Hello James. you mentioned that as a non USA resident who doesn't physically do business in USA isn't getting taxed. does that include the minimum 10% federal taxes? and potential state taxes? also do the benefits of paying no or reduced taxes come after submitting w-8 form? or do I get the benefits without doing it. Also, as a USA LLC doing an e-commerce business around globe, do the incoming payments count as ECI income? and if so is it taxed?
For Charles Schwab you mentioned that we can get around the initial deposit, but currently they're asking for a US $25000 deposit. Can you elaborate on how to get around it?
Charles Schwab doesn't work, every time I try it asks for a SSN, also a lot of countries are not available, Canada is not available for example. Unless you have any trick?
I have registered an LLC in partnership with us resident . He has the authoritative powers while i also own 50% of the company Would we be able to open a physical bank account ? If yes they what are some the good options
Hi James; great info. Thanks alot. I have a question: what if a Non-Resident has a SSN? If she gets it during college years at US. Can she open a bank account online, with her SSN, without present/visiting the US.? Because there are ton of people who has been at US during their college years and have SSN and turn back to their countries. Your reply will highly appreciated. Thanks in Advance James. 🤙🤙
What if i use my cousin real home address for both the residential and business address is this recommended, or would you suggest using a virtual commercial address for the business address?
Hello, James. you mentioned unless I don't physically do business in the USA i don't have to pay the taxes. does that include the minimum 10% federal tax (and potentially state taxes)? and also as a starting out LLC business, do the benefits of not paying taxes, or paying reduces taxes come after I submit the W-8 form or do i automatically get the benefits. also, if I conduct e-commerce business as a USA LLC, does that count as an ECI income? and if so am I taxed for it? Thank you very much, James.
You can have a debit card with Wise, but your account needs to be a personal account, not a business account. You just need to create a personal account, which can be with the same email address, transfer the money from your business account to your personal account, and that's it. You need to have proof of address to receive approval, not only for a digital card but also for a physical Wise debit card. ✌ (PO Box addresses not allowed)
To my knowledge, only if your real residence address in a country with Wise debit card agreement. So unless you lie to them saying you have permanent residency in the US for example, they won’t give it to you. Example : You can be French (ok) but live permanently in Thailand (not ok, even with an us bank account ).
@@tsp7517 well, in the description of this video says "Learn the secrets of opening a U.S. bank account as a non-resident without an SSN in 2024", so be as honest as you'd like to be with wise, or have a debit card.
In short, if you're a non-resident, ask a trusted relative in the U.S. to provide you with a residence address, otherwise you won't be able to open an account or be sure it won't be closed. But I wonder if providing the bank with a U.S. residence address isn't tantamount to declaring that you owe the IRS?
@@JamesBakerCPA This is good news. Now, we just need to find a residential address in the US. At this point, for those without family there, renting an apartment seems one of the few long-term solutions left, right? Thanks again for your responses
1:26 You said “As a non-resident you can open US companies US bank accounts and have clients in the and grow big business as long as you’re doing the services online without paying taxes in the US”. Wait a minute. What? Without paying taxes? Are you saying that for serious? I mean if you open a LLC in let’s say California you are subject to pay Franchise tax, Gross receipt tax how can you avoid that? Can you explain?
Income taxes would not apply if you are a non resident doing services from abroad with an LLC. If you have paid income taxes schedule a call, we can get the money back! Sales taxes apply the same to all businesses and CA franchise tax you have to pay with a CA LLC. I don't recommend California for that reason among others. Unless you live there
What if foreigner opened the LLC in a State (with registed agent and ein in that Sate with same address) and only have family in another State? Can I still use my family's FL address to open personal and business bank account?
Great videos as always James. Does anyone here know if a Capital One bank statement and Google Fi invoice can be used as a proof of address when opening checking accounts with Bank of America etc?
Dear i am your follower. And i have USA florida LLC and EIN number . Now i wanna make USA bank account so which bank i can make account please. I am not US resident. Thanks
If you're not a national of any sanctioned countries then Mercury bank is good but for me since I'm a national of a sanctioned country Mercury rejected my application, but I was able to open a bank account with Wise, Payoneer, and Airwallex which I'm happy with
Any more info on Schwab foreign accounts? AFAIK they only offer their crappy “global” brokerage account to foreigners. Schwab investor checking or their other accounts seem to require at least an ITIN, but it is an incredible account to use overseas if you can get one and also includes zelle now.
Can you create a bank account on some other person’s behalf. Let’s say I’m 18 and don’t have a passport, can I create the account with my Mother’s information?
Hi I live in India and i am your follower. And i have US Delaware LLC and EIN number after watching your video I open account with mercury bank but I need help with taxation I don’t know which tax to file or as Non US Resident do I really need to pay any tax
bro i'm trying to set up my LLC in Wyoming but I'm not a US resident and I don't have a US address. Heard Mercury Bank isn't taking registered agents anymore, is that the right?
Hi James, i tried to open a Mercury Account as Foreign owner of a US LLC for my Business. But now they need US Operations at Mercury. I have no Operations in the US ? How can i solve this problem ?
@@JamesBakerCPA Thank you very much for your answer! What should I do when they need proves because I’m only selling to the EU Market with my E-Commerce Store.
Just went to Schwab and it says before you even begin that you need US tax identifying # and went on with customer support chat and was told flat out no, can't open an account as a foreigner. Maybe there is a trick to this not outlined in the video?
Just check it out. The international account I heard comes with a card. I'm just here to give information and ideas and things to try. Thanks for commenting
Hello, thank you for your valuable information. I think Mercury accepts it much more difficult now, I hear that many people are rejected. You said that we need to apply again, do you mean that we have to try with different mails until we are accepted?
@@hussamhussam3278 how to apply international brokerage account?Every time I tried to apply for international account my clicking my country it says we cannot open now
False. They do. The difference is that they're linked directly to your brokerage account whereas US residents can have them on a checking account separate from their brokerage account.
@d-tech5338 Thank you for clarifying that, maybe I misunderstood. Then the question is, can you transfer money to another person directly from the brokerage account without having a checking account?
