PDA

View Full Version : Found a law-accountant office that helps non US/UK residents to launch a Kickstarter



Harima83
04-21-2013, 08:05 AM
I report this site, it's very useful for every non US/UK residents that don't have a US/UK helper. Unfortunately the service requires a payment of $1200, dont' know if they accept to be paid after the Kickstarter (maybe adding other money or a percentage of the crowdfunding campaign).

http://www.guenthertax.com/blog/2012/08/how-someone-outside-the-usa-could-start-a-kickstarter-campaign/

I think I ask them to help me.
In addition, there is a guide to launch a Kickstarter for anyone who may have a US helper.


How can a foreign person, not living in (or near) the united states, start and run a Kickstarter Campaign?

These questions always get me excited because they are not the norm, and require a lot of thought and creativity to accomplish. So far so good, I have been helping quite a few foreigners set up Kickstarters. Here are the basics of how I did it:
There are many requirements to start a Kickstarter Campaign. Two big ones are to have a US Entity (LLC or Corp) or Social Security number, and a US bank account. These two requirements alone would deter quite a few foreigners from trying, you would need someone you knew and trusted in the US to handle that for you. Even then, that person could face tax consequences for running that bank account for you if it is not properly planned (I will cover this in a later post). This leaves very few options to set one up.
The way that I have accomplished this is unique:
1. First things first, I had to start a corporation so that the foreigner(s) would be the sole shareholder(s):
A Delaware Corp is a great idea, they are cheap, provide excellent legal protection, and have a small Franchise Fee for share holders (Typically $225). I can set these up for $550 with a 48 hour rush ($500 without), highly recommended for time constraints of setting up Amazon Payments. I highly recommend you DONT use any of the silly websites that charge you to set up the corporation, they typically charge a mark-up and sometimes yearly fee, most of them do not allow the rush either.
2. Second, I apply for an EIN number - This one is pretty simple and can be done once the Corporation is in place.
If you already have a SS# or ITIN you can get an EIN here (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online)
3. Next step is to Get a US helper.
This is the tough part. If you are trying to run a Kickstarter campaign, you need to have one.
Amazon Payments needs to confirm that your name is associated with the US address that you live at. Kickstarter also requires this in their own version of verification. The US helper must be available to use their name for Amazon.com and Kickstarter. They must be considered a key role in your team. Giving them the title “CFO” will be enough to accomplish this.
You, as the foreigner can still hold signer privileges on the bank account, but it may be difficult – see below
4. After you get a helper, you need a US based Checking Account
To set up a bank account without my help, you need:


A tax ID number registered with the IRS. You can get one by filling out and mailing in this form: http://www.irs.gov/pub/irs-pdf/fw7.pdf You will need to provide a Notarized copy of your passport.
Once you get that, find a bank that is located in the US, that has a branch in your country. You must be able to go there in person to set up your signature account. Use your ITIN and EIN number to open the account. Your helper in the US may need to provide documentation supporting this information to a local location. You MUST have a US address on the bank statement, but it can be managed online by you as a foreign person.

Or


You can have a friend or family member that you trust who lives in the USA (with a SS#) open up a checking account and be an authorized signer on the account.

5. After this process, you may ask: Can I get taxed in the USA for Kickstarter Funds?
The easiest answer is a small portion of your funds will need to be taxed in the US order to legally run the Kickstarter Campaign. Your foreign company must eventually “pay” the US company for providing the service to run the Kickstarter Campaign for them. I would say a good safe number would be 1-3% of the Kickstarter proceeds for services. They must reflect the market value of the work that it took to complete the whole process.
That 1-3% will be taxed in the US at the corporate income tax rate, then whatever is left over can be issued as a liquidating dividend to your foreign company, and taxed in your country appropriately.
The amount that your company eventually received from the Kickstarter Campaign should be taxed in your country depending upon your countries tax laws.

6. Large balance international wire transfers – I swear I am not a terrorist!
You can request the US bank to pre-screen the wire transfer so the department of homeland security will not come and break down your door. It will take a few days, but it is by far in your best interest to do it this way.

MikeA
04-21-2013, 09:15 PM
Thanks for sharing this Harima! This is good info


I report this site, it's very useful for every non US/UK residents that don't have a US/UK helper. Unfortunately the service requires a payment of $1200, dont' know if they accept to be paid after the Kickstarter (maybe adding other money or a percentage of the crowdfunding campaign).

http://www.guenthertax.com/blog/2012/08/how-someone-outside-the-usa-could-start-a-kickstarter-campaign/

I think I ask them to help me.
In addition, there is a guide to launch a Kickstarter for anyone who may have a US helper.


How can a foreign person, not living in (or near) the united states, start and run a Kickstarter Campaign?

These questions always get me excited because they are not the norm, and require a lot of thought and creativity to accomplish. So far so good, I have been helping quite a few foreigners set up Kickstarters. Here are the basics of how I did it:
There are many requirements to start a Kickstarter Campaign. Two big ones are to have a US Entity (LLC or Corp) or Social Security number, and a US bank account. These two requirements alone would deter quite a few foreigners from trying, you would need someone you knew and trusted in the US to handle that for you. Even then, that person could face tax consequences for running that bank account for you if it is not properly planned (I will cover this in a later post). This leaves very few options to set one up.
The way that I have accomplished this is unique:
1. First things first, I had to start a corporation so that the foreigner(s) would be the sole shareholder(s):
A Delaware Corp is a great idea, they are cheap, provide excellent legal protection, and have a small Franchise Fee for share holders (Typically $225). I can set these up for $550 with a 48 hour rush ($500 without), highly recommended for time constraints of setting up Amazon Payments. I highly recommend you DONT use any of the silly websites that charge you to set up the corporation, they typically charge a mark-up and sometimes yearly fee, most of them do not allow the rush either.
2. Second, I apply for an EIN number - This one is pretty simple and can be done once the Corporation is in place.
If you already have a SS# or ITIN you can get an EIN here (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Apply-for-an-Employer-Identification-Number-%28EIN%29-Online)
3. Next step is to Get a US helper.
This is the tough part. If you are trying to run a Kickstarter campaign, you need to have one.
Amazon Payments needs to confirm that your name is associated with the US address that you live at. Kickstarter also requires this in their own version of verification. The US helper must be available to use their name for Amazon.com and Kickstarter. They must be considered a key role in your team. Giving them the title “CFO” will be enough to accomplish this.
You, as the foreigner can still hold signer privileges on the bank account, but it may be difficult – see below
4. After you get a helper, you need a US based Checking Account
To set up a bank account without my help, you need:


A tax ID number registered with the IRS. You can get one by filling out and mailing in this form: http://www.irs.gov/pub/irs-pdf/fw7.pdf You will need to provide a Notarized copy of your passport.
Once you get that, find a bank that is located in the US, that has a branch in your country. You must be able to go there in person to set up your signature account. Use your ITIN and EIN number to open the account. Your helper in the US may need to provide documentation supporting this information to a local location. You MUST have a US address on the bank statement, but it can be managed online by you as a foreign person.

Or


You can have a friend or family member that you trust who lives in the USA (with a SS#) open up a checking account and be an authorized signer on the account.

5. After this process, you may ask: Can I get taxed in the USA for Kickstarter Funds?
The easiest answer is a small portion of your funds will need to be taxed in the US order to legally run the Kickstarter Campaign. Your foreign company must eventually “pay” the US company for providing the service to run the Kickstarter Campaign for them. I would say a good safe number would be 1-3% of the Kickstarter proceeds for services. They must reflect the market value of the work that it took to complete the whole process.
That 1-3% will be taxed in the US at the corporate income tax rate, then whatever is left over can be issued as a liquidating dividend to your foreign company, and taxed in your country appropriately.
The amount that your company eventually received from the Kickstarter Campaign should be taxed in your country depending upon your countries tax laws.

6. Large balance international wire transfers – I swear I am not a terrorist!
You can request the US bank to pre-screen the wire transfer so the department of homeland security will not come and break down your door. It will take a few days, but it is by far in your best interest to do it this way.

Harima83
04-22-2013, 11:03 AM
We have to help each other. :D