Is Stripe Available in Bangladesh? A Comprehensive Guide

Is Stripe available in Bangladesh?

Well, Stripe is currently supported in 46 countries worldwide, but unfortunately, Bangladesh is not one of them. If you’re based in Bangladesh, you won’t be able to use Stripe to accept payments from customers online.

However, there are alternative payment solutions available that you can explore to accept payments from customers in Bangladesh and around the world.

If you want to open a Stripe account in Bangladesh, follow this step-by-step guide.

Does Stripe Work In Bangladesh?

Stripe is currently supported in 46 countries, and Bangladesh isn’t one of them. You can only use Stripe in Bangladesh if your business is incorporated in the US (LLC) with a unique tax identification number or EIN and a US bank account to receive payment.

Once you have created your Stripe account, you can sell to customers worldwide.

This is because Stripe is a global payment processing platform that allows you to accept payments in multiple currencies. With Stripe, you can accept customer payments in over 135 currencies, making it a great choice for global businesses.

Requirements To Open A Stripe Account In Bangladesh For Your Business

Here are the key requirements that you need to fulfill:

Requirements	Where to Get
Business Formation/LLC	Through a Registered Agent (Northwest)
Employer Identification Number (EIN) or Tax ID	From the Internal Revenue Service (IRS)
U.S Business Address	Virtual mailbox service or a registered agent
U.S Phone Number	Virtual phone service
U.S Bank Account	Use Wise or Mercury

Once you have fulfilled these requirements, you can proceed with the following steps to open a Stripe account in Bangladesh.

1. A Business Formation In The U.S (LLC)

If you are a business owner in Bangladesh looking to create a Stripe account, forming a Limited Liability Company (LLC) in the United States may be necessary.

One of the benefits of forming an LLC is that it provides limited liability protection to its owners. This means the owner’s assets are protected from the business’s debts and liabilities.

To form an LLC, follow the Small Business Administration (SBA) steps or use a registered agent service such as Northwest Registered Agent. A registered agent can help you with the paperwork and ensure that your LLC is formed correctly and complies with state laws.

Using a registered agent service has several benefits.

First, it ensures that your LLC is formed correctly and complies with state laws. Second, it helps you maintain your privacy by using the agent’s address instead of your own. Third, it ensures that you receive important legal documents on time.

2. Obtaining An Employer Identification Number (EIN) Or Tax ID

If you have formed an LLC in Bangladesh and want to use Stripe for your business, you must obtain an Employer Identification Number (EIN) or Tax ID.

An EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) in the United States. It serves as your business’s tax identification number.

An EIN is necessary for your LLC because the IRS requires it to file taxes and open a business bank account. If you want to use Stripe for your business, you must provide your EIN during registration. Stripe uses your EIN to verify your business and ensure you are legitimate.

There are several ways to obtain an EIN after forming your LLC. One of the easiest ways is to apply online through the IRS website. You can also apply by mail or fax or hire a registered agent to apply on your behalf.

Using a registered agent can be beneficial because they can help you with the entire process, from forming your LLC to obtaining your EIN. They can also act as a point of contact between you and the IRS, which can be helpful if you have any questions or concerns.

3. U.S Business Address

You know, Stripe requires businesses to have a physical address in the country where they are incorporated.

However, you don’t need to worry about renting an office or hiring a virtual address service in the U.S.

There are several options available to obtain a U.S. business address as a non-resident, such as:

• Using a registered agent service: A registered agent is a third-party company that provides a U.S. business address and other services, such as mail forwarding and legal document handling. Some popular registered agent services include Northwest Registered Agent and Incfile.
• Renting a virtual mailbox: A virtual mailbox is a digital mailbox that allows you to receive and manage your mail online. With services like Anytime Mailbox and Earth Class Mail, you can get a U.S. business address and have your mail forwarded to your address in Bangladesh.
• Using a coworking space: Coworking spaces are shared workspaces that offer various amenities, including a physical address. By renting a coworking space in the U.S., you can obtain a U.S. business address and access other benefits, such as networking opportunities and office infrastructure.

4. A U.S Phone Number

When creating a Stripe account in Bangladesh, you will need to provide a U.S phone number for verification purposes. Stripe requires a phone number to receive SMS messages from the United States and verify your account.

Fortunately, obtaining a U.S. phone number is easy and can be done using various apps and services, such as Dingtone and Skype. These apps allow you to create a virtual U.S. phone number that can receive SMS messages.

Once you have obtained a U.S phone number, you can use it to verify your Stripe account and start accepting payments. It’s important to note that the phone number you provide must be active and can receive SMS messages, so keep it updated.

5. U.S Bank Account (To Be Linked To Stripe For Payouts)

To receive payouts from Stripe, you need to link a U.S. bank account to your Stripe account because Stripe only supports payouts to bank accounts in the United States.

There are different ways to get a U.S. bank account.

One way is to use a service like Wise, which offers a borderless account with a U.S. routing number and account number. This allows you to receive payments from Stripe and other U.S.-based companies.

Another option is to use Payoneer, which also provides a U.S. bank account that can be linked to Stripe. Payoneer offers a virtual bank account that can be used to receive payments from Stripe and other U.S. companies.

Lastly, you can use Mercury, a bank specifically designed for startups and entrepreneurs. Mercury offers a U.S. bank account that can be linked to Stripe and other payment processors.

What’s the Best State to Form Your LLC as a Foreigner in Bangladesh?

When forming an LLC in the US as a foreigner, there are several states to consider. The three most popular states are New Mexico, Delaware, and Wyoming. Each state has its unique advantages for different types of companies.

Wyoming

Wyoming is a popular option for low-cost LLC formation, as it only costs around $150 to file an LLC and an annual report. Wyoming does not have taxes at the corporate level, but you will still need to pay federal taxes. Wyoming could be a solid option if you are looking for a relatively low-cost and low-maintenance option.

Delaware

Delaware is a popular option if you think you will raise money from investors in the future. Nearly 80% of US public companies choose to incorporate in Delaware. The major downside is the higher cost of filing and maintaining the company. Delaware has a well-established legal system and a business-friendly environment, making it a favorite among investors.

New Mexico

New Mexico is another attractive option because the filing costs are low, and you do not have to file an annual report.

It is also one of the few US states that doesn’t require the name of the member or manager to be included in the filing of the certificate of formation. A $50 filing fee is required to register an LLC in New Mexico; however, no annual report fees are required. This fact alone makes New Mexico an attractive state for non-US residents.

Steps On How To Form Your LLC & Open A Stripe Account

Step 1. Sign up For Northwest Registered Agent

The first step in forming your LLC is to sign up with Northwest Registered Agent. This company will help you create your LLC and provide you with a registered agent, which is required by law.

To sign up for their services, go to their website at:

https://www.northwestregisteredagent.com/

Then click on the “LET’S GET YOU STARTED” button.

Step 2. Choose Your Business Entity and State

Once you click the button, you’ll be redirected to a page where you can choose your business entity and state. You can choose from various business entities, including LLCs, corporations, and partnerships.

You’ll also need to select the state where you want to form your LLC.

The total amount will depend on your chosen state and the processing time.

For instance, forming an LLC in Alabama costs $334, while New Mexico costs $98.

Step 3. Enter Your New/Existing Details

After you’ve chosen your business entity and state, you’ll need to enter your new or existing details. This includes your company name, address, and other relevant information.

You can choose the physical and mailing addresses you want for the business.

Northwest Registered Agents offers the convenience of using their address as your business address, eliminating the need for a separate US address for your company.

Step 4. Enter The Management For Your LLC

Next, you’ll need to enter the management information for your LLC. This includes the names and addresses of your managers and their roles in the company.

If you’re the only one/single-man business, leave it at one member and enter your name.

Step 5. Fill in Your Contact Details

This is where you fill in your contact details. These details will serve as your primary means of contact with Northwest.

You do not necessarily need a U.S. contact detail for your Northwest account creation. You can use your local/current details as a point of contact with Northwest.

Step 6. Setup Your Account with Northwest Registered Agent

After entering all your information, you must set up your account with Northwest Registered Agent using your email and preferred password.

This will allow you to access their services and complete the following steps to form your LLC.

Step 7. Get Your Business Identity (optional)

You can toggle this on to add the Northwest Business Identity option for your LLC.

It includes the following, free for 90 days:

• Domain name registration – 1 Free Year
• Website – hosted by us, owned by you
• Business email address
• Business phone

Step 8. Getting Your Tax ID or EIN – optional

If you want your LLC’s tax ID (EIN), you can do so through Northwest Registered Agent.

They will help you complete and submit the necessary forms to the IRS.

It would be best to have an EIN as a foreigner or non-resident. It’s pretty easy to get this (and cheaper) without the help of registered agents. But if you’d like to include it in your order, that’s also great!

However, for a fee of $200, Northwest Registered Agent will obtain your EIN or Tax ID. This is particularly beneficial if you lack a Social Security Number (SSN) or are a foreign entity.

Step 9. Checkout/Payment (Congratulations!)

Once you’ve completed the previous steps, you can check and finalize your LLC formation. Enter your valid card information, then click Done! C

Congratulations—you’ve formed your LLC and are ready to open a Stripe account!

Finally, Create Your Stripe Account (With Your EIN & LLC Information)

Here is a step-by-step guide to help you create your account.

Basic Requirements

Before you create your Stripe account, make sure you have the following information ready:

• Your business name
• Your business email address
• Your government-issued ID
• Your Employer Identification Number (EIN)
• Your Limited Liability Company (LLC) information

Creating a Stripe Account Step-by-Step

1. Go to the Stripe website/registration page (https://dashboard.stripe.com/register) and click the “Sign Up” button.
2. Fill in your email address and create a password. Click on “Create your Stripe account”.
3. Please complete your business information, including your name, address, and phone number, and click “Continue.”
4. Fill in your personal information, including your name and date of birth. Click on “Continue”.
5. Verify your email address by clicking on the link sent to your email.
6. Provide your government-issued ID for verification purposes.
7. Provide your EIN and LLC information.
8. Connect your bank account to your Stripe account to receive payments.

Once you have completed these steps, you can start accepting payments through Stripe.

Why I Prefer Northwest Registered Agent For My LLC Formation?

If you want to form an LLC, you’ll want to find a registered agent to help you with the process. I’ve been using Northwest Registered Agent since 2020 to create my Florida LLC, and I highly recommend it.

Here’s why:

Affordable Pricing

Northwest Registered Agent offers affordable pricing that won’t break the bank. They charge only $39 to get started, unlike other registered agents that charge over $1000. This makes it easy for entrepreneurs on a budget to form an LLC without worrying about high fees.

Free One-Year Registered Agent Service

When you form an LLC with Northwest Registered Agent, they include free registered agent service for the first year. This is a great value; other registered agents charge around $125 annually for this service.

Free Operating Agreement

Northwest Registered Agent also provides a free operating agreement with every LLC formation. This document outlines your LLC’s ownership and management structure and is required by many states.

Use of Local Offices as Business Addresses

Northwest Registered Agent allows you to use one of its local offices as your business address. This is a great option for entrepreneurs who work from home and don’t want to use their home address as their business address.

Transparent Pricing

Northwest Registered Agent offers transparent pricing, with no annoying upsells or recurring monthly fees. Everything is optional, so you can choose the services you need without worrying about hidden fees.

Privacy by Default

Northwest Registered Agent automatically keeps your address off the public record, ensuring privacy and security. This is a great feature for entrepreneurs who want to keep their personal information private.

Free Domain, Website, Email & Business Phone

Northwest Registered Agent offers a free domain, website, email, and business phone to every LLC formation. This is a great value, as these services can be expensive when purchased separately.

Alternative Payment Solutions for Bangladesh

Local Payment Gateways

One of the most popular local payment gateways in Bangladesh is SSLCOMMERZ.

It offers an easy checkout option associated with more than 30+ payment options. It has operated since 2020 and boasts more than 3500 clients providing digital payment solutions across web and mobile platforms.

Another popular local payment gateway is bKash.

It is a mobile financial service in Bangladesh that operates under the authority of Bangladesh Bank as a subsidiary of BRAC Bank Limited. bKash offers various financial services, including cash-in and cash-out, mobile recharge, utility bill payment, merchant payment, and more.

International Payment Services

Payoneer is a good option if you are looking for an international payment service.

Payoneer is a global payment platform that enables businesses to send and receive payments in over 200 countries and territories. With Payoneer, you can easily receive payments from clients and marketplaces worldwide and withdraw your funds to your local bank account or Payoneer Mastercard.

Another popular international payment service is Wise (formerly known as TransferWise).

Wise is a fast, cheap, and transparent way to send and receive money internationally. It offers real exchange rates, low fees, and a multi-currency account that allows you to hold and manage money in multiple currencies.

Frequently Asked Questions