Stripe is an online payment processing for internet businesses. It builds the most powerful and flexible tools for internet commerce.
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 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.
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 in 2021. Because the last method stopped working. You can be sure of following this method and you will get your stripe account in Nigeria.
And this guide is the latest and the best way to open a verified stripe account in Nigeria.
- 1 Impotant Links (Table of Contents)
- 2 Requirements to Open a Stripe Account in Nigeria
- 3 How to Form an LLC at Inc Authority
- 4 How to Setup a Verified Stripe Account?
- 5 Conclusions
- 6 Popular Q&A
Impotant Links (Table of Contents)
- Requirements to Open a Stripe Account in Nigeria.
- LLC Formatio + EIN
- 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/Federal Tax ID.
- US Physical Address.
- US Bank Account. (open one at payoneer.com or contact us for alternatives).
It’s easy, and in few 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 the US and get your EIN, We would be doing that at IncAuthority.
US company formation cost a lot to form, it cost from $500- $1000+, but incauthority will form your US company at a very lesser price compared to what you will see online.
And the state we would be forming our LLC is 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 so you don’t have to pay expensive annual tax fee.
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.
How to Form an LLC at Inc Authority
If you’ve decided to start your LLC and most especially with just $178, then you can go ahead and form your LLC as soon as you can before it’s too late.
At Inc Authority, you’re going to form your LLC and get your EIN/TAX ID. Follow the simple guidelines below to complete the signup. It’s easy and takes just a few minutes. All you have to do is choose your state, enter your business name, and form your LLC!
Step 1: Go to IncAuthority.com
When you arrive at IncAuthority.com, click on the “start now for free” tab.
Step 2: Select Entity Type and Filling State.
In your entity type, select Limited Liability Company (LLC) and in the Formation State, select Kentucky.
Click on Save & Continue.
Step 3: Enter Your Personal Details
In this step, enter your First and last name, email, and contact phone number.
You’ll need a US Phone number, download DingTone from the play store and buy a US Phone Number for $14.99/year or buy a Skype number at $7.99/month. Both support Calls/SMS.
DON’T use the one in the photo below.
Click on save and continue.
Step 4: Enter Your Business Details
Enter your business name and business description (if you have a clothing online store, say you have an online and you sell clothing and apparel).
A brief description of your company, a sentence or two describing your business.
Select your business benefit and click save & continue.
Step 5: Business Address
You need a US Address to continue in this step, go to Shipito.com and signup.
You’ll get a US address instantly, use it, and continue your signup. Takes just 1 minute.
In your US Address, note that CA means California.
Step 6: EIN/Federal TAX ID
The interesting part about Inc Authority is they get an EIN for you at $49, which is considered as the cheapest place to get one. Others charge from $95 and above.
You need to include the EIN/Federal Tax ID which is very important!
Click save and continue.
Step 7: Operating Agreement
An operating agreement is important because it provides proof you own the business.
In case any problem occurs in the future, you can be able to correct them with your operating agreement and in case of Stripe requires it.
Select the operating agreement and proceed with the form.
Step 8: Addons
The next pages contain Addons and they include the following:
- INC Protection Advisor. $27/month.
- LawSuit Protection. – $99.
- Express Delivery – $49.
- Domain Name – $29.95
- Business License Package – $99
All these ad-dons are less important, so you can skip all of them until you get to the payment stage.
Step 9: Make Final Payments
In the end, you’ll only be paying for State Filing Fee, EIN, and Operating Agreement.
Other formation companies charge a lot for offering this service but IncAuthority Charges $0 Service fee.
Now you need to make payment using either Debit/Credit Card or PayPal.
For the Delivery Option, you can select $0 free delivery (Electronic Delivery) and they will be delivered to your email.
Finally, that is all. You’ve successfully created your LLC in the United States
Other formation companies charge a lot for offering this service.
Many formation companies charges from $400 (N180k) – $1000+ (N450k) to form a US Company depending on the features.
IncAuthority makes things a lot easier for you, more like affordable for you and you get to spend just $178 if you follow the procedures above.
$100 Monthly Restriction on NIGERIAN Cards
Note: Due to the $100 restriction on Nigerian cards, it won’t be possible to complete your purchase, unless you use PayPal. If you’re stuck, contact us to help with registration.
All formation company documents will be delivered to your email.
Finally, that is all. You’ve successfully ordered your LLC Business Name and EIN/Tax ID.
Next, you’ll need to set up a Stripe account with the details they’ll deliver to you.
How to Setup a Verified Stripe Account?
After you must have formed your LLC and EIN/Federal Tax ID and they have been delivered.
You’ll need to use the details to setup a verified stripe account at stripe.com and you need to be careful while doing this because their bots are intelligent enough and conversant to detect any mistake you make.
If you’re confused in any step, make sure to contact us on our contact page.
After following the guides on this post, you should be able to form your LLC, get your EIN and setup your stripe account for your business.
Here’s the summary:
- Form your LLC and EIN at IncAuthority.
- Start using Stripe for your business!
If you have any questions and confused at any process, do let us know by dropping it at the comment box.
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) ! 🙂 🙂
Updated recently in 2021
1. Can I use my Country ID to verify my Stripe identity without using a US ID?
Answer: Yes, stripe gives the option to select your home country and upload your ID.
2. After forming my LLC at IncAuthority, they sent me additional forms to fill, how do I fill them?
Answer: After forming your LLC, they will send you an EIN form to fill and another form to enter the list of members.
Filling the EIN form is easy, enter your full name where they needed it, enter your US address where it’s wanted.
In the SSN section, enter FOREIGN in the box. This means you’re a non-US citizen and has no SSN or EIN yet.
In the member’s form, enter your full name and enter your US address.
If you’re a team, enter their names and US address.
(US address can be the address you got from shipito or the one you bought).
3. How long does it take?
Answer: It takes less than 7 days for your LLC Formation to be ready and it takes 90 days for your EIN/TAX ID to be ready via FAX from the IRS (delayed due to COVID).