ITIN to Open U.S Bank Account, Stripe Account, Amazon Business, Youtuber income, etc
Do you want to open US bank account for your business? This article will guide you on how to use ITIN or EIN (Employer Identification Number
Kader Ameen · 22 August 2021 · 2 min read
ITIN or EIN or SSN
ITIN – Individual Identification Number
Only Foreign National (non-US citizen is eligible to apply for ITIN)
SSN – Social Security Number
Only US residents. US Citizen Green Card holders are eligible to apply for SSN.
EIN – Employer Identification Number
Both US and non-US citizens can apply for EIN, However, the condition is to have a US LLC or Foreign-based Ltd, Corporation to apply for the EIN.
Can you apply ITIN to Open U.S Bank Account, Stripe Account, Amazon Business, You tuber income, Facebook business income, etc?
The simple answer is yes, provided you can get a supporting letter from the US-based entity that you are expecting to receive a USA-based income from this entity. From our experience 9 out of 10 times, these US entities do not provide this supporting letter required for ITIN application. So what are the next alternatives or options? Please read below.
Next alternatives if US organization has not provided the supporting letter then Plan B is as follows:
If you received a 1099 or 1042S for the US income distribution with 30% tax withholding or without federal tax withholding, you can file a 1040NR tax return and apply for ITIN at the same time.
You can form a Single-member US LLC, obtain a certificate of incorporation, apply for EIN first, and then apply for ITIN.
If you receive any other US-based income, you can declare it on Form 1040NR and apply for ITIN to process this tax return.
Below is the information from the Stripe account support team giving out information on how to open a stripe account.
If you are looking for ITIN, EIN, or US tax return expert service, We can help!
