One of the leading payment gateways for online enterprises and business owners around the globe is Stripe. Setting up a Stripe account as a South African business owner certainly has its obstacles, but the good news is that it’s not impossible. That said, here’s how you can setup a Stripe account in South Africa in 2023.
In 2023 Stripe is unfortunately not available for use in South Africa due to government laws and regulations. However, there is a caveat to this—registering your business in the United States or the United Kingdom can grant you access to all the features of a Stripe account, you just need to follow a specific process.
Keep reading to find out more about the benefits of opening a Stripe account, as well as the loopholes you can go through to make this a reality!
How Can I Legally Setup a Stripe Account in South Africa?
The good news is that you can legally open a Stripe account as a South African business owner in 2023 by following a specific process. While this isn’t the most straightforward process and will certainly take some time, it can be done! Plus, the benefits of using Stripe for your business transactions are completely worth it.
That said, let’s take a closer look at how you can legally setup a Stripe account in South Africa.
1. Make Sure Your Company Name is Available for Registration
Firstly, you need to register your business name overseas. In this case, we’ll be looking at registering your name in the UK. In order to do this, you’ll want to make sure that your business name is not identical or similar to one that has already been registered overseas.
Essentially, you need to ensure that your business name is as original as possible to avoid running into any problems.
2. Select a Service Address
Absolutely every company that is incorporated in the UK is required by law to have a UK registered office address. Your registered office address will be utilised by HMRC, Company House, and other UK government agencies to send official correspondence to your company, which will then be issued to you.
You will need to select a specific address from which your business will be registered. If you’re wondering where you can find available addresses, Switchpayments.co.uk will be able to assist you with this.
3. Company Director and Shareholder
For the third step of the process, you will need to ensure that your business has a shareholder and a director, as this a requirement for registration. So, if the business belongs to you it is important to register yourself as the single shareholder and director.
That said, if you would like to register a business partner as well, you can simply contact Switchpayments.co.uk to assist with this process. In order to do this, you will need to provide all the relevant information pertaining to yourself and your business partner.
4. Register Your Company
Finally, it’s time to complete the registration process! Once you have filled in the required information, select which password you would like to use and process the payment.
This information will then be reviewed thoroughly. If all is in order, you can then proceed.
Once this has been done, you can login to your account and upload your ID and proof of address. Alternatively, you can also upload a utilities bill or a drivers license.
5. Obtain a Business Bank Account
Next, you’ll need to setup a UK bank account for your business. Now, this is where things can get a little complicated!
The good news is that Switchpayments.co.uk will be able to assist you with this process so that you don’t run into any hiccups and you can proceed as quickly as possible. This will also allow you to setup Stripe so that you can easily receive payouts from Stripe.
Now, the only thing you still need to do is setup your Stripe account and you’re good to go!
Setting Up Your Stripe Account Made Easy
First things first, let’s take a closer look at how Stripe works so that you can understand the benefits better.
Essentially, Stripe works by providing a convenient, reliable payment infrastructure through a single, developer-friendly API. So, what exactly does this mean?
Stripe takes charge of the process whereby the customer provides their card information and receives confirmation that the payment has been made. Stripe has simplified this process and made this very simple for individuals and large companies to make and manage their payments.
So, how can you go about setting up your account? Here’s how in 5 steps:
- Open your Internet Browser and go to https://dashboard.stripe.com/register
- Confirm you are the company representative
- Enter your banking details
- Connect Stripe to your website (Visit https://dashboard.stripe.com/account/apikeys)
- Get the Webhooks (https://stripe.com/docs/webhooks/quickstart)
And there you have it, you’re ready to start growing your business!
If you are struggling with the setup process, you’re not alone.
If you’re looking for a way to have this entire process done on your behalf (including registering your business legally overseas) then we have the perfect solution for you.
Your Problem: SOLVED!
The good news is that there are ways you can ‘cheat’ the system without needing to pay someone an exorbitant fee to do it for you, and not many people know about this (in fact, it’s a very well-kept secret).
Switchpayments.co.uk offers a short yet comprehensive course that details a step-by-step on how to open a UK bank account with lower corporation tax, access to the European market, stable currency, and full use of Stripe.
You’ll get an insiders knowledge on how to register a UK company with a UK address so you can operate from South Africa seamlessly and efficiently so that you can transact with over 150 currencies and open multiple accounts.
Want to find out more? Visit Switchpayments.co.uk for everything you need to know.
Don’t let your business fall behind the rest because of your location, allow Switchpayments to help your business thrive!
