Merchant account for non US citizen

but with US checking account?

[genem]

I know of at least one service that offers merchang account for non-US citizens (US address and account with US bank required). Are there any other similar offers?

Thanks!

[Corey Bryant]

There is basically only one company (with hundred of agents) that can do this for you - so it is probably the same company. There is difficulty in doing this because of the rules / regulations.

There is usually a $10,000 monthly limit, 5-day ACH hold, 4% discount rate, and $.35 transaction rate. It usually takes about 3-4 days to set the merchant account up as well.

-Corey

[incubationgroup]

Thanks, Corey.

[gabidi]

Paypal .

You might considering incoporating with a trusted US citizen SEO (You being the shareholder and president) and then setup a merchant account?

[Corey Bryant]

You might considering incoporating with a trusted US citizen SEO (You being the shareholder and president) and then setup a merchant account?

If you do this - the US person needs to own more than 50% on paper for the merchant account to be accepted.

This would have to be someone you really trust, afterall your income from your business is basically being sent to them before you get it.

-Corey

[ispy]

The letter to the US trusted contact could read:

"My late grandfather former king of the federated state of balkistan for political reasons must transfer business out of the country. I ask your cooperation in the transfer of business with gross sales of 560,000,000 us dollars into your account. Please send account info, phone number and address for proceed with documents which must be signed in a timely manner. In exchange for you cooperation you will receive 51% of legal business to do with as you wish. Your Truly, Baska Basketine"

[shri]

>> If you do this - the US person needs to own more than
>> 50% on paper for the merchant account to be accepted.

Not just that .. you become liable for all sorts of US taxes from what I gather. Simple reason why I refuse to have any physical presence or facility in the US -- cant be bothered with the tax code.

[Corey Bryant]

Your right shri - at this point I always transfer the call over to my business partner to handle the legalise. :)

-Corey

[gabidi]

You dont have to be liable for anything or pay him anything.

Thousands of CEO's across the states have no salary, example Steve Jobs of apple has 1$ salary.

CEO is a position, a job, in the company and does not at all have to be a shareholder what so ever, meaning he doesn't need to own any part of your business.

In terms of protecting your rights, well you have two options:

1- Trust (Overated when large amounts of money are involved)

2- Written agreements signed at your lawyer's office . This can be done in such a way to protect you and him a like . An agreement saying that x CEO is not liable for any legal consequence of the corporate activity including tax issues.
You can also have the CEO sign a resignation that you keep at your lawyers office and whenever it is you deem it fit (When you want to change him, when you become a US citizen) submit it as his resignation, that way you guarantee your self against any form of mutiny.

There alot of ways of getting around this, if that wasn't the case foreign investors would think a million times prior to opening any form of buisness in the US .