Is Stripe Available in Iraq?

If you’re an Iraqi business owner looking to expand your payment processing capabilities, you may wonder if Stripe is available in your country.

The short answer is no.

Stripe is a popular payment processing platform that businesses use worldwide, but it is unavailable in Iraq.

In this article, we’ll explore whether or not Stripe works in Iraq and what you need to know to open a Stripe account for your business.

Does Stripe Work in Iraq?

Is Stripe available in Iraq? Currently, Stripe is not available in Iraq.

According to a statement from the President and Chairman of the Trade Bank of Iraq, it may be several years before payment processing services like Stripe can operate in Iraq.

Stripe operates in 46 countries globally, but Iraq is not one of them.

However, Iraqi businesses can use Stripe to process payments by following these steps:

1. Create/form an LLC in the United States (use Northwest).
2. Visit the Stripe website and create an account.
3. Enter your business information, including your name, address, and phone number.
4. Provide your EIN (with the help of Northwest).
5. Provide your tax ID and government-issued ID.
6. Verify your email address and phone number.
7. Add a bank account in Iraq where Stripe supports processing payments (Use Wise or Mercury).
8. Start accepting payments.

Requirements To Open A Stripe Account In Iraq For Your Business

If you’re an Iraqi business owner looking to use Stripe, you must fulfill certain requirements.

Requirement	Where To Get It
US-based LLC	Register with a registered agent (Northwest)
EIN/Tax ID	Apply online through the IRS website
US business address	Use a virtual mailbox service or a registered agent
US-based phone number	Use virtual phone number service
US-based bank account	Open a physical bank account in the US

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

The first step in opening a Stripe account in Iraq is to create a US-based Limited Liability Company (LLC). This involves registering your LLC with the state government of your choice. You can handle this process directly or hire a registered agent.

Registered agent services such as Northwest Registered Agent can assist you in setting up your LLC efficiently.

With Northwest Registered Agent’s help, you can ensure that your LLC complies with all legal requirements and receives important documents on time.

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

You must fill out an application with the IRS to obtain an EIN or Tax ID. You can do this online, by mail, by fax, or through a registered agent.

You’ll need to provide information such as your LLC’s name, address, and the name and social security number of your LLC’s responsible party.

With a third-party service like Northwest Registered Agent, you can get an EIN swiftly, typically within 24 hours. However, this registered agent may charge a fee for its services.

3. A U.S. Business Address

You’ll need a U.S. business address to form an LLC and obtain an EIN or Tax ID. Use a registered agent service to provide a U.S. address for your LLC.

NorthWest provides you with a U.S. business address with mail forwarding and legal document handling services. Once you have a U.S. business address, you can use it to open a Stripe account and start accepting payments.

4. A U.S Phone Number

You’ll need a U.S. phone number to verify your Stripe account.

Use a virtual phone service like Skype and Dingtone to get a U.S. phone number. These platforms allow you to create a virtual U.S. phone number that can receive SMS messages, making the verification process seamless.

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

You need to link a U.S. bank account to your Stripe account for payouts. Use a virtual bank account service to get a U.S. bank account as a non-U.S. resident.

Wise (formerly TransferWise) offers a borderless account, including U.S. routing and account numbers. This feature allows you to seamlessly receive payments from Stripe and other U.S.-based companies.

Mercury is designed specifically for startups and entrepreneurs, offering a dedicated U.S. bank account that integrates smoothly with Stripe and various payment processors.

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

If you’re an Iraqi citizen looking to form a US-based LLC, you may wonder what are the best states to use. Each state has its own laws and regulations, tax rates, and fees.

Here are three popular choices for foreign entrepreneurs.

New Mexico

New Mexico is a great choice for foreign entrepreneurs looking to form a US-based LLC. The state has a relatively low cost of living and a strong business climate.

New Mexico has no annual report fees, which makes it a cost-effective choice for LLC formation.

Delaware

Delaware is another popular choice for foreign entrepreneurs. This is largely due to the state’s well-established legal system and business-friendly laws.

More than half of all US publicly traded companies are incorporated in Delaware.

Delaware has no state sales tax, no inventory tax, and no intangible property tax. This can make it an attractive choice for foreign entrepreneurs looking to minimize their tax burden.

Wyoming

Wyoming is a popular choice for foreign entrepreneurs because of its low taxes and strong privacy protections.

There is no state income tax, no franchise tax, and no personal property tax.

Wyoming has strong privacy laws that allow LLC members to remain anonymous. This can be particularly beneficial for foreign entrepreneurs concerned about privacy and security.

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

Forming an LLC and opening a Stripe account can be a daunting task, but it doesn’t have to be. In this section, we’ll guide you through the steps required to form your LLC and open a Stripe account.

Step 1. Sign up For Northwest Registered Agent

The first step in forming your LLC is signing up with Northwest Registered Agent. Northwest Registered Agent is a company that will help you create your LLC and provide you with a registered agent.

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”.

Step 2. Choose Your Business Entity and State

Choosing your business entity and state is essential in forming your LLC. 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.

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

The good thing about Northwest Registered Agents is that they offer the convenience of using their address as your business address, eliminating the need for a separate US address for your company.

Similarly, you can use their mailing services if you lack a mailing address option. If you require physical documents, you can include a US mailing address.

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. They can include your local Iraqi address, phone number, etc.

Step 6. Setup Your Account with Northwest Registered Agent

After entering all your information, 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 and create a viable Stripe account.

You’ll need an EIN as a foreigner or non-resident.

It’s pretty easy (and cheaper) to get this without the help of registered agents, but it’s also great if you’d like to include it in your order!

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 (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)

To start accepting payments through Stripe in Lebanon, you will need to create a Stripe account. Follow the step-by-step guide below to create your account and begin accepting payments in USD.

Basic Requirements for Creating A Stripe Account

Before creating a Stripe account, you will need to have the following information ready:

• Business name (LLC)
• Email address
• Government-issued ID
• EIN

Creating a Stripe Account in Lebanon – Step-by-Step

1. Go to the Stripe website/registration page (https://dashboard.stripe.com/register) and click the “Sign Up” button.
2. Enter your email address and create a password for your account.
3. Select Lebanon as the country where your business is located and enter your business name.
4. Enter your EIN in the Tax ID field.
5. Provide your personal information, including your name and government-issued ID.
6. Agree to the Stripe terms of service and click “Authorize access to this account”.
7. Verify your email address by clicking on the link in the email that Stripe sends you.
8. Provide additional information about your business, including your website and business type.
9. Connect your bank account to your Stripe account to receive payments.

Congratulations! You have successfully created your Stripe account and can now accept payments in USD.

Why I Prefer Northwest Registered Agent For My LLC Formation?

If you are planning to set up a Limited Liability Company (LLC) in the United States, Northwest Registered Agent is a great option to consider.

Here are some reasons Northwest is a great pick for setting up an LLC in the U.S.

Transparent Pricing

One of the things that sets Northwest Registered Agent apart from other LLC formation services is its transparent pricing.

Northwest offers affordable pricing for its LLC formation packages, with no hidden fees or upsells. You can see the exact price for each package on its website, and you can customize your package to fit your specific needs.

Allows You To Use One Of Its Local Offices As Your Business Address

Northwest Registered Agent allows you to use one of its local offices as your business address. This is especially helpful if you don’t have a physical office or want to keep your home address private.

Northwest will receive your mail and forward it to you, so you don’t have to worry about missing important documents.

Free One-Year Registered Agent

When you form an LLC with Northwest Registered Agent, you get a free one-year registered agent service.

This means that Northwest will act as your LLC’s registered agent, receiving legal documents and other important mail on your behalf.

Free Operating Agreement

Northwest Registered Agent also provides a free operating agreement when you form an LLC with them.

An operating agreement is a legal document that outlines the ownership and operating procedures of your LLC. This document is essential for protecting your personal assets and ensuring that your LLC operates smoothly.

Tax Flexibility

Northwest Registered Agent also offers tax flexibility for your LLC. You can choose to have your LLC taxed as a sole proprietorship, partnership, S corporation, or C corporation.

This gives you the flexibility to choose the tax structure that works best for your business.

Affordable Pricing

Northwest Registered Agent offers affordable pricing for its LLC formation packages. You can choose from several different packages, depending on your needs and budget.

For just $39, you can get started with Northwest Registered Agent, unlike other registered agents that charge over $1000.

Free Domain, Website, Email & Business Phone

Northwest Registered Agent offers a free domain, website, email, and business phone when you form an LLC with them. This is a great perk for small business owners just starting out and needing a professional online presence.

Privacy by Default

Northwest Registered Agent offers privacy by default. This means that your personal information is kept private and is not listed on public records.

Related Post: How to Create a Stripe Account for Non-US Residents

What Are The Benefits Of Forming A US Limited Liability Company (LLC) For an Iraqi Stripe Account?

If you are an Iraqi entrepreneur looking to expand your business, forming a US Limited Liability Company (LLC) can offer you several benefits for your Iraqi Stripe account.

Here are some of the benefits of forming a US LLC:

Limited Liability Protection

One of the main benefits of forming a US LLC is that it provides limited liability protection to its owners.

This is particularly important for Iraqi entrepreneurs who want to protect their personal assets while doing business in the United States.

Tax Benefits

By default, an LLC is a pass-through entity, which means that the profits and losses of the business are passed through to the owners and reported on their personal tax returns. This can result in lower taxes for the owners compared to other business structures.

Additionally, LLCs can elect to be taxed as a corporation, which can offer additional tax benefits.

Credibility and Professionalism

Forming a US LLC can add credibility and professionalism to your Iraqi Stripe account.

Having a US-based business entity can make it easier to do business with US-based customers and partners. It can help establish trust and legitimacy with potential customers and investors.

Easier Access to Funding

Forming a US LLC can make it easier to access funding from US-based investors and lenders.

Many investors and lenders prefer to work with US-based companies, and having a US LLC can make your business more attractive to them.

Frequently Asked Questions

What countries are currently supported by Stripe?

Stripe is available in 46 countries worldwide, including the United States, Canada, the United Kingdom, Australia, and many European countries. You can find a complete list of supported countries on the Stripe website.

Is Stripe available in Iraq?

Stripe does not provide services in Iraq. However, you can open a Stripe account in Iraq by forming a U.S.-based LLC, obtaining an Employer Identification Number (EIN), a U.S. business address, a U.S. phone number, and a U.S. bank account.

Can businesses in Iraq use Stripe for payment processing?

Unfortunately, Stripe is not currently available in Iraq. According to a statement from the President and Chairman of the Trade Bank of Iraq, it may be several years before payment processing services like Stripe can operate in Iraq.

What are the alternative payment solutions to Stripe in unsupported countries?

In countries where Stripe is not available, there are several alternative payment solutions that businesses can use for payment processing. Some of these solutions include PayPal, Skrill, Payoneer, and 2Checkout.

Is Stripe Atlas available in Iraq?

Unfortunately, Stripe Atlas is not currently available in Iraq. Stripe Atlas is a service that helps entrepreneurs start and run an online business.

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