Is Stripe Available in Myanmar? Everything to Know

If you’re an entrepreneur in Myanmar looking to collect international payments for your online business, you may wonder if Stripe is available there.

Unfortunately, Stripe is not yet supported in Myanmar. However, as a Myanmarese, you can still create an account by forming a business in a Stripe-supported country. “How do I do that?” you ask.

That is what this guide is all about.

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

Is Stripe Available in Myanmar?

Stripe’s global availability is expanding, and they are constantly adding new countries to their list of supported countries. However, Myanmar is not yet one of them. There is some hope that Myanmar may be added as a supported country, but there is no timeline for when that might happen.

Some popular payment processing platforms that are available in Myanmar include:

• 2C2P
• Red Dot Payment
• PayHere
• Payoneer

These processors offer similar features to Stripe, such as easy integration with your website and support for multiple payment methods.

However, you can still open a Stripe account in Myanmar 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 Myanmar where Stripe supports processing payments.
8. Start accepting payments.

Requirements To Open A Stripe Account In Myanmar For U.S Your Business

If you’re a U.S business looking to open a Stripe account in Myanmar, you must meet certain requirements.

Here are the requirements and where to get them:

Requirement	Where to Get
Business Formation/LLC	Through a Registered Agent (Northwest)
Obtaining an Employer Identification Number (EIN) or Tax ID	Through the IRS (Northwest)
U.S Business Address	Through a Virtual Mailbox Service
U.S Phone Number	Through a Virtual Phone Service
U.S Bank Account (to be linked to Stripe for payouts)	Use Wise or Mercury

Lets dive in deeper into each of these requirements and why they matter.

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

If you want to create a Stripe account in Myanmar, you’ll need a U.S. business entity.

One of the most popular business structures in the United States is the Limited Liability Company (LLC). An LLC is a type of business entity that combines the liability protection of a corporation with the simplicity and tax benefits of a partnership.

There are several benefits to forming an LLC for your business, including:

• Personal liability protection: LLC owners are not personally liable for the debts and obligations of the business.
• Pass-through taxation: LLCs are not taxed at the entity level, which means that profits and losses pass through to the owners’ tax returns.
• Flexibility: LLCs are easy to set up and maintain, and they offer great flexibility regarding management and ownership.

To set up an LLC, you will need to file formation documents with the state where you want to do business.

You can do this yourself, or you can use a registered agent service like Northwest Registered Agent to handle the paperwork for you.

A registered agent is a third-party service that receives legal documents on behalf of your business and ensures that you stay compliant with state regulations.

Using a registered agent has several benefits, including:

• Privacy: A registered agent’s address is listed on public records instead of your personal address, which helps protect your privacy.
• Compliance: A registered agent can help ensure that your business stays compliant with state regulations by handling important documents and reminders.
• Convenience: A registered agent can receive and forward important documents to you, so you don’t have to worry about missing anything important.

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

If you are forming an LLC in Myanmar and plan on using Stripe to process payments, you will need to obtain an Employer Identification Number (EIN) or Tax ID.

An EIN is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your business for tax purposes.

This number is similar to a Social Security number for individuals.

Why is an EIN Necessary for Your LLC?

An EIN is necessary for your LLC because it allows you to:

• Open a business bank account
• Hire employees
• File tax returns
• Apply for business licenses and permits
• Obtain a Stripe account

Without an EIN, you will not be able to use Stripe to process payments for your LLC.

How Does an EIN Work with Your Stripe Account?

When you sign up for a Stripe account, you will be asked to provide your EIN or Tax ID. Stripe will use this number to verify your business and ensure that you are authorized to accept payments. If you do not have an EIN or Tax ID, you will not be able to use Stripe to process payments.

Best Ways to Obtain an EIN After Forming Your LLC

There are several ways to obtain an EIN after forming your LLC. Here are a few of the best options:

• Apply online: You can apply for an EIN online through the IRS website. This is the fastest and easiest way to obtain an EIN.
• Apply by mail: You can also apply for an EIN by mail. This process takes longer than applying online, but it is still a viable option.
• Use a registered agent: A registered agent can help you obtain an EIN for your LLC. This option is more expensive than applying online or by mail, but it can be helpful if you are unfamiliar with the process.

3. U.S Business Address

To obtain a U.S. business address, you have a few options.

One option is to use a mail forwarding service.

These services provide you with a U.S. address that you can use for your business. They will receive your mail and packages and forward them to you in Myanmar. Some popular mail forwarding services include MyUS, Shipito, and USGoBuy.

Another option is to rent a virtual office in the United States.

A virtual office provides you with a U.S. business address, as well as other services such as a receptionist, mail forwarding, and meeting rooms. Some popular virtual office providers include Regus, Davinci Virtual Office Solutions, and Alliance Virtual Offices.

Once you have obtained a U.S. business address, you can use it to register your business with Stripe. Stripe will send a verification code to the address, which you will need to enter into your Stripe account to complete the verification process.

4. A U.S Phone Number

In order to create a Stripe account in Myanmar, you will need a U.S phone number.

This is because Stripe requires a phone number that is associated with a country where they currently offer their services. Since Stripe is not yet available in Myanmar, you will need to use a U.S phone number to create 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 you can use to receive verification codes and other important communications from Stripe.

Once you have a U.S phone number, you can enter it during the Stripe account creation process. Stripe will send a verification code to your phone number, which you will need to enter into the Stripe website to confirm your account.

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

To receive payouts from Stripe in Myanmar, you will need to link a U.S bank account to your Stripe account.

This is necessary because Stripe only supports payouts to bank accounts in countries where it operates. Unfortunately, Myanmar is not currently one of those countries.

There are several ways to go about getting a U.S bank account.

One option is to use Wise, a popular online money transfer service that allows you to open a U.S bank account remotely. Another option is Payoneer, a similar service that also offers U.S bank accounts for non-U.S residents.

Lastly, Mercury is another option that offers U.S bank accounts for startups and small businesses.

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

If you are a foreigner looking to form an LLC in Myanmar, you might be wondering which state is the best for your business.

The three most popular states to consider are New Mexico, Delaware, and Wyoming. Each state has unique advantages for different types of companies.

New Mexico is a great state for foreigners looking to form an LLC because it doesn’t require the name of the member or manager to be included in the filing of the certificate of formation.

Additionally, a $50 filing fee is required to register an LLC in New Mexico, but no annual report fees are required. This makes New Mexico an attractive state for those looking to save on costs.

Delaware is another popular state for foreigners forming an LLC because of its business-friendly laws and established legal system.

If you reside in Delaware or operate your business solely in Delaware, it would likely be the best state to form your LLC.

However, if you don’t reside or operate your business in Delaware, it may not be the best option due to the additional costs associated with maintaining a registered agent in the state.

Wyoming is a great state for foreigners forming an LLC due to its low taxes and privacy laws.

Wyoming has no state income tax, and its LLC formation fees are some of the lowest in the country. Additionally, Wyoming does not require the disclosure of member or manager information, which provides an extra layer of privacy for business owners.

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

Here are the steps you need to follow 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 to sign up for Northwest Registered Agent.

Go to https://www.northwestregisteredagent.com/

You’ll be directed to the page below. Click on the button – “LET’S GET YOU STARTED”.

This service will help you register your LLC with the state of your choice and act as your registered agent.

Step 2. Choose Your Business Entity and State

Once you have signed up for Northwest Registered Agent, you need to choose your business entity and state.

This will depend on the type of business you want to start and where you plan to operate it.

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

Next, you need to enter your new or existing details, such as your name, address, and contact information.

This information will be used to register your LLC with the state.

Step 4. Enter The Management For Your LLC

You also need to enter the management for your LLC, including the names and addresses of your managers and members.

This information will be used to set up your LLC and determine who has authority over the company.

Step 5. Fill in Your Contact Details

In addition to your personal and business information, you also need to fill in your contact details. This includes your phone number and email address, which will be used to contact you about your LLC and Stripe account.

Step 6. Setup Your Account with Northwest Registered Agent

After entering all your information, you must set up your account with Northwest Registered Agent. This will allow you to access all the tools and resources needed 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 need a Tax ID or EIN, you can obtain one through Northwest Registered Agent. They will guide you through obtaining the necessary documents from the IRS.

Step 9. Checkout/Payment (Congratulations!)

Finally, you’ll need to complete the checkout process and make payment once you’ve completed these steps.

Congratulations!

You’ve successfully formed your LLC and can now open a Stripe account to start accepting payments for your business.

Finally, Create Your Stripe Account

If you have followed the previous steps and have successfully formed your LLC and obtained your EIN, you are now ready to create your Stripe account.

This section will provide a step-by-step guide on how to create your account and the basic requirements you need to fulfill.

Basic Requirements

Before creating your Stripe account, you need to ensure that you have the following basic requirements:

• A business name
• An email address
• A government-issued ID
• An EIN

It is important to note that Stripe requires a government-issued ID to verify your identity.

This can be a passport, driver’s license, or national ID card. Additionally, Stripe only accepts EINs for business verification. If you do not have an EIN, you can apply for one through the IRS website.

Creating a Stripe Account Step-by-Step

1. Go to the Stripe website and click on the “Sign Up” button.
2. Enter your email address and create a strong password.
3. Verify your email address by entering the verification code sent to your inbox.
4. Enter your business name and select the country where your business is registered.
5. Enter your EIN and government-issued ID information.
6. Enter your personal information and the information of any additional team members you want to add to your account.
7. Set up your payment processing preferences, including your preferred currency and payment methods.
8. Review and accept the Stripe Services Agreement and Privacy Policy.
9. Click on the “Activate Account” button to complete the process.

Once you have completed these steps, you will be able to start using your Stripe account to accept payments and manage your business finances.

Why I Prefer Northwest Registered Agent For My LLC Formation?

When it comes to LLC formation, I prefer Northwest Registered Agent over other registered agents for several reasons.

First of all, Northwest Registered Agent offers a free one year registered agent service, which is a great value. This means that they will receive and forward any legal documents on behalf of my LLC for the first year without charging me any additional fees.

Another reason I prefer Northwest Registered Agent is that they provide a free operating agreement.

This document outlines the ownership structure and operating procedures of the LLC, which is essential for any business. This saves me time and money as I don’t have to create one myself or pay a lawyer to do it for me.

Unlike other registered agents that charge over $1000 to get started, Northwest Registered Agent only charges $39. This is a great value and allows me to get started with my LLC formation without breaking the bank.

Northwest Registered Agent also allows me to use one of their local offices as my business address.

This is great for privacy reasons as it keeps my personal address off public record.

The pricing structure of Northwest Registered Agent is also transparent, with no annoying upsells or recurring monthly fees. Everything is optional, which means that I only pay for what I need.

Finally, Northwest Registered Agent provides free domain, website, email, and business phone services. This is a great added value that saves me time and money as I don’t have to set up these services separately.

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

If you are a business owner in Myanmar looking to open a Stripe account, you may be wondering about the benefits of forming a US Limited Liability Company (LLC) for your account.

Here are a few advantages to consider:

Limited Liability Protection

One of the primary benefits of forming an LLC is that it offers limited liability protection.

This means that your personal assets, such as your home or car, are protected from any liabilities that may arise from your business activities. In the event that your business is sued or goes bankrupt, your personal assets will not be at risk.

Tax Flexibility

LLCs are also known for their tax flexibility. By default, LLCs are taxed as pass-through entities, which means that the business itself does not pay taxes. Instead, the profits and losses are passed through to the individual owners, who report them on their personal tax returns.

However, LLCs also have the option to be taxed as a corporation if it is more beneficial for the business.

Credibility

Forming an LLC can also add credibility to your business.

It shows that you are serious about your business and are willing to take the necessary steps to protect your personal assets and separate your business from your personal affairs.

This can be especially important when dealing with clients or partners who may be hesitant to do business with an unincorporated entity.

Final Thoughts on Stripe Account Set up in Myanmar

In conclusion, setting up a Stripe account in Myanmar can be a bit of a challenge due to the country’s limited access to international payment gateways.

However, with the right resources and information, it is possible to create a Stripe account that will allow you to process online payments from customers around the world.

To start, you will need to register a business in a Stripe-supported country such as the United States. This will require forming a business entity such as an LLC and obtaining an Employer Identification Number (EIN) or Tax ID.

You will also need a U.S business address and a U.S phone number to complete the registration process.

Once you have registered your business, you will need to open a U.S bank account that can be linked to Stripe for payouts. This can be done through a registered agent such as Northwest, which specializes in helping entrepreneurs set up U.S businesses and bank accounts.

After you have set up your business and bank account, you can proceed with creating your Stripe account. This will involve providing your business and personal details, as well as choosing your product type and other account settings.

Frequently Asked Questions