Quick answer: Forming a US company as a non-US founder is a five-link chain that has to happen in order: file a Wyoming LLC, get an EIN from the IRS, set up a US business phone number and bank account, then connect Stripe. Each step unlocks the next. A standard setup runs a few weeks, mostly driven by IRS EIN processing. Mizu handles the full sequence for $499, with a same-day EIN add-on for $99 and $399/year for ongoing compliance starting in year two.
Key facts at a glance
- What "operational" requires: Wyoming LLC, EIN, US bank account opening path, Stripe setup, plus a US address and phone number.
- Mizu price: $499 for the full first-year setup. Same-day EIN add-on: +$99. Annual compliance from year two: $399/year.
- Wyoming cost to stay compliant: about $60/year. Delaware franchise tax is $300/year. California's minimum franchise tax is $800/year.
- The most-missed obligation: Form 5472, required for foreign-owned US LLCs, carries a $25,000 penalty per violation if you miss it.
- Timeline: roughly two to four weeks with complete documents. The EIN step is the long pole.
What's the difference between an LLC being "formed" and being "operational"?
Most formation services stop at the Articles of Organization. You get a PDF, a confirmation email, and a vague sense that you are supposed to figure out the rest yourself. That gap, between "LLC formed" and "company that can actually do business," is where most non-US founders lose weeks. Sometimes months.
A Wyoming LLC exists the moment the state accepts your Articles of Organization. But a legal entity and a functioning business are two different things.
You cannot open a bank account without an EIN. You cannot accept payments through Stripe without a bank account. You cannot receive mail or legal notices without a registered agent and a US address. Each step depends on the one before it. The formation sequence works like a dependency chain, and missing one link stalls the whole thing.
The setup sequence, step by step
Here is what the Mizu formation sequence covers, in the order the steps unlock each other.
Step 1: Wyoming LLC filing
Mizu files your Articles of Organization with the Wyoming Secretary of State. Wyoming is the sensible default for most non-US founders in 2026. It costs about $60/year in annual report fees, has no state income tax and no franchise tax, and keeps member names off public filings. Delaware's $300/year franchise tax and California's $800 minimum franchise tax make those states expensive unless you have a specific reason to be there, such as raising venture capital.
The filing includes registered agent service, which Wyoming law requires. The registered agent is the entity that receives legal notices on your behalf. A US business mailing address is included too. All documents land in your Mizu dashboard.
Step 2: EIN application
The EIN (Employer Identification Number) is your company's federal tax ID, issued by the IRS. Without it, you cannot open a bank account, file taxes, or run payroll.
For non-US founders without a US Social Security Number, the EIN takes longer than it does for US residents. The IRS online application is not available without an SSN, so the request goes in by fax, and standard processing typically runs four to eight weeks. Mizu also offers a same-day EIN add-on for founders who need to move faster.
The EIN itself is free from the IRS. What you pay for when you outsource it is the filing preparation and someone else handling the IRS paperwork correctly the first time.
Step 3: US business phone number
A US business phone number is provisioned as part of the package, with 12 months of use included. This matters more than it sounds. Many business services, verification flows, and banking applications ask for a US contact number, and not having one creates friction at nearly every later step.
Step 4: US business bank account
This is the step that stops most founders who try it alone. US banks are not built to onboard non-residents remotely. Most expect an in-person visit, a US address, or an SSN.
Mizu sets up your US business bank account opening path with partner banks such as Mercury or Lili, etc. These are real US business banks with FDIC-insured deposits, ACH transfers, wire support, and a debit card. The application is prepared and submitted for you once your EIN is issued.
Approval is never guaranteed; the bank makes the final decision. What improves your odds is having the EIN, registered agent, and US address already in place before you apply. Founders who apply before those pieces are in order tend to get rejected or stuck in manual review.
Step 5: Payment processing with Stripe
Once the bank account is active, Stripe can be connected. Stripe is the default for most SaaS founders, freelancers, and app developers because it handles international payments, subscriptions, and one-time charges with minimal friction.
Mizu provides Stripe setup support so your company can move toward accepting payments soon after the bank account is confirmed. Stripe runs its own verification and holds final approval, so it helps to have a real, reachable website or product page ready, with product details, pricing, and contact information.
Step 6: Fully operational
At this point your company has a registered Wyoming LLC, an EIN on file with the IRS, a US business mailing address and phone number, a registered agent handling legal notices, a US business bank account, and Stripe set up to accept revenue.
Under normal conditions the full sequence runs roughly two to four weeks with complete documents. The EIN is the long pole; on the standard IRS timeline it can stretch the total, which is why the same-day EIN add-on exists. Everything lives in your Mizu dashboard.
What happens after year one?
Formation is the start, not the finish line. A Wyoming LLC carries annual obligations that come around every year:
- Wyoming annual report: about $60/year, due on the first day of the anniversary month of formation.
- Form 5472: if your LLC has a foreign owner, which it does when you are a non-US founder, you must file this with the IRS every year. The penalty for missing it is $25,000 per violation. This is the single most commonly missed compliance requirement for non-US founders.
Mizu's annual compliance package is $399/year and covers the Wyoming annual report and Form 5472 filing. It is an optional renewal; you can also handle these filings yourself or use another provider.
Missing Form 5472 is not a minor administrative slip. The IRS treats it as a $25,000 penalty. If you manage compliance yourself, put that deadline in your calendar before you forget it exists.
What Mizu does not do
Worth stating plainly: Mizu is not a law firm and does not provide legal advice. If your situation involves complex equity structures, US investor requirements, or specific tax-treaty questions, you will want a US attorney or CPA alongside the formation service. Mizu handles the operational infrastructure: the LLC, EIN, banking path, payments, and compliance filings. The legal strategy layer is separate.
A few situations also fall outside the standard package and need a quick conversation first: multi-member LLCs, Delaware C-Corps for VC fundraising, attaching the service to a US entity you already own, and regulated or non-standard business models.
FAQs
What does "fully operational" mean when Mizu says it? It means your Wyoming LLC is registered, your EIN is issued, your US business bank account opening path and Stripe setup are in place, and your US mailing address and phone number are active. You can work toward receiving payments, paying vendors, and accepting legal notices.
How long does the full setup take? Roughly two to four weeks with complete documents. The LLC files in a few business days, and banking and Stripe follow within days of the EIN being issued. The EIN is the main variable: four to eight weeks by fax on the standard path for founders without an SSN, or same-day with the expedited add-on.
Can I open a US bank account without a Social Security Number? Yes, remotely. Partner banks such as Mercury and Lili onboard non-US founders. What you need is an EIN, a registered agent, a US business address, and a properly filed LLC. Mizu has those in place before submitting the application, which is what improves the odds. The bank still makes the final approval decision.
Will Stripe definitely approve my account? Stripe approval rates are high once you have a US LLC, an EIN, and a US business bank account, but Stripe runs its own review and holds the final decision. A real website or product page with pricing and contact details helps the verification go smoothly. Mizu provides setup support, not a guarantee of approval.
What is Form 5472 and why does it matter? Form 5472 is an IRS information return required for US LLCs with foreign owners. As a non-US founder you almost certainly need to file it every year. The penalty for missing it is $25,000 per violation. It is not optional and it is not widely publicized, which is why it catches so many founders off guard.
Why Wyoming instead of Delaware? Wyoming costs about $60/year versus Delaware's $300/year franchise tax. Wyoming has no state income tax, no franchise tax, and keeps member names off public filings. For most non-US founders running a SaaS, freelance, or digital product business, Wyoming is the right default. Delaware makes sense mainly if you are raising VC and investors require it.
What does the $499 setup fee include? The Wyoming LLC filing (Articles of Organization, first-year registered agent, US mailing address), the EIN application, a US business phone number with 12 months of use, the US bank account opening path, Stripe setup support, and basic compliance guidance. Annual compliance is a separate $399/year starting in year two. A same-day EIN is an optional +$99 add-on.
What happens if my setup cannot be completed? Refunds track the actual progress of the work. Before you start the online setup wizard, you can get a full refund. If you have started the wizard but the core registration documents have not been submitted yet, a partial refund applies. Once the Wyoming registration is filed, only the unused portions of the package are refundable. In the specific case where the company is registered but the bank account application is declined, Mizu refunds a flat $150. Other edge cases are handled individually, so reach out and the team will work it out with you.
If you want to see the full picture before you start, mizufinancial.com has current pricing and what is included at each stage.
