How to set up a Stripe account from Nigeria
For freelancers, business owners and founders who have businesses with foreign users. Having a payment provider such as Stripe is extremely important to receive payments. Stripe does not currently support businesses registered solely in Nigeria but there are legitimate walk arounds that can help you secure a stripe payment account
Use stripe by registering a foreign business
You can use Stripe by registering a business in the United States, United Kingdom or Estonia – E residency or any other country supported by Stripe. United States however is the most common and fastest means especially for non-residents. Depending on state of incorporation, business incorporation can be done within 24 hours, EIN obtained within 4-7 business days and a bank account opened with any of the popular digital banks
Choose your Entity Type
There are several entity options available when registering a U.S Business however, LLCs and Corporation are the most popular options. LLC Business structure is often used by small business owners and freelancers while Corporation structures especially C-corp is used by Venture Backed Start ups who are looking to raise money and have to authorize shares
Register a U.S Company.
There are 50 States within the U.S within which you can register a business. The most popular Option is Delaware, however, there are other much affordable options like Wyoming, New Mexico, Montana among others. Getting started is easy and simple and can be done here.
Get an Employer Identification Number in the U.S
An Employer Identification Number is also called the Tax ID or Social Security Number of your Business. The application is made through the Internal Revenue Service Form SS4. This is mandatory for business owners in the United State and required to open a business bank account.
Open a U.S Business Bank Account
There are several digital banking platforms that allow businesses open a business bank account in the United States. Some of them include Mercury, Bret, Renest among others. The U,s Business registration documentation and EIN will be used as part of the application document to open a USD business bank account.
Apply for Stripe using your newly formed company details
Creating an account on Stripe is a simple straightforward process, once you have all the required information and documentation. Once the registration process is done, you are ready to start getting paid. Creating your first payment link and invoice is simple and intuitive. Payout for your first payment might not be instant and often takes a couple of days but once you build trust on the platform, payouts will be instant.
Taxculate
Building a global business often requires the ability accept payment globally. Taxculate can help you get started. Whether you are freelancer or a founder, we help you choose the right entity to meet your business needs and give you the support you need to achieve you business goals
