Nigeria has no comprehensive income tax treaty with the United States. All US-source income is subject to standard withholding rates. An ITIN ensures your payments are processed correctly.
With the naira losing significant value, every dollar earned from US platforms matters. An ITIN unlocks full access to US payment platforms and protects your earnings.
What Is Relay Bank?
Relay Financial is a US business banking platform (FDIC-insured through Thread Bank) that offers up to 20 checking sub-accounts, 50 virtual and physical Visa debit cards, and team expense controls — all free or at low cost. It's a strong alternative to Mercury for Nigerian LLC owners who want more sophisticated financial organization.
Like Mercury, Relay accepts applications from non-US residents who own US LLCs. You need your LLC's EIN and formation documents to apply.
Relay vs Mercury: The Key Differences
- Multiple accounts — Relay allows up to 20 checking accounts (perfect for separating revenue, taxes, payroll, and operating expenses). Mercury has fewer sub-accounts.
- Team controls — Relay lets you set spending limits per card/team member. Mercury is more founder-focused.
- Pricing — Relay's standard plan is free. Relay Pro ($30/month) adds priority support and faster ACH.
- Interest — Mercury offers higher-yield savings options; Relay's standard accounts are non-interest-bearing.
- Stripe — both work with Stripe for Nigerian LLC owners.
Who Should Use Relay (vs Mercury)
Choose Relay if you:
- Have a team and need per-person spending cards with limits
- Want to run the "Profit First" financial methodology with multiple savings pots
- Are running an e-commerce business with complex cash flow management
- Want to separate taxes (set aside 25–30% in a dedicated sub-account automatically)
Choose Mercury if you:
- Are a solo founder or freelancer
- Want the simplest setup with the best Stripe integration
- Want higher-yield savings options (Mercury Treasury)
How Nigerian LLC Owners Apply for Relay
- Form your US LLC — Wyoming or Delaware. Get EIN.
- Apply at relayfi.com — fill in your LLC details, EIN, and upload formation documents.
- Identity verification — Relay verifies your Nigerian passport remotely.
- Account approval — typically 3–7 business days.
- Set up sub-accounts — create accounts for Operating, Tax Reserve, Savings, and any project-specific funds.
- Apply for ITIN via ITIN Plus — $99, 8–14 weeks. Required for annual Form 5472 compliance.
ITIN for Your Relay Bank Account Compliance
IRS CAA · Personal ITIN for Nigerian LLC owners · 8–14 weeks
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