Obtaining a Stripe account in a country where Stripe doesn’t officially operate can be challenging, but it’s possible by following a few strategic steps. Although I am writing this article for Nigerians, anyone from an unsupported country can still benefit from this. So if you’re from South Africa, Ghana, Kenya, Cameroon and you wish to get a Stripe account, then you would want to read this. I am going to show you how to get a Stripe Account in an Unsupported country through my own personal experience. So, here’s a comprehensive guide to help you set up a Stripe account from an unsupported country.
How to get a Stripe Account in Nigeria
Create a Business in a Stripe Supported Country
The first step is to establish a business in a country where Stripe is supported. The reason you need a business in a Supported Country is because although Stripe doesn’t accept people from setting countries to own a personal account, anyone from an unsupported country can own a business account. I personally recommend you either go with the US or UK because they are easier to obtain. You can achieve this by:
Step 1: Forming a Business Entity
Registering a company in a Stripe-supported country is the very first step in this process. Many countries offer simple online processes for non-residents to incorporate a business. Some of such companies include Incfile and Legalzone for the US and 1st formations for the UK. The cost and rules for setting up a business varies depending on the state, but expect to pay between $50 to $450
Step 2: Get a Business Address or Virtual Office
The next step involves you getting an address for your newly formed business. Most companies offering company formations have a virtual business address included in standard plans. However if you didn’t go with a plan that offers this service, then you need to obtain one from a company that offers virtual office services that provide a business address and mail forwarding. Companies like Regus or WeWork offer these services in multiple locations worldwide. I personally just went for a plan that includes a business address.
Set Up a Local Bank Account
Step 3: Create a Local Bank Account
Once you have a business address, the next step is to open a bank account in the same country. This bank account is necessary for Stripe to deposit your funds. You have two options:
Method 1: Travel to the Country
I know most of you reading this won’t be able to go with this option. However, If possible, travel to the country where you registered your business to open a bank account in person. If you can’t travel to the country your business was registered in, move on to the next option.
Method 2: Use a Service Provider
Some companies specialize in helping non-residents open bank accounts abroad. You can research and choose a reputable service provider to assist you with this process. But, I know most of you would want to spare yourself the hassle so I have already done it for you. You can check my list of best companies offering U.S bank accounts for non-residents.
Apply for an Employer Identification Number (EIN)
In some supported countries, particularly the United States, obtaining an Employer Identification Number (EIN) from the IRS is necessary for business registration and banking. Applying for an EIN is relatively easy, you can apply for it online, and the process is relatively straightforward. However, as of the time of writing, you can’t apply for an EIN if you don’t have an EIN, SSN, or ITIN. No worries, you can get an EIN for as little as $5 on Fiverr.
Set Up Your Stripe Account
With your business address and local bank account in place, you can now proceed to set up your Stripe account:
Requirements For Creating a Stripe Account
In order to create a Stripe account, there are a couple of things we shall need to get ready including those above:
- Business in a Supported Country
- Business Address
- Bank account in the Supported Country
- An Employer’s Identification Number or EIN (For US Businesses)
- ID card or Passport
- Bank Statement or Utility bill
Step 4: Sign Up
Visit the Stripe website and sign up for an account using your business details, including the address and bank account information from the supported country. This process is pretty straightforward, you will need to fill in a form provided by Stripe asking some couple of questions. They would ask questions like your name, business name, business address, personal address, business website and phone number. For a higher chance of success with Stripe, be as honest as you can. If you’re from Nigeria use a Nigerian number, if you’re from India then use an Indian phone number and so on and so forth. Do use a US phone number even if you have one unless you live in the US.
Step 5: Verification
Complete Stripe’s verification process, which may involve providing identification documents, business registration certificates, and bank account details. If you don’t have your bank account details with you, then you can use a utility bill instead. The verification process takes between 1 to 3 days according to Stripe, but in my case it took only a couple of hours.
Once your account is verified, integrate Stripe with your website or app. Stripe offers various integration options, including APIs and plugins for popular e-commerce platforms.
Managing Your Account from Abroad
Managing a Stripe account from an unsupported country requires diligence and careful planning:
- Use a VPN: To avoid potential issues, use a VPN to access your Stripe dashboard from the same country where your business is registered. Well this is what most people recommend, however I haven’t experienced this problem when logging in from my home country.
- Regular Monitoring: Regularly monitor your account for any compliance issues or updates from Stripe regarding international use.
- Consult Legal Advice: Periodically consult with legal or financial advisors to ensure your setup remains compliant with both local and international regulations.
Final Remakes
While Stripe’s official support may be limited to certain countries, entrepreneurs and businesses in unsupported regions can still access its powerful payment processing services. By establishing a business presence in a supported country, setting up a local bank account, and diligently managing your account, you can leverage Stripe to expand your global reach and streamline your payment processes.
If you follow the steps I have listed above, then I can guarantee you an 80 percent chance of success. And remember to always be honest when creating your Stripe account.
FAQs About Stripe in Nigeria
Can a Nigerian Open a Stripe account?
Yes, Nigerians who own businesses in Stripe supported countries can open a Stripe business account for online transactions.
How do I withdraw Money From Stripe in Nigeria?
To withdraw money from Stripe in Nigeria, You need to withdraw money from your Stripe balance into your connected bank account, afterwards, transfer the money into a Nigerian bank account.
Does Stripe work in Africa?
South Africa is the only listed country on Stripe, however South Africans can only use Stripe as an extended network and not for merchant use.
What payment gateway is best in Nigeria?
Flutterwave is the most advanced payment gateway in Nigeria allowing multiple payment methods such as Credit and debit Cards, Mobile Money, Apple Pay, Google Pay and POD
