Is Stripe Available in Ghana? (yes, see how)
If you’re a business owner or entrepreneur in Ghana looking to accept online payments, you may wonder if Stripe is available in your country.
Stripe is a popular payment gateway businesses use worldwide but is unavailable in every country.
So, does Stripe work in Ghana?
According to Stripe’s global availability page, only 46 countries currently support Stripe. Unfortunately, Ghana is not one of them.
This means that if you’re based in Ghana, you won’t be able to use Stripe to accept online payments directly from your customers.
However, there are two ways Ghanaian businesses can use Stripe.
That is what I’m going to show you in this guide.
Key Takeaways
- While Stripe lists Ghana as a supported country via an extended network, you can’t use it directly as a Ghanaian merchant.
- You can use Stripe via its supported network – Paystack, here.
- Another option is to set up an LLC and obtain an EIN in a Stripe-supported region (U.S.) to accept International payments.
- While the LLC process may seem daunting, it’s quite straightforward and can be done online using Northwest’s registered agent service.
Does Stripe Work In Ghana?
As highlighted above, Stripe is not directly available in Ghana, but businesses in the country have a couple of alternatives to access Stripe’s payment processing services.
The first option is to use Paystack, a payment platform supported by Stripe and operates within Ghana. Paystack seamlessly integrates with Stripe, allowing Ghanaian businesses to process payments effectively.
The second option for Ghana entities looking to use Stripe involves setting up a business entity, such as an LLC in the United States, where Stripe is fully supported.
Requirements To Open A Stripe Account In Ghana For Your Business (via LLC)
While the Paystack option is seamless and doesn’t require many formalities – the foreign business incorporation option seems complicated.
So, I’ve outlined and explained the processes below.
Here are the requirements you need to meet to open a Stripe account in Ghana via LLC:
| Requirements | Where To Get |
|---|---|
| Business Formation/LLC | Registered Agent (here) |
| Employer Identification Number (EIN) or Tax ID | IRS |
| U.S Business Address | Virtual Business Address |
| U.S Phone Number | Virtual Phone Number |
| U.S Bank Account (To Be Linked To Stripe For Payouts) | Use Wise or Mercury |
Lets get into each of these requirements.
1. A Business Formation In The U.S (LLC)
An LLC is a popular business structure that offers a number of benefits, including pass-through taxation, limited liability protection, and flexibility in management and ownership.
One of the main advantages of forming an LLC is that it allows you to separate your personal and business assets. If your business is sued, your assets, such as your home or car, are protected.
There are a number of options for setting up an LLC, including doing it yourself, using an online service, or hiring a registered agent.
While doing it yourself may seem like the cheapest option, it can be time-consuming and complicated, especially if you’re unfamiliar with the process. Using an online service can be a good middle ground, but it may not provide the level of support and guidance that a registered agent can offer.
Using a registered agent, such as Northwest Registered Agent, can be the best option for setting up an LLC.
A registered agent is a third-party service that helps you form and manage your LLC and provides ongoing support and guidance. Northwest Registered Agent offers a number of benefits, including:
- A dedicated support team is available to answer your questions and provide guidance throughout the LLC formation process
- A secure online portal that allows you to manage your LLC and access important documents
- Compliance services that help ensure that your LLC stays in good standing with the state
- Registered agent service that provides a physical address for your LLC and receives important legal documents on your behalf
2. Obtaining An Employer Identification Number (EIN) Or Tax ID
An EIN is a unique nine-digit number the Internal Revenue Service (IRS) assigns to identify a business entity. It is also known as a Federal Tax Identification Number.
An EIN is necessary for your LLC as it helps to establish its legal identity.
It is required for tax purposes, opening a business bank account, and hiring employees. Moreover, you must link your EIN to your Stripe account to receive payments and process transactions.
You can apply online through the IRS website to get an EIN after forming your LLC.
Alternatively, a registered agent can help you with the process. You must provide certain information about your business, such as the legal name, physical address, and business structure.
3. U.S Business Address
As a non-resident and a business owner based in Ghana, you can acquire a U.S business address by using a mail forwarding service.
A mail forwarding service allows you to receive mail and packages at a U.S address, which is then forwarded to your actual address in Ghana. This is a convenient way to get a U.S business address without having to be in the United States physically.
Many mail forwarding services are available online, and you can choose one that suits your needs. Some popular options include MyUS, Shipito, and US Global Mail.
These services typically charge a monthly or annual fee and a fee for each package forwarded.
When selecting a mail forwarding service, be sure to choose one that is reliable and has a good reputation. You should also check their pricing and fees to ensure they are affordable and reasonable.
It is important to note that having a U.S. business address does not mean you must be physically present in the country. With the abovementioned options, you can easily obtain a U.S. business address as a non-resident business owner based in Ghana.
4. A U.S Phone Number
You will need a US phone number to create or verify a Stripe account in Ghana.
Stripe requires a phone number to receive SMS messages from the United States.
Stripe must have A US phone number to verify your identity and ensure that you are a real person. It also helps Stripe to communicate with you if there are any issues with your account.
You can use apps and services like Dingtone and Skype to get a US phone number. These apps allow you to get a US phone number for free or a small fee. Once you have a US phone number, you can create and verify your Stripe account.
It is important to note that using a fake or invalid US phone number can result in your Stripe account being suspended or terminated. Therefore, it is crucial to use a valid US phone number to receive SMS messages from the United States.
5. U.S Bank Account (To Be Linked To Stripe For Payouts)
To receive payouts from Stripe in Ghana, you must link a U.S bank account to your Stripe account. This is because Stripe only supports payouts to bank accounts in countries where it operates. Unfortunately, Ghana is not currently one of those countries.
There are a few ways to go about getting a U.S bank account.
One option is to use Wise, formerly known as TransferWise. Wise offers borderless accounts that allow you to hold and manage money in multiple currencies, including USD. You can then use the account details provided by Wise to link your U.S bank account to Stripe for payouts.
Another option is to use Payoneer, which also offers a U.S. bank account that can be linked to Stripe. Payoneer provides a virtual U.S. bank account that can be used to receive payments from U.S. companies, including Stripe.
Lastly, you can consider using Mercury, a U.S. bank account provider for startups and small businesses.
Mercury offers a free business checking account with a U.S. bank account number and routing number. You can use this number to link your account to Stripe for payouts.
What’s the Best State to Form Your LLC as a Foreigner in Ghana?
The three most popular states include New Mexico, Delaware, and Wyoming. Each state has unique advantages for different types of companies.
Wyoming
A Wyoming LLC is a popular low-cost option, 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 is also known for its strong privacy laws, making it an attractive choice for businesses that value confidentiality.
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 advantage of incorporating in Delaware is the state’s well-established legal system and business-friendly laws. However, the major downside is the higher cost of filing and maintaining the company.
New Mexico
New Mexico is another attractive option because the filing costs are low, and you do not have to file an annual report.
New Mexico is also one of the few US states that doesn’t require the member or manager’s name to be included in the filing of the certificate of formation. This fact alone makes New Mexico an attractive state for privacy-conscious businesses.
It’s important to note that some states, like California, have high franchise tax fees, making them less attractive options for non-US residents looking to form an LLC. If you want to avoid high fees and taxes, it’s best to steer clear of California.
Steps On How To Form Your LLC & Open A Stripe Account
In this section, we will guide you through forming your LLC and opening 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. Northwest Registered Agent provides you with a registered agent, which is required by law.
You can sign up for their services on their website.
Go to https://www.northwestregisteredagent.com/
You’ll be directed to the page below. Click on the button – “LET’S GET YOU STARTED.”
Once you have signed up, you will be directed to a page where you can choose your business entity and state.
Step 2. Choose Your Business Entity and State
Once you click the “LET’S GET YOU STARTED” button on the Northwest Registered Agent website, 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 state you choose and the processing time (Standard and Expedited) would determine the total amount.
For instance, below is that of Alabama ($334):
Here’s that of New Mexico ($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. Northwest Registered Agents offer 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.
Step 5. Fill in Your Contact Details
You’ll then need to fill in your contact details, which 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 Northwest, 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 and create a viable Stripe account. You need 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!
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!
Congratulations—you’ve formed your LLC and are ready to open a Stripe account!
Finally, Create Your Stripe Account (With Your EIN & LLC Information)
Basic Requirements
Before you start creating your Stripe account, make sure you have the following:
- A business name: This is the name of your company or LLC.
- An email address: This is the email address you will use to sign up for Stripe.
- Government-issued ID: You will need a government-issued ID to verify your identity.
- EIN: You will need an Employer Identification Number (EIN) from the IRS. If you don’t have one, you can apply for one through Northwest.
Creating a Stripe Account Step-by-Step
- Go to the Stripe website and click the “Sign Up” button.
- Fill out the registration form with your email address and business name.
- Verify your email address by clicking the link Stripe sends you.
- Enter your personal and business information, including your EIN and government-issued ID.
- Choose a password for your Stripe account and click “Continue.”
- Connect your bank account to your Stripe account.
- Verify your bank account by entering the amounts of the two small deposits Stripe makes to your account.
- Start accepting payments with Stripe!
Keep in mind that Stripe may require additional information or documentation to verify your account. If this is the case, they will contact you directly to request it.
Why I Prefer Northwest Registered Agent For My LLC Formation?
When it comes to forming an LLC, many options exist. However, after using Northwest Registered Agent to create my Florida LLC in 2020, I can confidently say they are the best option for several reasons.
Firstly, Northwest Registered Agent offers a free one-year registered agent service.
This means they will act as your official point of contact for legal and tax-related matters, saving you the hassle of doing it yourself. Other registered agents usually charge for this service, but Northwest Registered Agent offers it for free.
Secondly, Northwest Registered Agent provides a free operating agreement.
This document outlines how your LLC will be run and is essential for maintaining limited liability protection. Again, other LLC formation services usually charge for this service.
Thirdly, Northwest Registered Agent offers a low starting cost of just $39.
This is significantly less than registered agents charging over $1000 to get started. With Northwest Registered Agent, you can get your LLC up and running without breaking the bank.
Fourthly, Northwest Registered Agent allows you to use one of its local offices as your business address. This is a great option for those who don’t want to use their home address as their business address. It also adds a level of professionalism to your business.
Fifthly, Northwest Registered Agent has transparent pricing.
There are no annoying upsells or recurring monthly fees, as everything is optional. This means that you only pay for the services that you need.
Sixthly, Northwest Registered Agent provides privacy by default. They keep your address off the public record, which is great for those who value privacy.
What Are The Benefits Of Forming A US Limited Liability Company (LLC) For a Ghanaian Stripe Account?
Here are some of the advantages of forming a US LLC for your Ghanaian Stripe account:
Limited Liability Protection
One of the primary benefits of forming an LLC is limited liability protection.
This means that the LLC owners are not personally liable for the company’s debts or legal obligations. As a result, your personal assets, such as your home, car, or bank accounts, are protected in case the LLC incurs legal issues or debts.
Tax Benefits
LLCs are pass-through entities, meaning that the company’s profits and losses are passed through to the individual owner’s personal tax returns.
This can provide significant tax benefits for Ghanaian entrepreneurs who form a US LLC for their Stripe account. By structuring your business as an LLC, you can take advantage of various tax deductions and credits, reducing your overall tax liability.
Credibility
Forming a US LLC can also enhance your credibility with customers, suppliers, and investors. It shows you are serious about your business and willing to take the necessary steps to protect it. Additionally, having a US LLC can make it easier to open a US bank account, which can be useful when dealing with US-based customers or suppliers.
Flexibility
LLCs offer flexibility in terms of management and ownership structure.
Unlike corporations with a rigid management structure, LLCs can be managed by the owners themselves or by a designated manager. Additionally, LLCs can have multiple owners, known as members, who can have different ownership percentages and voting rights.
Frequently Asked Questions
How can I sign up for Stripe from Ghana?
As a Ghanaian resident, you can sign up for Stripe by registering a Limited Liability Company (LLC) in the United States or using Paystack, a Stripe-supported network for Africans.
What are the requirements for opening a Stripe account in Ghana?
To open a Stripe account in Ghana, you must register a Limited Liability Company (LLC) in the United States. This will require a physical address in the US and a Tax ID for US business.
How can I obtain an Employer Identification Number (EIN) as a Ghanaian resident?
To obtain an Employer Identification Number (EIN) as a Ghanaian resident, you must register a Limited Liability Company (LLC) in the United States. Once you have registered your LLC, you can apply for an EIN from the US Internal Revenue Service (IRS).
What alternatives to Stripe are available in Ghana?
Several alternatives to Stripe are available in Ghana, including Wise, Paystack, Payoneer, and Skrill. These payment processors offer services similar to Stripe’s, such as online payments and money transfers. However, they may have different fees and requirements for opening an account.
Disclosure: We may earn commissions if you buy via links on our website. Commissions don’t affect our opinions or evaluations. We’re also an independent affiliate of many platforms, including ClickFunnels, Kartra, GoHighLevel, Podia, Northwest Registered Agent, and others. We’re not employees of these services. We receive referral payments from them, and the opinions expressed here are our own and are not official statements of these companies.
