A Mercury alternative for founders who live outside the US
Mercury opens accounts for companies formed in the United States and refuses founders who live in 48 countries, Latvia and Croatia among them. Its help centre also warns that the account of a business that does not operate in the US may be locked or closed. A US LLC keeps its yearly IRS and state filings whatever its bank.
Mercury's rules for founders outside the US
Read in Mercury's help centre on 6 November 2026. The pages show no update date.
You do not need to be a US citizen or resident to apply, but the company must be formed and registered in the United States or a US territory and have existing or planned operations in the US (Mercury, eligibility). Mercury calls itself a fintech company, not an FDIC-insured bank: its banking services come from Choice Financial Group and Column N.A.
48 countries and 4 sanctioned zones
No account for founders who live in, or companies that operate in, Cuba, Iran, North Korea, the Russian-occupied regions of Ukraine and 48 countries. These include Afghanistan, Bangladesh, Belarus, Croatia, Indonesia, Iraq, Kyrgyzstan, Latvia, Lebanon, Libya, Nepal, Nigeria, Pakistan, the Philippines, Russia, Syria, Ukraine, Uzbekistan, Venezuela, Vietnam, Yemen and Zimbabwe (Mercury, prohibited countries).
Two EU members are on the list
The test is your country of residence, not your nationality. A national of a listed country who lives elsewhere may still be eligible after review. Latvia and Croatia, both EU members, were on the list we read (Mercury).
The sentence about US operations
Without a US workplace, a US-resident owner or a US identity document, Mercury may ask for more verification at opening or later, and your documents must match the money moving through the account. Then: "If you don't operate in the U.S., don't plan to, or don't have qualifying documentation, your account may be locked or eventually closed." (Mercury, verifying US operations)
The legal address must be a physical address in the United States. A verifiable business address abroad is accepted, but not a PO box, virtual address, mail centre or registered agent address (Mercury, addresses). Mercury also refuses money services businesses, crypto exchanges, adult content, cannabis, online gambling and trusts (Mercury, company structures).
In July 2024 the press reported that Mercury was closing accounts of founders in Nigeria, Ukraine and other countries (TechCrunch). We found no announcement from Mercury itself, so read it as press reporting, and no dated official notice of changes since.
What a US LLC files every year, whatever its bank
These duties come with the company. Moving the money to another bank changes none of them.
For the IRS, a single-member LLC owned by a foreign person is a foreign-owned US disregarded entity. It has no income tax return of its own, yet it must file Form 5472 attached to a pro forma Form 1120 each year, even with no income. Money the founder puts in or takes out counts as a reportable transaction (IRS, Form 5472 instructions).
| Obligation | Rule | When | If missed | Official source |
|---|---|---|---|---|
| Form 5472 with pro forma 1120 | Paper or fax only, no e-filing | 15 April for a calendar tax year; Form 7004 extends it, generally by 6 months | USD 25,000 per form, then USD 25,000 per 30-day period once the failure lasts over 90 days after IRS notice | IRS i5472, i1120, i7004 |
| EIN without SSN or ITIN | Online application closed to you; international applicants call 267-941-1099, fax or post Form SS-4 | By fax generally within 4 business days, by post in about 4 weeks | Mercury asks for the IRS EIN document | IRS SS-4 instructions, IRS EIN page |
| Delaware annual tax | USD 400 per LLC, raised from USD 300 from 1 January 2026; no annual report | By 1 June, for the prior year | USD 200 penalty plus 1.5% interest per month | Division of Corporations, HB 400 |
| Wyoming annual report | Tax of USD 60, or two-tenths of one mill per dollar of Wyoming assets if higher | First day of the anniversary month of formation | Administrative dissolution if not filed within 60 days | Wyoming Secretary of State |
| BOI report to FinCEN | Companies created in the US are exempt, foreign-owned ones included | Final rule in force since 14 August 2026 | Nothing to file | FinCEN |
Some pages, Stripe Atlas documentation included, still show the old USD 300 Delaware rate (Stripe Atlas). The official texts we read do not say in which year the first USD 400 payment falls due; ask the Division of Corporations.
For card payments, Stripe accepts a US company "even if you operate in another country" and wants the address where most of the business activity takes place (Stripe, US account). For a single-member LLC it asks for the owner's SSN or ITIN first; a non-American gives a nationality and then the EIN (Stripe, sole proprietor data). Non-resident owners must show an identity document once volume passes USD 500,000 (Stripe, verification FAQ). If Stripe has already frozen your payouts, see what to do when Stripe closes an account.
A Latvian SIA with an account in the EU
The company, its address, its account and its payment provider in the same country.
Several providers filter first on where the business is registered, and a Latvian SIA (limited liability company) passes that filter. It does not decide for them: each provider still checks the company and the people behind it. If you were sold an "EU LLC", our page on the European counterpart of a US LLC sorts out the terms.
Wise Europe
The business "must be organised or registered in the EEA-territories", one Wise Business account per business (Wise Europe terms). Latvia is among the countries where Wise lists account opening (Wise help).
Revolut Business
The company must be registered and able to prove its physical presence in the UK or the EEA. The applicant must live in the UK, the EEA, the US, Australia, Singapore or India, or a few listed territories (Revolut help).
Banks and payment institutions in Latvia
Latvian law bars credit, payment and e-money institutions from serving a shell arrangement that has no real economic activity and is registered where no annual accounts must be filed. An SIA files public accounts, but it must still document real activity (AML law).
Stripe and PayPal on the SIA
Stripe signs up Latvian companies directly (Stripe global). It asks for an entity, a physical address and a physical bank account in the country: "This can't be a virtual bank account." (Stripe). PayPal's Latvian user agreement admits a business registered in Latvia (PayPal).
What a provider can check on a Latvian SIA
Anyone can read the commercial register and the documents filed there (Commercial Law). The board declares that the company can be reached at its legal address (Register of Enterprises). An accountant, employed or under written contract, records entries within 20 days of month-end (Accounting Law). A small company files its annual report within 5 months of year-end and the Register publishes it (Annual Reports Law). Its VAT number can be checked in VIES.
Latvia checks substance too. The State Revenue Service (VID) refuses or cancels a VAT number when the company cannot be reached at its legal address or cannot show the capacity for its declared activity (VAT law), and it can suspend a company and order banks and payment providers to stop its settlements (law on taxes and duties). A director who holds the post for someone else, or an address with nothing behind it, is what these rules target. Tell each provider the real facts: where you live, where your customers are, what you sell. Our page on substance in Latvia sets out what that means day to day.
One point cuts the other way: Latvia is on Mercury's list. It matters only if you move to Latvia and still want Mercury for a US company, because the list looks at where the founder lives. The SIA route does not use Mercury at all.
Balt Partners (FPFM SIA), based in Riga, forms the SIA, introduces it to banks or payment institutions, sets up VAT registration and accounting, and coordinates. You apply to Wise, Revolut, Stripe or PayPal yourself.
US LLC with Mercury, or Latvian SIA with an EU account
From the official sources cited on this page.
| Point | US LLC with Mercury | Latvian SIA with an EU account |
|---|---|---|
| Tax | No return of its own; the IRS taxes a non-resident on US-source income and income connected with a US trade or business (Publication 519) | 20% on distributed profit, base divided by 0.8; retained profit is outside the base (UIN law) |
| Yearly filings | Form 5472 and pro forma 1120 by 15 April; Delaware USD 400 or Wyoming from USD 60 (IRS) | Monthly bookkeeping, public annual report within 5 months for a small company (Annual Reports Law); VAT registration before the first service to a business client in another member state (VAT law) |
| Account conditions | US company with existing or planned US operations, physical US legal address, founder not living in a listed country (Mercury) | Wise Europe: business registered in the EEA. Revolut: proven physical presence and an applicant living in a listed country (Wise) |
| Payment providers | Stripe US: SSN or ITIN asked first, address of the main activity, owner documents above USD 500,000 (Stripe) | Stripe Latvia: entity, address and non-virtual bank account in Latvia; PayPal: business registered in Latvia (Stripe) |
| Closure | Mercury may lock or close an account without US operations; Stripe may close at any time (Stripe agreement) | The same Stripe clause; Wise can close without notice (Wise) |
What no company structure settles
No set-up guarantees that a provider accepts an account or keeps it open: the provider decides. Stripe may close an account at any time under one agreement for US and EEA users (Stripe), and its restricted business lists apply everywhere (Stripe). PayPal's Latvian agreement names an abnormal number of claims and chargebacks, and a fast rise in volume, as signs of risk, and unlike the US agreement it sets no 180-day cap on holding funds (PayPal). Payoneer excludes anyone who lives or does business in a country restricted by OFAC, whatever the company's country (Payoneer). See why Stripe closes accounts and what to do when Wise closes yours.
Your home country's rules still apply. The tax residence of a company managed from home and controlled foreign company rules were outside our research: check this with a licensed adviser in your country.
Questions about Mercury and its alternatives
Yes, if the company is formed in the United States with existing or planned US operations, and the founder does not live in a country Mercury refuses. Mercury looks at residence, not citizenship.
On 6 November 2026 the list held 48 countries and 4 sanctioned zones, including Russia, Belarus, Ukraine, Latvia and Croatia.
Mercury's help centre says an account may be locked or eventually closed if the business does not operate in the US, does not plan to, or lacks qualifying documentation. Living in a listed country is a ground for refusal too.
Yes. It files Form 5472 with a pro forma Form 1120 every year, by 15 April for a calendar tax year, on paper or by fax. The penalty for not filing is USD 25,000 per form.
No. Under the FinCEN final rule in force since 14 August 2026, companies created in the United States are exempt, foreign-owned ones included.
One route is a European company with an EU account. Wise Europe requires the business to be registered in the EEA, which a Latvian SIA is, and Revolut requires a UK or EEA company with a proven physical presence. No provider guarantees it will accept or keep an account.