Is Stripe Available in Trinidad and Tobago? A Comprehensive Guide

If you are a business owner in Trinidad and Tobago, you may wonder if Stripe is available in your country.

The good news is that Stripe is currently supported in 46 countries, with more to come. Once Stripe is supported in your country, you can sell to customers worldwide.

However, Stripe isn’t yet available in Trinidad and Tobago.

But how do you get a legit Stripe account?

That’s what this guide is all about.

Does Stripe Work in Trinidad and Tobago?

Stripe is not directly available in Trinidad and Tobago, but it can be used by businesses registered in the US.

To use Stripe in Trinidad and Tobago, you must register or incorporate your business in the US. This gives you a unique Tax ID for US business, which allows you to use Stripe to process payments from customers in Trinidad and Tobago or anywhere in the world.

Stripe is currently supported in 46 countries, and Trinidad and Tobago are not among them. However, there are ways to use Stripe in Trinidad and Tobago, as we have mentioned.

It is important to note that while Stripe is not directly available in Trinidad and Tobago, it is still a reliable and secure payment processing platform.

Many businesses in Trinidad and Tobago have successfully used Stripe to process payments, including Massy Stores, one of the largest retailers in the country, and eTranzact, an online payment platform.

Requirements To Open A Stripe Account In Trinidad and Tobago For Your Business

If you’re looking to open a Stripe account in Trinidad and Tobago, you need to meet certain requirements. These requirements include:

Requirement	Where to Get
Business Formation/LLC	Through a Registered Agent
Employer Identification Number (EIN) or Tax ID	Through the IRS
U.S Business Address	Through a Mail Forwarding Service
U.S Phone Number	Through a Virtual Phone Number Service
U.S Bank Account	Use Wise or Mercury

Let’s get into each of these requirements.

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

One of the most popular business structures to form is a Limited Liability Company (LLC). An LLC is a hybrid business entity that combines the liability protection of a corporation with the tax benefits of a partnership or sole proprietorship.

Forming an LLC has many benefits, including:

• Personal Liability Protection: As the name suggests, an LLC provides limited liability protection to its owners. The owner’s assets are protected from business debts and lawsuits.
• Tax Flexibility: An LLC can be taxed as a sole proprietorship, partnership, S corporation, or C corporation. This allows the LLC to choose the tax structure that best fits its business needs.
• Fewer Formalities: An LLC has fewer formalities than a corporation. For example, an LLC does not need to hold annual meetings or keep minutes of those meetings.

There are several options for setting up an LLC in the United States.

You can form an LLC in a state with favorable business laws, such as Delaware or Nevada.

When setting up an LLC, it is important to choose a registered agent. A registered agent is a person or company designated to receive legal documents on behalf of the LLC.

Using a registered agent, such as Northwest Registered Agent, provides several benefits, including:

• Privacy: Using a registered agent lets the LLC keep its owners’ personal information private.
• Compliance: A registered agent can help ensure the LLC complies with state and federal regulations.
• Convenience: A registered agent can receive legal documents on behalf of the LLC, allowing the owners to focus on running their business.

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

Secondly, you must obtain an Employer Identification Number (EIN) or Tax ID.

An EIN is a unique nine-digit number the IRS assigns to identify your business for tax purposes. It is necessary to have an EIN to open a business bank account, apply for loans, and pay taxes as an LLC.

When you sign up for a US Stripe account, you must provide your EIN or Tax ID.

One of the benefits of obtaining an EIN is that it can help separate your personal and business finances. With an EIN, you can open a business bank account and apply for business credit cards, which can help you establish your business credit history.

After forming your LLC, there are a few ways to obtain an EIN.

You can apply for an EIN online through the IRS website or obtain one by mail or fax. Another option is to use a registered agent who can help you obtain an EIN. This can be beneficial if you are unfamiliar with the process or want to ensure everything is done correctly.

3. U.S Business Address

As a non-resident business owner based in Trinidad and Tobago, having a U.S. business address is necessary when opening a Stripe account. This is because Stripe is a U.S.-Based company, and having a U.S. business address is a requirement to use Stripe as a non-U.S. resident.

To obtain a U.S. business address, you can use a registered agent service such as Northwest Registered Agent.

Yes!

They offer online business incorporation services and additional business services such as record books, operating agreements, federal tax ID numbers, and more.

Using a registered agent service can be a good option for non-U.S residents as it can simplify the process of forming a U.S.-based LLC and obtaining a U.S business address.

That’s not all.

Another benefit is that a registered agent service can provide privacy protection for your address.

4. A U.S Phone Number

To open a Stripe account in Trinidad and Tobago, you will need to provide a U.S. phone number. Stripe requires a phone number that can receive SMS messages to verify your account.

A U.S phone number is required because Stripe is a U.S.-based company, and it needs to confirm that you are a legitimate user. Additionally, the phone number is used to send you important notifications about your account, such as when you receive a payment or an issue with your account.

If you don’t have a U.S phone number, you can easily get one using apps and services like Dingtone and Skype. These services allow you to get a U.S phone number that you can use to receive SMS messages.

Once you have a U.S phone number, you can use it to complete the Stripe account creation process and verify your account. Remember that the phone number you provide must be able to receive SMS messages, so make sure you have access to the phone number when creating your Stripe account.

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

To receive payouts from Stripe, you must link a U.S bank account to your Stripe account. This is necessary because Stripe is a U.S.-based company and uses the U.S banking system to process payments.

Without a U.S bank account, you cannot receive payouts from Stripe.

There are several ways to get a U.S bank account that you can link to your Stripe account for payouts.

One way is to use Wise, a platform that allows you to open a U.S bank account remotely. With Wise, you can receive payments in U.S dollars and convert them to your local currency at a low fee.

Another option is to use Payoneer, which allows you to open a U.S bank account remotely. Payoneer offers a global payment service enabling you to receive payments from Stripe, Amazon, Upwork etc.

Lastly, Mercury is another option for opening a U.S. bank account remotely. Mercury is a digital bank that offers business banking services to startups and small businesses. With Mercury, you can open a U.S. bank account in minutes and start receiving payments from Stripe.

What’s the Best State to Form Your LLC as a Foreigner in Trinidad and Tobago?

If you’re a foreigner looking to form an LLC in the United States, there are several states you can consider.

However, the three most popular states to consider 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. If you are looking for a relatively low-cost and low-maintenance option, Wyoming could be a solid option.

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 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.

It is important to understand each state’s filing and maintenance requirements. Some states, like California, have high franchise tax fees.

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

The following steps will guide you through forming an LLC (with an agent) 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.

This company will help you form 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

Once you click the button, 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.

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

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 Trinidad and Tobago address, phone numbers, etc.

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.

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 can create a Stripe account, you must meet a few requirements. You will need a few things to create an account, such as:

• A business name
• An email address
• Government-issued ID
• Employer Identification Number (EIN)
• LLC information

Creating a Stripe Account Step-by-Step

Once you have all the requirements, you can create your Stripe account.

Follow these step-by-step instructions to create your account:

1. Go to the official Stripe website and click the “Sign Up” button.
2. Enter your email address and create a password for your account.
3. Enter your business name and LLC information.
4. Enter your personal and business information, including your government-issued ID and EIN.
5. Review and accept the Stripe terms of service.
6. Click on the “Create Account” button.

After creating your account, you must verify your email address and activate it. Once your account is activated, you can use Stripe to accept payments.

Why I Prefer Northwest Registered Agent For My LLC Formation?

I highly recommend Northwest Registered Agent if you’re looking for a reliable registered agent to help you form your LLC. I’ve been using them since 2020 to create my Florida LLC, and I’ve been thoroughly impressed with their service.

One of the things that I appreciate about Northwest Registered Agent is their transparent pricing.

Unlike other registered agents that charge over $1000, Northwest Registered Agent charges a flat fee of $39 to get started. There are no annoying upsells or recurring monthly charges; everything is optional.

Another great feature of Northwest Registered Agent is their free one-year registered agent service.

This means they will act as your registered agent for the first year of your LLC’s existence, free of charge. This is a huge benefit, as many other registered agents charge $125 per year for this service.

Northwest Registered Agent also provides a free operating agreement for your LLC, a crucial document that outlines your business’s ownership and management structure. This is a valuable resource that can help ensure that your LLC is structured properly from the start.

If you’re looking for a local business address, Northwest Registered Agent allows you to use one of their local offices as your business address. This can be a great way to establish a presence in a new location without renting a physical office space.

Privacy is also a top priority at Northwest Registered Agent.

By default, they keep your address off public record, which can help protect your personal information and keep your business affairs private.

Finally, Northwest Registered Agent provides a free domain, website, email, and business phone with their LLC formation service. This is a great way to get your business up and running quickly without worrying about setting up a website or email account.

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

Here are some benefits of forming an LLC for a Trinidadian Stripe account:

Limited Liability Protection

One of the main benefits of forming an LLC is limited liability protection.

This means that your personal assets, such as your home, car, and bank accounts, are protected from creditors if your business faces financial difficulties. This is especially important if you are a sole proprietor or a small business owner.

Tax Flexibility

Another benefit of forming an LLC is tax flexibility. By default, LLCs are taxed as pass-through entities, which means that the business’s profits and losses are passed through to the owners and reported on their personal tax returns.

However, LLCs can also be taxed as a corporation if it is more advantageous for their 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 yourself and your assets.

Ease of Formation

Forming an LLC is relatively easy and inexpensive compared to other business entities. The process involves filing articles of organization with the state where you want to form your LLC and paying a fee. You will also need to choose a name for your LLC and appoint a registered agent.

Frequently Asked Questions

What are the countries that support Stripe services?

Stripe is available in over 40 countries including the United States, Canada, Australia, the United Kingdom, and several European countries. However, Stripe is not available in Trinidad and Tobago yet.

How can one sign up for Stripe from an unsupported country?

To use Stripe in Trinidad and Tobago, you can form a US-based Limited Liability Company (LLC) and obtain an Employer Identification Number (EIN) or Tax Identification Number (TIN). You can use services like Northwest Registered Agent to help you with the process of forming an LLC and obtaining an EIN or TIN.

How does Stripe Atlas facilitate global business operations?

Stripe Atlas is a service that helps entrepreneurs from around the world start and run an online business. It provides tools and resources to help you set up a US-based business entity, including an LLC and EIN.

What currencies can be processed through Stripe accounts?

Stripe supports over 135 currencies, including the US dollar, the Euro, the British pound, and the Japanese yen. You can also customize your Stripe account to accept payments in multiple currencies.

What are the alternatives to Stripe for online payments in Trinidad and Tobago?

There are several alternatives to Stripe for online payments in Trinidad and Tobago, including PayPal, Payoneer, and 2Checkout. These payment gateways offer similar features to Stripe, including the ability to accept credit card payments and manage transactions online.