Joy OkoroWhat did you hear about Stripe Atlas and how about stripe atlas alternatives?
Stripe Atlas is a powerful, safe, and easy-to-use platform for forming a company. By removing lengthy paperwork, bank visits, legal complexity, numerous fees, and non-obvious decisions about what services to use, Stripe Atlas helps you launch your startup from anywhere in the world.
If you’re a Nigerian, looking forward to know more about Stripe Atlas Nigeria, then this is also for you.
No matter the country you’re reading from, this is for you as well.
Stripe Atlas helps entrepreneurs start an internet business. Specifically, Stripe Atlas helps you:
- Form a C Corporation or Limited Liability Company (LLC) in Delaware.
- Obtain a U.S. Employer Identification Number (EIN) for tax purposes.
- Open a U.S. business bank account.
- Create a U.S. Stripe account to accept payments from around the world.
They provide all of these for you at the cost of $500 only.
In other words, the only way to setup a verfied stripe account, is to have the following requirements:
- Limited Liability Company (LLC).
- EIN/Federal Tax ID.
When you get hold of that, you can successfully open a stripe account and start accepting payments on your online store or whichever reason you want it for.
Coughing out $500 may seem a little expensive for you if you’re going with stripe atlas, but you can form an LLC and get an EIN/Federal Tax ID to setup a stripe account with only $179 and it’s not a joke!
However, we would be looking at the Stripe atlas alternatives, your options shouldn’t be limited and that’s why we’ve come up with this guide, to choose from.
Whether you need a stripe account for your drop-shipping Shopify store, WordPress or something else, you’re at the right place.
Stripe Atlas Alternatives
In this list, we are going to mention just two (1) alternative to stripe atlas which includes Stripe (Normal Stripe Account) and our Stripe account creation services, and if you’re low on budget, the second option will be a better idea.
1. Setting Up a Stripe Account:
Previously, we mentioned you need a Limited Liability Company (LLC) and EIN/Federal Tax ID to setup a verified stripe account.
And we promised to show you exactly how to do that with only $178.
We would be forming our LLC and also get our EIN at IncAuthority.
This is our recommended and affordable place to form an LLC without selling your soul.
If you’re in, then follow the short tutorial below and form your LLC and EIN.
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.
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 clothings 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 IncAuthority 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
Operating agreement is important because it provides proof you own the business.
In case any problem occurs in future, you can be able to correct them with your operating agreement and in case Stripe requires it.
Select the operating agreement and proceed with the form.
Step 8: Addons
The next pages contains 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 not important, so you can skip all of them until you get to the payment stage.
Step 9: Make Final Payments
At the end, you’ll only be paying for State Filling 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 Business Name and EIN/Federal Tax ID.
Next, you’ll need to setup a stripe account with the details they’ll deliver to you within 7 days since the Kentucky Delivery Time is 7 days.
Please note, the EIN/Federal Tax ID will be delivered within 2-3 weeks, so, your details need to be complete before signing up for a stripe account.
Setting Up a 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 and you need to be careful while doing this because their bots are intelligent enough and conversant to detect any mistake you make.
We have prepared a FREE 5 pages guide on setting up a stripe account using your LLC Business Name and EIN/Federal Tax ID.
Popular Q&A
Updated recently in 2020.
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 Inc Authority, 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 members 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).
For further questions, please mail me from the contact form in menus.
Please what is the yearly payment for an LLC formed with Inc authority under the state of Kentucky? Plus tax too.. Thanks for your help
$15
Hello Joy thanks for this… Is the service fee not negotiable?
We no longer offer the service. Follow the normal guidelines in the post.
Hi Joy,
Apart from the annual $15 Kentucky fee, what other tax filing requirements are required? I mean the IRS federal income tax for LLC or so? Can you shed more light, or are non-resident exempted?
As a non us resident, you won’t pay taxes.
Thanks. It took a while. Hope you are good?
Since it is LLC, will it be necessary to open Payoneer or stripe account with the business name or i can use my personal name?
Thanks
What I mean is, after I open my LLC. Do I need to open payoneer or stripe account with a business name.
Or I can open an account in my name and use the account as a business account
I’m setting up a US LLC and I find your guide really helpful; I’ve followed it religiously!. However, I have a little challenge in completing the EIN form. I have a ship-to address in California, so I wondering whether I’ll have to put California as the county and state where the primary business is located. I’m particularly bothered because California has a very high annual tax (800 USD) and I hope I won’t be liable to pay them.