Do I have to get my startup registered as a business entity before I start accepting payments?
Maybe a dumb question but do I have to get my company/startup registered as a business entity before I start accepting payments through my website?
Stripe isn't available here in Dubai/UAE and I was planning on using any of the checkout.com payfort.com or 2checkout.com but I just found out that each one of them require your startup to be a registered business entity in UAE for which you have to pay loads of money every year. Now, for some one who is not sure that either their product will take off or not, is it necessary to get his startup registered before they could integrate any payment gateway? How are you accepting payments in your products? Is there any other option apart from stripe.com?
I incorporate due to the potential of financial liability, tax implications, and being able to offer company stock. More details here: https://www.indiehackers.com/forum/post/-KoJAjvkKpdn0yEiOWAc?commentId=-KoXvK-xyDB-cDKGdkru
If you want to use Stripe, you can use Stripe Atlas (https://stripe.com/atlas), which will incorporate your business in the United States, get you a business bank account, and set up your Stripe account if you don't live in the United States.
I have not used Stripe Atlas, but I have incorporated and opened bank accounts before. I would recommend Stripe Atlas in such a situation. Because the paperwork requirements of banks opening accounts usually require proof of US citizenship/residency. Using Stripe Atlas, they'd work with you. That stated, complete your due diligence before by reading their fine print before forking over the money ($500 IIRC). I wouldn't want you to lose your money if there was some glaring oversight.
Best of luck on your endeavors.
I don't know the laws about UAE. In the USA, business entity registration isn't required because you can be a sole proprietor and therefore your business's tax ID is just your social security number.
This comment was deleted 7 years ago
This comment was deleted 7 years ago