Is Stripe Available in Sri Lanka?

If you’re an entrepreneur in Sri Lanka looking to expand your business online, you want to know if Stripe is available in Sri Lanka.

You’re not alone.

Stripe is a popular payment processing platform for businesses worldwide. According to its website, the platform is currently supported in 46 countries worldwide, but Sri Lanka is not one of them.

In this article, we’ll explore whether Stripe works in Sri Lanka and what you need to know if you’re considering using it for your online business.

Does Stripe Work In Sri Lanka?

Stripe offers a simple and secure way to accept payments online, and it’s a great choice for businesses of all sizes. While the payment processing platform is currently supported in 46 countries, Sri Lanka is not one of them.

However, there is a simple workaround for using Stripe in Sri Lanka. You can open a Stripe account in Sri Lanka 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 Sri Lanka where Stripe supports processing payments (Use Wise or Mercury).
8. Start accepting payments.

Requirements To Open A Stripe Account In Sri Lanka For Your Business

Here are the key requirements that you need to meet to open a Stripe account in Sri Lanka:

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 (Use Wise or Mercury)

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

To open a Stripe account in Sri Lanka, you must form a US-based Limited Liability Company (LLC). This LLC will be the legal entity that will open the Stripe account.

You can form an LLC by registering it with the state government where you want to do business. You can either do this yourself or hire a registered agent to do it for you.

To establish an LLC, you can follow the steps outlined by the Small Business Administration (SBA) or enlist a registered agent service like Northwest Registered Agent.

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

Once you have formed an LLC, you must obtain an Employer Identification Number (EIN) or Tax ID.

When registering with Stripe to accept payments, providing your EIN is mandatory. Stripe uses this information to verify the legitimacy of your business, enhancing security and trustworthiness for you and your customers.

You can apply for an EIN online through the IRS website, by fax, by mail, or by hiring a registered agent to provide the service.

3. U.S Business Address

Stripe requires businesses to provide a physical address in the country where they are registered. As a Sri Lankan entrepreneur and a non-US resident, you don’t have to fret about renting an office to use as your physical address in the U.S.

There are three ways to obtain a U.S. business address as a non-resident:

• Use a Registered Agent (The Best Option): Northwest provides you with a U.S. business address along with mail forwarding and legal document handling services.
• Virtual Mailbox Rental: Experience the convenience of a digital mailbox with services such as Anytime Mailbox and Earth Class Mail. These services help you receive and manage your mail online while maintaining a U.S. business address.

4. A U.S Phone Number

You will need a US-based phone number to open a Stripe account in Sri Lanka. Stripe uses this number to send SMS messages from the United States to verify your account securely.

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

Once you have secured a U.S. phone number, ensure it remains active and can receive SMS messages.

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

To receive payouts seamlessly from Stripe, linking a U.S. bank account is essential because Stripe currently supports payouts exclusively to U.S. bank accounts.

There are effective avenues to obtain a U.S. bank account:

• Wise: Utilize Wise’s borderless account, including U.S. routing and account numbers. This feature enables you to receive payments not only from Stripe but also from other U.S.-based companies hassle-free.
• Payoneer: You can opt for Payoneer’s virtual U.S. bank account, which is perfectly suited for receiving payments from Stripe and other U.S. entities. This option streamlines your financial operations.
• Mercury: Consider Mercury, tailored 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 Sri Lanka?

If you are planning to form an LLC in Sri Lanka, you may wonder what are the best states for non-resident LLCs in the U.S.

Each state has its own set of laws and regulations, and choosing the right one can have a significant impact on your business.

Wyoming

Wyoming is one of the best states for forming an LLC as a foreigner in Sri Lanka. It has a business-friendly environment and only costs around $150 to file an LLC and an annual report.

Some of the advantages of forming an LLC in Wyoming include:

• No state income tax
• No franchise tax
• No personal income tax
• Low annual fees
• Strong privacy protections
• Easy filing process

New Mexico

New Mexico is another state that is popular among foreign LLCs. It has a low cost of living and a business-friendly environment. While a $50 filing fee is required to register an LLC in New Mexico; there are no annual report fees required.

Some of the advantages of forming an LLC in New Mexico include:

• No franchise tax
• No state income tax
• No annual fees
• Easy filing process
• Strong privacy protections

Delaware

Delaware is a popular state for LLCs due to its business-friendly environment and well-established legal system. Nearly 80% of US public companies choose to incorporate in Delaware.

Some of the advantages of forming an LLC in Delaware include:

• Well-established legal system
• Business-friendly environment
• Low annual fees
• Easy filing process
• Strong privacy protections

Nevada

Nevada is another popular state for foreign LLCs due to its low taxes and business-friendly environment. Some of the advantages of forming an LLC in Nevada include:

• No state income tax
• No franchise tax
• Low annual fees
• Business-friendly environment

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

If you want to form an LLC and open a Stripe account, you’re in the right place. Here are the steps you need to follow:

Step 1: Sign up for a Registered Agent Service

The first step in forming your LLC is to sign up for a registered agent service. We recommend Northwest Registered Agent, as they can help you with the entire process of forming your LLC.

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

Choose your business entity and state once you’ve signed up for a registered agent service. This will determine the type of LLC you’ll be forming and its location.

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 selecting your business entity and state, enter your new or existing details. This includes your name, address, and other essential information.

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

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

Step 4: Enter The Management For Your LLC

You’ll also need to enter the management for your LLC. This includes the members or managers who will run your business.

If you’re a one-person show in your business, stick with one member and use your own name.

Step 5: Fill in Your Contact Details

Next, you’ll need to fill in your contact details, including your email address, phone number, and other information.

Step 6: Set up 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’s pretty easy to get this on your own, but if you’d like to include it in your order, that’s also great!

Step 9: Checkout/Payment (Congratulations!)

Finally, you’ll need to check and make payment to complete the process of forming your LLC. Once you’ve done this, congratulations! You can now open a Stripe account and start accepting payments.

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

Here is a step-by-step guide to help you create your Stripe account as a non-US resident.

Basic Requirements

Before creating a Stripe account in Sri Lanka, you need to have a few things ready.

• Use your business name and email address to set up your Stripe account and receive notifications and updates from Stripe.
• Your government-issued ID to verify your identity and ensure that you are authorized to create a Stripe account.
• Your Employer Identification Number (EIN) to identify your business for tax purposes.
• Your Limited Liability Company (LLC) information to set up your Stripe account and ensure your business is properly registered and authorized to use Stripe.

Creating a Stripe Account Step-by-Step

To create a Stripe account as a non-US resident in Sri Lanka, follow these simple steps:

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

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

Depending on your business type and location, Stripe may require additional information or documentation to verify your account. Ensure all the necessary information is ready to ensure a smooth and quick verification process.

Why I Prefer Northwest Registered Agent For My LLC Formation?

When forming an LLC, there are many registered agents to choose from. However, Northwest Registered Agent stands out from the crowd for several reasons.

Here are some of the reasons why you should consider working with Northwest Registered Agent for your LLC formation:

Affordable Pricing

Starting a business can be expensive, and Northwest Registered Agent understands that. That’s why they offer affordable pricing that won’t break the bank.

For just $39, you can get started with Northwest Registered Agent, 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

Northwest Registered Agent includes free registered agent service for the first year you form an LLC with them.

This is a great value; other registered agents charge around $125 annually for this service. With Northwest Registered Agent, you can rest assured that your LLC is in good hands.

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, which is required by many states.

With Northwest Registered Agent, you can save time and money by not having to hire an attorney to draft your operating agreement.

Use of Local Offices as Business Addresses

If you work from home and don’t want to use your home address as your business address, Northwest Registered Agent allows you to use one of its local offices as your business address.

This is a great option for entrepreneurs who want to maintain their privacy and professionalism.

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.

With Northwest Registered Agent, you can focus on growing your business without worrying about your personal information being exposed.

Free Domain, Website, Email & Business Phone

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

Alternative Payment Solutions for Sri Lanka

If you are looking for payment solutions in Sri Lanka, several local and international options are available.

Local Payment Gateways

One of the most popular local payment gateways in Sri Lanka is WebXPay. It offers various payment options to customers and is one of the largest SaaS payment gateways in the country. WebXPay charges a setup fee of 15,000 LKR and an annual fee.

Another local payment gateway is PayHere, a popular choice for small businesses. They charge a 3.9% transaction fee for basic transactions.

International Payment Services

Apart from local payment gateways, several international payment services are available in Sri Lanka.

• Paypal
• Skrill
• 2Checkout

Frequently Asked Questions

Is Stripe available in Sri Lanka?

Stripe does not provide services in Sri Lanka. However, you can open a Stripe account in Sri Lanka 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.

How can I set up a Stripe account from Sri Lanka?

Setting up a Stripe account from Sri Lanka is possible and easy. You can follow the guidelines provided by Stripe or use a registered agent like Northwest to help you through the process.

Which countries in Asia support Stripe services?

Stripe services are available in several Asian countries, including Japan, Singapore, Hong Kong, Malaysia, and the Philippines. Stripe is continuously expanding its services to other countries in the region.

Is Stripe Atlas a viable option for Sri Lankan businesses?

Stripe Atlas is a program designed to help entrepreneurs worldwide set up their businesses in the United States. While it is not a direct solution for Sri Lankan businesses, it can be an option for those who wish to expand their business globally.

What payment gateways are available in Sri Lanka for international transactions?

In Sri Lanka, several payment gateways, such as PayPal, PayHere, and 2Checkout, are available for international transactions. These gateways provide a secure and reliable way to process online transactions.

What currencies does Stripe support for businesses operating in Sri Lanka?

Stripe supports several currencies for businesses operating in Sri Lanka. These include USD, EUR, GBP, AUD, and JPY. Stripe is continuously expanding its currency support to other countries in the region.

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