a US Checking Account.
If you can look at the above photo, you’ll see my US bank account is a checking account and yours will also be a checking account.
Somewhere in stripe dashboard, they’ll request for your US Account Number and Routing Number.
You can see that in your Payoneer dashboard when you click on “Global Payment Service” either at the drop-down or the boxes as shown on the picture below.
Then you’ll see your Account Number and Routing Number, just make sure you’re viewing your USD Bank Details. Example of mine, is below.
Your Account Number and Routing Number cannot be same with the ones in the picture above, if you use the details above, that means you’re sending money to my account.
So, login to your own dashboard, locate the “Global Payment Service“, make sure you’re viewing your USD Bank details and copy down your Routing Number and Account Number, because you’ll be supplying it to stripe on our next step.
You can also order a Payoneer Debit MaterCard from your dashboard to your location and use the ATM card on any ATM Machines in your country and you can also choose to withdraw to your bank account in your country upon entering your bank details on your Payoneer dashboard.
Setting Up a Stripe Account for Non-US Citizens – Chapter 2
Now you’ve opened your Payoneer account and have gotten hold of your US Bank Details, let’s proceed to the next step of setting up your stripe account perfectly!
In addition, I assume you have your LLC Formation Details esp your LLC Name and your EIN/TAX ID.
Step 1 :
Go-to stripe.com and register with your full name, email address and password. After that, check your email address and confirm your email address.
If you’re asked, “how do you want to get started with stripe“, select “Use an app“.
When you get to your dashboard, click on “Activate your account”.
After clicking on “Activate Your Account“, you’ll see an account application to fill, until you fill that application, your stripe account is not activated and invalid.
Select “United States“.
Locate your Registered agent address at the dashboard and enter it below.
Enter the US Phone number you bought at CallHippo.com and continue.
In the “Type of business” do the following:
- Select LLC (Limited liability Company).
- In legal business name, enter your LLC Business Name e.g TheProfany LLC.
- In the EIN (Employer Identification Number) enter the Nine digit EIN number you got from forming your LLC.
- Finally, enter your website address followed by the “https“.
Enter your website details. Stripe is conversant of the details you put. So enter your website details and describe what you sell and select how long it takes for buyers to receive their goods.
Enter the same name you used while forming your LLC.
- Your first and last name.
- If you were the only member of the EIN, you can select YES for the “do you own 25% or more of the business?”.
- For CEO, select Yes.
- Enter your US Phone number we got from Callhippo.com
- Enter your date of birth.
- For SSN, enter “0000”.
- Enter your Kentucky US Address.
Your Credit Card Statement Details
In “Business name” enter your business name, you can also enter your blog name/website name if you don’t have.
In “Support Phone Number“, enter your US virtual phone number.
Head over to your Payoneer account, locate your bank account and copy down your US Routing Number and Account Number.
Complete the two step authentication and Submit the application.
You should see a “Successful” notice at your dashboard and your Application Status is “Approved“.
Congratulations, if you followed us throughout the account creation!
You now have a functional stripe account and you can now make live transactions and you integrate it to your business website or e-commerce store and collect payments, and every 7 days( you can change it) the money will be automatically withdrawn to your Payoneer account.
Don’t forget to share! It’s quite a helpful guide on how to open a stripe account in Nigeria (for non-US citizens or residents (Non-Supported countries) ! 🙂 🙂