If you are a freelancer, online marketer, entrepreneur, or anyone who is working with a U.S. based company and wants to get paid hassle-free, then EIN is for you.
What is EIN (Employer Identification Number)?
EIN stands for Employer Identification Number, which is a Tex identification number of the United States. The EIN number is issued by the Internal Revenue Service (IRS) in the US. Its primary goal is to collect Tex from Businesses. All businesses are required to have an EIN number to do business in the United States lawfully.
Even If you are not a citizen of the U.S. and nor you live in the U.S. — You can still get an EIN number. And, It is effortless.
Now you must be wondering why the heck the U.S. allows foreigners to get an EIN number, that is because they want your money, and they want to grow their economy.
Benefits of EIN
Unlock the advantages of obtaining an Employer Identification Number (EIN) for your business in the United States. By acquiring an EIN, you can enjoy several benefits that contribute to the growth and legitimacy of your enterprise. Here are the key advantages of having an EIN:
- Conduct Business Legally: Obtaining an EIN allows you to operate your business in compliance with U.S. laws and regulations. It provides a unique identifier for your business entity, ensuring that you adhere to legal requirements and maintain a transparent business structure.
- Sign Up for Services like Stripe: Many payment service providers, including Stripe, require an EIN for businesses to sign up. Having an EIN enables you to access a wide range of essential financial services, such as payment gateways and merchant accounts, which are crucial for managing online transactions securely and efficiently.
- Receive Payments from U.S.-Based Businesses: With an EIN, you can easily receive payments from U.S.-based clients, customers, or partners. It establishes your business as a recognized entity eligible for financial transactions within the United States, enabling smoother invoicing, payment processing, and financial interactions.
- Set Up a Business in the U.S.: If you are a non-U.S. resident or a foreign entity looking to establish a presence in the United States, having an EIN is often a prerequisite. It serves as an essential identifier when incorporating your business, opening a U.S. bank account, or fulfilling tax obligations, facilitating your expansion into the American market.
Obtaining an EIN for your business is a valuable step towards legal compliance, financial flexibility, and growth opportunities within the United States. Ensure that you fulfill the requirements and follow the appropriate procedures to acquire your EIN and leverage these benefits for your business’s success.
How to Get EIN faster from the Outside U.S. for Foreign company
Step 1: Download the SS-4 Form
Step 2: Fill up the form with all the details about your business and about yourself. You don’t need to have SSN to get EIN especially if you are not a citizen of the U.S.
If you need a US local business address then Go to Google Map and pick any location. You don’t need a real business address in the US that is because there are no physical documents involve in this method to get EIN. And, nor they verify your local address anyway.
Step 3: Call 267–941–1099 — Don’t forget to add +1 if you are calling from outside the US.
Ok, You need to pay international calling fees— simple, use TextNow or Google Hangout. It is free of charge to call in any US and Canada-based mobile and telephone number.
The IRS Agent on the call will speak with you after a few minutes of waiting time. You must call this number in office hours as per Eastern Standard Time zone.
The Agent will ask you questions as per the SS-4 Form. So make sure you fill up the form before you call.
After when you answer all the questions, the IRS agent will give you an EIN number on the call. No need to wait for days or hours, no document verification needed.
Tips: Make sure you provide Your Business name, your name currently because when you provide EIN number to Businesses (Payment service like Stripe) they might verify your business name in IRS records.
Another way to get a US EIN Number is to register business in the US. Registering a business costs money yearly basis, and you need to file tax in the US each year. The cost for registering a business in the US as an LLC entity ranges from 300 to 1000 USD. This cost is for registering. From the next year, you will have to pay for a registered agent and a fixed amount to the State each year.
You can work with FormLLC.us to get your business registered in the USA for just 399 USD. They can also help you with bank account, Stripe and PayPal account.
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