Is Stripe Available in Vietnam? A Comprehensive Guide

If you’re a business owner in Vietnam, you might wonder if you can use Stripe to process payments. Stripe is a popular payment processing platform that allows businesses to accept payments from customers worldwide.

However, Stripe’s availability varies by country, so it’s important to know whether it’s available in Vietnam before using it.

So, does Stripe work in Vietnam? The answer is yes, but it has some limitations.

Let’s get into it.

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

Does Stripe Work in Vietnam?

Stripe is currently supported in 46 countries, including Vietnam.

However, it only supports VAT for digital services in Vietnam. This means that if you sell digital products to customers in Vietnam, you can use Stripe to collect VAT. If you sell physical products, you cannot collect VAT on Stripe.

It is important to note that you must be a remote seller with no physical presence in Vietnam to collect VAT on Stripe. If you have a physical presence in Vietnam, you are required to register for tax collection with the Vietnamese government.

Requirements To Open A Stripe Account In Vietnam For Your Business

Here are the requirements and where to get them:

Requirements	Where to Get
Business Formation (LLC)	Registered Agent (Northwest)
Employer Identification Number (EIN) or Tax ID	Internal Revenue Service (IRS)
Vietnam Business Address	Virtual Office
Vietnam Phone Number	Virtual Phone Number Provider
Vietnam Bank Account (To Be Linked To Stripe For Payouts)	Local Bank

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

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

To create a Stripe account in Vietnam, you must have a business formation in the United States. One of the most popular business structures for this purpose is a Limited Liability Company (LLC), which offers many benefits to its owners.

An LLC provides personal asset protection, meaning that your assets are separate from your business assets.

To set up an LLC, you have several options.

You can do it yourself, but this can be time-consuming and confusing.

Alternatively, you can use an online legal service, which can be more affordable but may not provide the same level of expertise.

Another option is to use a registered agent, such as Northwest, who can provide you with expert guidance and ensure that your LLC is set up correctly.

Using a registered agent is the best option because they can provide you with various services, including registered agent service, compliance assistance, and document filing.

They can also provide you with the physical address required to set up an LLC. With a registered agent, you can have peace of mind knowing that your LLC is set up correctly and in compliance with all legal requirements.

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

If you plan to use Stripe in Vietnam, you might need to obtain an Employer Identification Number (EIN) or Tax ID, depending on your business type.

An EIN is a unique nine-digit number the Internal Revenue Service (IRS) assigns to identify your business entity for tax purposes. It is like your business’s Social Security number.

Why You Need An EIN

An EIN is necessary for your LLC because it helps establish its legal identity and allows you to pay taxes, open a business bank account, and apply for loans. Stripe also requires verification of your business and compliance with anti-money laundering laws and regulations.

How An EIN Works With Your Stripe Account

When you sign up for a Stripe account, you will be asked to provide your EIN or Tax ID and other business information such as your business name, address, and bank account details.

Stripe will use this information to verify your business and ensure you are authorized to use their payment processing platform.

Best Ways To Obtain An EIN

There are several ways to obtain an EIN after forming your LLC. The most common ways include:

• Applying online through the IRS website
• Applying by mail using Form SS-4
• Applying by fax using Form SS-4
• Applying by phone using the IRS Business and Specialty Tax Line

You can also use a registered agent to help you obtain an EIN quickly and efficiently.

A registered agent can help you with the paperwork, answer any questions, and ensure that your application is processed correctly.

3. U.S Business Address

As a non-resident business owner based in Vietnam, you may wonder why a U.S business address is necessary for creating a Stripe account.

The answer is quite simple.

Stripe requires a U.S. business address to comply with U.S. banking regulations. This is because Stripe is a U.S.-based company subject to U.S. laws and regulations.

Fortunately, several options are available for obtaining a U.S. business address as a non-resident.

One option is to use a mail forwarding service that provides a U.S. address for your business. Another option is to use a virtual mailbox service that offers a U.S. business address, mail scanning, and forwarding services.

It is important to note that when using a mail forwarding or virtual mailbox service, you must provide proof of your business’s physical address in Vietnam. This can be done by providing a utility bill or lease agreement in your business’s name.

4. A U.S Phone Number

To create a Stripe account in Vietnam, you need a U.S phone number.

This is because Stripe requires a U.S phone number for account creation and verification purposes. A U.S phone number is necessary because Stripe is a U.S.-based company, and it needs to verify that the person creating the account is a real person and not a bot or a scammer.

If you don’t have a U.S phone number, don’t worry.

You can easily get one using apps and services like Dingtone and Skype.

These apps provide you with a virtual U.S phone number that you can use for account creation and verification purposes.

Once you have a U.S phone number, you can use it to create and verify your Stripe account. Stripe will send a verification code to your U.S phone number, which you can use to complete the verification process.

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

To receive payouts from Stripe, you must have a U.S bank account that can be linked to your Stripe account. This is because Stripe currently only supports payouts to U.S bank accounts.

There are different ways to get a U.S. bank account.

One option is to use a service like Wise, which 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 cheaply.

Another option is Payoneer, which provides a U.S. bank account as part of its payment platform. Payoneer also offers competitive exchange rates and low fees.

Lastly, you can consider using Mercury, a banking platform designed specifically for startups.

Mercury allows you to open a U.S bank account online and receive payments from Stripe. Mercury also offers features like instant payments and expense tracking.

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

When it comes to forming an LLC in the United States as a foreigner, a few key states stand out.

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

New Mexico is an attractive state for foreign entrepreneurs due to its low filing fees and lack of annual report fees.

In addition, the state does not require the name of the member or manager to be included in the filing of the certificate of formation, making it ideal for those who value privacy.

Delaware is a popular choice for companies of all sizes due to its well-established legal system and business-friendly environment. It is particularly attractive to larger companies due to its Court of Chancery, which specializes in business law cases.

However, Delaware can be more expensive than other states due to its higher filing fees and annual franchise taxes.

Wyoming is gaining popularity as an LLC state due to its low taxes and strong privacy laws.

It is particularly attractive to those who value anonymity, as Wyoming does not require the disclosure of LLC members or managers in public records. In addition, the state has no annual report fees and low filing fees.

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

If you’re based in Vietnam and want to use Stripe for your business, you’ll need to form a Limited Liability Company (LLC) in the United States.

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 to sign up for Northwest Registered Agent. They will act as your registered agent and help you complete the necessary paperwork.

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

Next, you’ll need to choose the type of business entity and the state where you want to form your LLC. You can choose between a C Corporation, S Corporation, or LLC.

The most common choice for small businesses is an 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

Once you’ve chosen your business entity and state, you must enter your new or existing details. This includes your business name, address, and other identifying information.

Step 4. Enter The Management For Your LLC

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

Step 5. Fill in Your Contact Details

After entering the management details, you must fill in your contact details, including your name, address, and phone number.

Step 6. Setup Your Account with Northwest Registered Agent

Once you’ve entered all the necessary information, you must set up your account with Northwest Registered Agent.

They will guide you through forming your LLC and provide the necessary paperwork.

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 (With Your EIN & LLC Information)

Now that you’ve determined that Stripe is available in Vietnam and have met the basic requirements, it’s time to create your Stripe account.

Basic Requirements

Before creating your Stripe account, make sure you have the following information ready:

• Your business name
• Your email address
• Your government-issued ID
• Your EIN (Employer Identification Number)
• Your LLC information

Creating a Stripe Account Step-by-Step

1. Go to the official Stripe website and click the “Sign Up” button at the top right corner of the page.
2. You will be prompted to enter your email address and create a password. Use a strong password that includes upper and lowercase letters, numbers, and symbols.
3. Next, you will be asked to enter your business information. This includes your business name, business type, and business website.
4. After entering your business information, you will be asked to provide your personal information, including your full name and date of birth.
5. You will then be asked to provide your government-issued ID. This can be a passport, driver’s license, or any other government-issued ID that includes your photo and personal information.
6. Once you’ve provided your personal information and ID, you will be asked to enter your EIN (Employer Identification Number). Make sure to have this number ready before starting the Stripe account creation process.
7. Finally, you must enter your LLC information, including your LLC name and address. This information should match the information provided when you registered your LLC.
8. After completing all the required steps, you will be asked to verify your email address and activate your Stripe account.

Congratulations!

You have successfully created your Stripe account with your EIN and LLC information. Now, you can start accepting payments from customers worldwide.

Why I Prefer Northwest Registered Agent For My LLC Formation?

When it comes to forming an LLC, I highly recommend using Northwest Registered Agent.

I have been using their services since 2020 to create my Florida LLC, and I have been thoroughly impressed with their offerings.

First and foremost, Northwest Registered Agent offers a free one-year registered agent service when you use their LLC formation service.

This is a great value, as many other registered agents charge extra for this service. Additionally, Northwest Registered Agent provides a free operating agreement, which is essential for any LLC.

Another reason why I prefer Northwest Registered Agent is their affordable pricing.

For just $39, you can get started with their LLC formation service, unlike other registered agents that charge over $1000. Their transparent pricing model is also a plus, as there are no annoying upsells or recurring monthly fees. Everything is optional, so you only pay for what you need.

Northwest Registered Agent also allows you to use one of their local offices as your business address, which is a great benefit for those who work from home. This helps to keep your personal address private, as Northwest Registered Agent keeps your address off public record by default.

Finally, Northwest Registered Agent provides a free domain, website, email, and business phone. This is a great value, as many other registered agents charge extra for these services.

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

Limited Liability Protection

The main benefit of forming an LLC is the limited liability protection it provides.

This means that the personal assets of LLC members cannot be used to satisfy the LLC’s debts and obligations.

In other words, if your business incurs debt or faces legal action, your personal assets such as your home, car, or personal savings are protected. The risk of loss is limited to the amount that the member invested in the business.

Pass-Through Taxation

Another advantage of forming an LLC is pass-through taxation.

This means that the LLC itself does not pay taxes on its profits. Instead, the profits and losses of the business are passed through to the individual members, who report them on their personal tax returns. This can simplify tax reporting and potentially result in lower taxes for the members.

Credibility and Professionalism

In addition to the legal and financial benefits, forming an LLC can also add a level of credibility and professionalism to your business. It shows that you are serious about your business and willing to take the necessary steps to protect your assets and comply with legal requirements.

Final Thoughts on Stripe Account Set up in Vietnam

Setting up a Stripe account in Vietnam can be a bit of a challenge, but it is possible.

If you are a business owner in Vietnam and want to use Stripe for your payment processing needs, you will need to take a few extra steps to get set up.

First, you will need to register a business in a Stripe-supported country, such as the United States. This can be done by forming an LLC in the U.S. and obtaining an Employer Identification Number (EIN) or Tax ID.

Next, you will need a U.S business address and phone number to use for your Stripe account. You can use a virtual office service to obtain a U.S business address and a virtual phone number to use for your Stripe account.

You will also need a U.S bank account to be linked to your Stripe account for payouts. This can be done by opening a U.S bank account remotely or using a service like Northwest to help you set up a U.S bank account.

Finally, you will need to have a registered agent in the U.S. to receive legal documents on your behalf. Again, services like Northwest can help you with this.

Frequently Asked Questions