Is Stripe Available in Maldives? (How to Open an Account)

Are you a business owner in the Maldives looking to expand your customer base and accept online payments? If so, you may wonder if Stripe, a popular payment processing platform, is available in your country.

Stripe is currently available in 46 countries worldwide, including some in Asia. Unfortunately, Stripe does not currently support the Maldives.

In this article, we will explore everything you need to know about Stripe’s availability in the Maldives and how to open an account.

Does Stripe Work in Maldives?

Unfortunately, Stripe is not currently available in the Maldives. Stripe is currently supported in 46 countries, and Maldives is not one of them.

Stripe’s availability is subject to change, and the company is always looking to expand its reach. However, businesses based in the Maldives currently cannot use Stripe to accept customer payments.

If you are based in the Maldives and looking for an alternative payment gateway, other options are available.

Some popular payment gateways in the region include:

• PayPal
• 2Checkout
• Payoneer

In the meantime, you can open a Stripe account in the Maldives 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 the Maldives where Stripe supports processing payments (Use Wise or Mercury).
8. Start accepting payments.

Requirements To Open A Stripe Account In Maldives For Your Business

To open a Stripe account in the Maldives, you need 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 to creating a Stripe account in Maldives is to form a US-based Limited Liability Company (LLC).

You can register your LLC directly with the state government of your choice or hire a registered agent service to do so on your behalf.

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

You need to 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.

Using a third-party service like Northwest Registered Agent can swiftly get an EIN, typically within 24 hours.

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. You can use a registered agent service to provide a U.S. address for your LLC.

Northwest provides a U.S. business address, which includes mail forwarding and legal document handling services.

4. A U.S Phone Number

You’ll need a U.S. phone number to verify your Stripe account. You can use a virtual phone service like Skype and Dingtone to get a U.S. phone number.

These platforms allow users to create a virtual U.S. phone number to receive SMS messages, making the verification process seamless.

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

You must link a U.S. bank account to your Stripe account for payouts in unsupported countries like the Maldives.

As a Maldives business owner, you can open a U.S. bank account using a virtual bank account service.

Wise (formerly TransferWise) offers a borderless account with 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. It offers 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 Maldives?

If you’re a foreigner looking to form an LLC in the Maldives, you may be wondering which state in the US is best for this purpose.

Here are a few options to consider:

New Mexico

New Mexico is a great state in which to form your LLC as a foreigner. The name of the member or manager isn’t required to be included in the filing of the certificate of formation.

Additionally, the state has a low filing fee of $50 and doesn’t require annual report fees. This makes New Mexico an attractive state for those looking to save money on LLC formation costs.

Delaware

Delaware is a popular state for LLC formation due to its business-friendly laws and tax structure. It has a well-established legal system and is home to many large corporations.

However, it’s important to note that Delaware requires a registered agent, which can increase the cost of LLC formation.

Wyoming

Wyoming is another popular state for LLC formation due to its low taxes and privacy laws. It doesn’t have a state income tax, and its LLC filing fees are relatively low.

Additionally, Wyoming doesn’t require LLCs to disclose their members’ identities, which can be appealing to those who value privacy.

Related Post: Best States For Non-US Resident LLCs

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

Here are the steps 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, 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”.

Step 2. Choose Your Business Entity and State

Choosing your business entity and state is an important step 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 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 Maldivian address, phone numbers, etc.

Step 6. Setup Your Account with Northwest Registered Agent

After entering all your information, you’ll need to 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)

Follow the step-by-step guide below to create your Stripe account and start 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 the Maldives – 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 Maldives as the country where your business is located and enter your 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?

Northwest Registered Agent is a great pick if you plan to set up a Limited Liability Company (LLC) in the United States.

Here are some reasons why:

Nationwide Expertise

If you’re looking to form an LLC, you’ll want to work with a company that has nationwide expertise.

Northwest Registered Agent has been in the LLC formation and registered agent services industry for over two decades and has helped businesses in all 50 states. Their extensive knowledge provides valuable guidance, regardless of where your LLC is established.

Privacy Protection

Privacy protection is essential when running a business, and Northwest Registered Agent values your privacy.

By using their address as your LLC address, you can keep your address off public records, adding an extra layer of privacy to your business operations. 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.

Cost Savings

Unlike competitors who charge exorbitant fees, Northwest offers free Registered Agent Service and operating agreements for the first year. This results in considerable savings, as similar services can cost upwards of $500 elsewhere.

With Northwest, what you see is what you get. Their pricing is straightforward, with all costs clearly explained upfront, and there are no hidden fees or annoying upsells.

Free Operating Agreement

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

An operating agreement is a legal document that outlines your LLC’s ownership and operating procedures. It protects your assets and ensures your LLC operates smoothly.

Related Post: Best Registered Agents for Non-US Residents

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

Forming a US Limited Liability Company (LLC) can offer several benefits for your Maldivian Stripe account. Here are some of the benefits of forming a US LLC:

Limited Liability Protection

One primary benefit of forming a US LLC is that it provides limited liability protection to its members.

This means that the members’ personal assets, such as their homes, cars, bank accounts, and investments, are protected from business debts and obligations.

Tax Benefits

Depending on its needs and goals, an LLC can choose to be taxed as a sole proprietorship, partnership, S corporation, or C corporation. This allows the business to optimize its tax structure and minimize its tax obligations.

Credibility and Professionalism

Forming a US LLC can also enhance the credibility and professionalism of your Maldivian Stripe account.

An LLC is a recognized business entity in the US, and it can help establish your business as a serious and legitimate enterprise. This is important if you do business with US-based clients or partners.

Easier Access to Funding

Forming a US LLC makes accessing funding easier for your Maldivian Stripe account.

US-based investors and lenders are often more comfortable working with US business entities, and they may be more willing to invest in or lend to your business if it is structured as a US LLC.

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

Frequently Asked Questions

Is Stripe Atlas available in the Maldives?

No, Stripe Atlas is unavailable in the Maldives. Stripe is only supported in 46 countries, and Maldives is not one of them. If you reside in Maldives and want to use Stripe, register your company in a supported country like the US before opening a Stripe account.

What payment methods are supported by Stripe in the Maldives?

Since Stripe is not supported in Maldives, Stripe has no payment methods in the country. However, if you have a registered company in a supported country, you can use Stripe to accept payments from customers in the Maldives.

Are there any alternative payment platforms to Stripe in the Maldives?

Yes, there are alternative payment platforms available in the Maldives. Some popular ones include eZCash, m-Faisaa, and Ooredoo Mobile Money. However, these platforms may have different fees and requirements than Stripe.

What are the requirements for signing up for Stripe Atlas from the Maldives?

Since Stripe Atlas is unavailable in Maldives, you cannot sign up for it from the country. However, if you have a registered company in a supported country, you can sign up for Stripe Atlas and use it to incorporate your business, get a US bank account, and more.

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