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USA credit card ?
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USA credit card ?

leapswitchleapswitch Patron Provider, Veteran

Hello LET members,

We recently incorporated in USA (in addition to our India Pvt. Ltd.) via the Stripe Atlas program. Unfortunately they do not offer a debit/credit card with the Silicon Valley Bank account.

Is there any way a non-resident / non-American person can get a business credit card for the Inc ? I do not have an SSN.

Let me know,

Ishan

Comments

  • MridulMridul Member

    Hii Ishan,

    Congratulations. I was thinking of something like that as well.
    Can you elaborate over the Tax issues and Norms of Indian Tax System when Opening a Company in USA ?

    Also, what was the cost of this incorporation and documents required ?

    Thank you my friend all the info.

    Thanked by 1leapswitch
  • leapswitchleapswitch Patron Provider, Veteran

    Hello,

    Cost of incorporation is ~$500 through Stripe Atlas. It was free for us as a beta user. Documents will depend on what type of company you incorporate as well as your company status in your local country (India). Tax issues come in if your Indian company 'owns' the USA company, or if you they are 2 separate entities with common shareholders. In that case transfer pricing / audits need to be done.

    Talk to both Stripe, their advisors and your CA/CS before diving in.

    Apart from starting, there are a lot of running costs, so make sure your revenue justify the additional expenditure and time needed to manage 2 companies.

  • XIAOSpider97XIAOSpider97 Member
    edited June 2017

    Per RBI restrictions, SVB won't issue debit cards to Indian residents...

    For personal CC I believe you can get one by visiting USA in person. Yes, there are some ways. Even if it's a secured CC, it's still a US issued CC...

    Business CC? I highly doubt this...

    Thanked by 2leapswitch vimalware
  • leapswitchleapswitch Patron Provider, Veteran

    @XIAOSpider97 said:
    Per RBI restrictions, SVB won't issue debit cards to Indian residents...

    For personal CC I believe you can get one by visiting USA in person. Yes, there are some ways. Even if it's a secured CC, it's still a US issued CC...

    Business CC? I highly doubt this...

    Need to check with my accountant, but RBI shouldn't be able to mandate a credit card provided to a USA registered company. It is not being issued to the person.

  • Not sure for stripe/CA, but you can get a bank account on a Nevada LLC (at least as EU citizen) which includes also a CC.

    You need to be physical in the US for this for ~2 weeks, have notarised documents (birth certificate, passport copy, proof of address, criminal record register) and depending on bank 25-100k USD in cash with proof of taxes paid (or rather legit source of payment).

    Austria gives me this documents digitally signed by the government portal (and English plus German) which makes this fairly easy. Dual citizens need proof of no criminal record in both countries and if applicable passport copies notarised as well. If living in another EU country you need proof of address and proof of legal residence (in my case my biometric Croatian "ID card" suffices as both).

    India might also have requirements to report you have a foreign bank account; Croatia does for non-EU except some UK dependencies (including the Bahamas and Bermuda).

    I generally assume this is WAY harder for Indians than for EU citizens unless you can get eg. a H1B visa for at least some time and thus legal residence in the US.

  • If you are foreign entity incorporated in the USA and if you do not physically stay in the United States for long time, I do not see why it's important to get a business credit card; as for as I know, most business CC are open only to permanent residents.

  • leapswitchleapswitch Patron Provider, Veteran

    @dedipromo said:
    If you are foreign entity incorporated in the USA and if you do not physically stay in the United States for long time, I do not see why it's important to get a business credit card; as for as I know, most business CC are open only to permanent residents.

    We are running the USA company as a separate entity and it needs to pay its vendors. Wiring small amounts is not efficient, hence the need for a business debit/credit card.

  • @leapswitch said:

    @dedipromo said:
    If you are foreign entity incorporated in the USA and if you do not physically stay in the United States for long time, I do not see why it's important to get a business credit card; as for as I know, most business CC are open only to permanent residents.

    We are running the USA company as a separate entity and it needs to pay its vendors. Wiring small amounts is not efficient, hence the need for a business debit/credit card.

    I wonder, what if you open a PayPal account for your US company - PayPal gives debit cards aswell however i'm not sure what requirements (if any) they have.

  • leapswitchleapswitch Patron Provider, Veteran

    @zafouhar said:

    @leapswitch said:

    @dedipromo said:
    If you are foreign entity incorporated in the USA and if you do not physically stay in the United States for long time, I do not see why it's important to get a business credit card; as for as I know, most business CC are open only to permanent residents.

    We are running the USA company as a separate entity and it needs to pay its vendors. Wiring small amounts is not efficient, hence the need for a business debit/credit card.

    I wonder, what if you open a PayPal account for your US company - PayPal gives debit cards aswell however i'm not sure what requirements (if any) they have.

    Can't open one, they need an SSN to just open the account.

  • leapswitch said: Wiring small amounts is not efficient

    You can get a bank account on the Bahamas (as Indian is pretty surely also complicated, as EU citizen a day stay and 15k USD cash plus keeping 10k+ balance always) from which US wire payments are rather cheap (few $).

    Indians just as US citizens (but not as bad as them) seem to have it hard to open foreign accounts, your gov does not like this at all. As US (dual-)citizen you get practically zero anymore anywhere though.

    HK banks also do cheap wire to US if your account is held in USD by a majority US owned/operated bank.

    CC wise i pay US suppliers with an EU CC mostly, it makes zero difference to them.

    Thanked by 1leapswitch
  • GamerTech24GamerTech24 Member
    edited June 2017

    I was able to get my bank account 100% online and didn't have to visit them in person, but I have a US address and SSN and am a born citizen so that's probably why I didn't have to visit the bank/credit union in person.

  • @leapswitch - have you been able to get cc? I am looking to incorporate in usa as well and I need cc/debit card too.

  • leapswitchleapswitch Patron Provider, Veteran

    @BecomeWebHost said:
    @leapswitch - have you been able to get cc? I am looking to incorporate in usa as well and I need cc/debit card too.

    No, just sending out wires for now.

    Thanked by 1BecomeWebHost
  • @leapswitch said:

    @BecomeWebHost said:
    @leapswitch - have you been able to get cc? I am looking to incorporate in usa as well and I need cc/debit card too.

    No, just sending out wires for now.

    okay :)

  • @leapswitch said:

    @BecomeWebHost said:
    @leapswitch - have you been able to get cc? I am looking to incorporate in usa as well and I need cc/debit card too.

    No, just sending out wires for now.

    Their site mentions that you get a debit card for the account?

  • leapswitch said: business credit card

    There are many different banks and credit unions that offer this if you have an incorporated business

    https://creditcard.americanexpress.com/small-business-cards/

    and the Chase INK business credit card(s)

    https://creditcards.chase.com/credit-cards/ink-business/

    Wells Fargo also has their business offerings too https://www.wellsfargo.com/biz/business-credit/credit-cards/

    Here is an article about business credit cards too https://creditcards.usnews.com/business

    You'll need a EIN (or other identification number) as well, if you don't have one, one can be typically obtained from
    EIN: https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers-eins

    They all offer the ability to easily apply online too

  • GamerTech24GamerTech24 Member
    edited October 2017

    leapswitch said: I do not have an SSN.

    There are other identification numbers for businesses or individuals that can take the place of a SSN https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin ;

    Social Security Number "SSN"
    Employer Identification Number "EIN"
    Individual Taxpayer Identification Number "ITIN"
    Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
    Preparer Taxpayer Identification Number "PTIN"

    and here are links to two of the above mentioned,

    EIN: https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers-eins

    TIN: https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin

  • qpsqps Member, Host Rep

    Almost all US-based small business credit cards are tied to the SSN of the business owner until the business gets above a certain amount of revenue (varies by credit card issuer; I think American Express is about $10mm in annual revenue).

  • leapswitchleapswitch Patron Provider, Veteran

    @doghouch said:

    @leapswitch said:

    @BecomeWebHost said:
    @leapswitch - have you been able to get cc? I am looking to incorporate in usa as well and I need cc/debit card too.

    No, just sending out wires for now.

    Their site mentions that you get a debit card for the account?

    Indian owners do not get a debit card. All others do.

    Thanked by 1doghouch
  • leapswitchleapswitch Patron Provider, Veteran

    @ethancedrik said:

    leapswitch said: I do not have an SSN.

    There are other identification numbers for businesses or individuals that can take the place of a SSN https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin ;

    Social Security Number "SSN"
    Employer Identification Number "EIN"
    Individual Taxpayer Identification Number "ITIN"
    Taxpayer Identification Number for Pending U.S. Adoptions "ATIN"
    Preparer Taxpayer Identification Number "PTIN"

    and here are links to two of the above mentioned,

    EIN: https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers-eins

    TIN: https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin

    I do have an EIN.

  • BecomeWebHostBecomeWebHost Member
    edited October 2017

    leapswitch said: Indian owners do not get a debit card. All others do.

    I think rbi have rule for it ???
    rbi have crazy rules... I lose money in forex charges daily because of it :p

    Or it's just that stripe don't allow?

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