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Any indians here? I've got a question.
Hey yall, so basically I've been planning on opening a hosting service since the last 2 months and I'm so close to finally finishing my plans but I'm stuck with my gateway confusion.
PayPal is so limited and stripe lets me only accept INR.
I was wondering if any of you know a gateway other than the above 2 that works in India that lets us accept international payments also not a gateway that needs a lot of documents or I'd have used stripe tho it asks for some docs to accept USD payments in indian stripe and I don't got those docs so ya let me know guys if there's any, I've tried to register at 2checkout and something seems to be pennding and I'm waiting for a response from 2checkout so ya I wanted to know if there's any gateway that lets us accept international payments thats available in india.
let me know guys.
And merry christmas 
Comments
You may not find any like that. Razorpay and CCavenue also allow international, but you need to be registered in India, for Stripe same, or any other payment method; 2checkout also will not let you in, I guess.
You need to be registered somewhere, in the US, India, or anywhere else.
But I may not be correct, but this is my experience so far.
I would suggest to stay away from 2CO, even if you have lots of FRAUD attempts not actual FRAUD they may still close your account
Stripe is the way to go ...
You can even Try Stripe Atlas if your budget allows and are ready to do all the RBI formalities on regular basis and also regular recurring expenses atleast 15K USD per year extra expenses.
Or you can incorporate a company in HK or SG and then get Stripe account for it, hardly requires any docs, but even this require regular return filing with RBI ... this also require some initial investment and also regular recurring expenses atleast 15K USD per year extra expenses.
gosh
These are your options:-
1. Use PayPal for international payments, cause Indian PayPal won't let you receive payments from other Indian PayPal, afaik. The same applies for Stipe as well ig.
2. For Indian payments, there are some options including Paytm, PhonePe, Razorpay, etc. Some of these might not go crazy with the documents in the beginning but as volumes increase, you might be asked for more docs.
RazorPay
I've got PayU for indians
it seems to ask some high documents
That works as well.
What is your target market ?
Even PayU provides USD and international merchant account, sometimes they do ask for collateral
But the best way is Stripe
Stripe just needs your bank details, cancelled cheque, GST Registration Details and Company registration, PAN etc.... if they are asking IEC contact their support and tell them that you are into hosting business and don't have IEC, they will remove that requirement
Why submitting documents a challenge? @ArrowBoi
just like that
That's not a great idea but you wanna run a business.. ¯_(ツ)_/¯
idk if I'm gonna register the company as soon as I open it, I wish to wait 1-2 months before doing that. I've seen many companies start without registration.
every payment gateway providers will ask those details. Like incorporation certificates, IE Code (If you want to accept international payments), GST (Optional), etc.
How old are you?
You can register for free with Udyam and use Stripe as Sole proprietor
How did you get PayU when they are not accepting due to regulatory issues in India?
Razorpay is your best bet.
Oh, any idea if there's any requirements to register GST or something?
I just turned 18 last month.
got it made last year.
Okay, then I assume you have a PAN card.
Go for Udyam, how did you get PayU though? bought an old account?
They're gonna process your payment, everyone's going to ask for documents.
Try Instamojo, not sure if they support international, their fee structure is expensive
IE Code is not needed for hosting providers
GST is needed if you are exporting
You need to even get LUT from GST unless you want to first deposit GST and then apply for refunds later on
With GST service export is considered as interstate sale, so unless you get LUT you need to first pay GST and then apply for refund so the best approach is to get LUT, it's simple your CA can apply for LUT with just few clicks, just the LUT application is enough, you don't need to wait for any approval for LUT
Razorpay
Contact me, I am Razorpay Partner, will help you on onboarding if not done.
Get a gst number for 1000-2000, and use stripe. If you are unable to make money, you can always cancel registration.
mom made it
yes
For accepting payments outside India, the easiest way is through PayPal. Stripe may require several documents but is considered reliable. CCAvenue does not permit international payments for IT services. PayU and PayTm's onboarding processes have been stalled for a year. Razorpay recently obtained government approval for onboarding, although it now demands various documents such as an AOC for PCI-DSS compliance and company registration. Instamojo has a poor reputation, so it's advisable to avoid using it altogether. To streamline the process, it might be preferable to register your company and opt for Stripe.
Would you share what the "RBI formalities on a regular basis" that you mention in the first paragraph are?
And also the "regular return filing with RBI" from the second option?
In both cases you mention regular recurring expenses of $15k USD per year. Such as what?
I am asking as I have a colleague in India who seems to think that forming a US based LLC is super easy, and the tax consequences are minimal. I agree with his assessment from the US side, but really do not know the reality on the Indian side. Thanks!!
Hi
When you incorporate your company outside India and you are a resident of India, you need to following certain RBI guidelines, company outside India = Wholly owned subsidiary = WOS
1) When you setup a WOS outside India it will have share holders or owners of the company or stake holder what you want to call it. Now the partner in that WOS can be
either an individual or Partner ship Firm India or LLP or a Pvt. Ltd. company in India
2) The easiest route is to do it as individual if you are going to be 100% stake holder in the WOS
3) You need to first setup your WOS, then once you open your bank account for WOS, you will need to send the paid-up capital for your WOS
4) Now this initial capital that you send to your WOS Bank account outside India you need to do it via ODI (Overseas Direct Investment) Process of RBI, you can search for ODI in RBI website or google.
5) ODI is basically a form that you will be submitting to your bank account in India and then they will remit payment to your WOS Bank account
6) Once this is done I think within 1 month you need to submit copy of issued shares for the investment done to your bank, they will forward it to RBI, basically you don't communicate with RBI, your bank does
7) Once this is done every year you need to get your books of accounts for WOS AUDITED, and file APR (Annual Performance Report) with your bank, which they will forward to RBI
There are many more minor stuff involved but this is a basic guide, this is not a legal guide, I just mentioned everything that I could recall.
Regarding 15K Extra expense, you need to pay to your CPA in US or HK or SG wherever you setup your company, then you need to shell out atleast 10K for AUDIT, again depends upon number of transactions, but this is just a rough estimate, in SG you need to even pay a fees to local director.
your host country law might not require AUDIT, but RBI needs audited books of accounts, it was not required untill 2 yrs ago, but they have changed the rules now to stop people using their WOS for money laundering etc...
So 15K just a rough estimate for extra expense if you setup a company outside India
If you do it by any other means you are taking risk of invoking FEMA and other money laundering actions against you as it will be ILLEGAL