Stripe is an online payment processing services provider whose popularity is growing among e-commerce players and other service providers that need to accept payments over the internet from international clients. Stripe is a strong brand, and your company using its payment gateway shows the trustworthiness of your company. In this day, having credibility is one of the most crucial aspects of success. Using smart tools that save time will bring the winnings home for your company and the customer.
A step closer to the effectiveness
That is your chance to save time and create the best experience for your customers. For example, with Stripe, your invoices are automatically calculated with the correct VAT rates depending on the customer’s country of origin. That means the business owner’s life will be much easier because they don’t have to search for different countries’ VAT rates, not to mention manually calculating and entering the VAT numbers themselves. Stripe also provides useful summarized reports for accountants. Thanks to Stripe, the monetary expense for accounting is a great deal lower.
How can Stripe reports make your company’s accounting work easier?
Step by step guide how to start your business with Stripe
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Step 1. Do your research
E-resident companies are eligible to apply for a Stripe account, but you still need to follow their KYC rules and requirements. For example, some business activities are not allowed, like marijuana, telemedicine, and gambling businesses. It might be the case that you are not eligible due to your business activity. Even if the business activity is legal, Stripe has their own internal rules to follow in this regard. You can find the complete list of prohibited business activities here.
The second limitation is your location or the location from where you manage the company. Stripe is currently available in 44 countries. For example, if you live in Germany and your company is in Estonia, you are eligible for the account. On the other hand, if you live in Serbia, you cannot apply for the Stripe account as Stripe has not expanded to Serbia yet. You can find the complete list of the countries supported by Stripe here.
Step 2. Open your Estonian company
After being eligible for the Stripe account, you can easily set up your company in my1Office. Our support team is happy to guide you through the process via online chat.
Step 3. Open the Stripe account
After establishing the company, you need to get a merchant account with Stripe. Go to Stripe onboarding page and register a user.
You will be asked several questions to verify your identity. But be also ready to answer questions regarding the business information and documentation. Although knowing your personal data is self-explanatory, the company data can raise questions. In most cases, Stripe will be able to identify you and your business identity automatically. Stripe might need to request additional documentation to verify the individuals and entities (Estonian LTD) connected to a Stripe account. Most commonly asked information is:
- A business registry number or a tax ID in Estonia
- A physical location in your home country at which you receive mail (cannot be a P.O. box)
- A phone number in your home country
- A government-issued ID, such as a passport or a driving license from any country
- A functional website that shows what your business sells or what services you provide.
- A bank account in your home country (cannot be a virtual bank account), denominated in a supported transfer currency for that country.
If you follow the steps and guides on onboarding, your Stripe account is usually opened within 5 days.
Why should you open a company through 1Office?
Estonia is one of the most digitally advanced countries in the world. The bureaucracy level is minimal – with e-Residency you can sign your documents online and run your company from anywhere in the world. Still, starting a company in a new country can be really time-consuming. But with the help from 1Office, it is as easy as ABC. It is for your convenience to have a professional partner who can offer complete package business services like company formation, accounting, tax registrations, and legal advice. We welcome you if you just started a business or are ready to expand your existing business to new countries.