Stripe Atlas forms your US LLC and gives you an EIN — but that's where Stripe's work ends. Every Pakistani-owned US LLC must file Form 5472 with the IRS every year or face a $25,000 automatic penalty (7M PKR). Stripe Atlas does not file this for you. You also need an ITIN ($99) as the foreign owner for IRS compliance purposes.
Thousands of Pakistani entrepreneurs use Stripe Atlas to form a US LLC. They get their EIN, open a Mercury account, and think they're done. They're not. The IRS requires annual Form 5472 — and Stripe Atlas never mentions it. Most people discover this only after getting a $25,000 IRS penalty notice.
| Service | Stripe Atlas Provides |
|---|---|
| Form Delaware LLC or C-Corp | ✅ Yes — included |
| EIN (Business Tax ID) | ✅ Yes — included |
| Mercury bank account connection | ✅ Yes — included |
| Stripe Payments integration | ✅ Yes — included |
| ITIN for foreign owner (you) | ❌ No — your responsibility |
| Annual Form 5472 IRS filing | ❌ No — your responsibility |
| Form 1040-NR US tax return | ❌ No — your responsibility |
| Registered agent renewal (after Year 1) | ❌ No — paid separately |
| Pakistan FBR/NTN registration | ❌ No — your responsibility |
Form 5472 is a US IRS information return required annually from every foreign-owned US single-member LLC. It reports transactions between you (the Pakistani owner) and your US LLC — including your initial capital contribution on day one.
Stripe Atlas is a formation service. Once it incorporates your company and delivers your EIN, it considers its job done. Annual tax compliance is a separate, ongoing obligation that requires a tax professional — not a formation service.
The penalty for missing Form 5472: $25,000 automatic per year, per missing form — approximately 7,000,000 PKR. This applies even if your LLC made zero revenue. Even if you just formed the company and haven't started operating yet.
Your ITIN goes on Form 5472 as the foreign owner's tax ID. Apply immediately — takes 7–11 weeks. Don't wait until March when the filing deadline arrives.
Form 5472 must be filed with a pro-forma Form 1120 every year. Cost typically ranges $200–$500/year from a US CPA familiar with foreign-owned LLCs. Worth every dollar to avoid $25,000 penalties.
As a non-US owned entity, your LLC may be required to submit Form W-8BEN-E to Stripe and other payment processors. This certifies your non-US status and may reduce withholding on certain payments.
Delaware requires an annual franchise tax ($50–$400 minimum for LLCs) and an annual report. Stripe Atlas reminds you but doesn't pay it for you. Deadline: June 1 each year.
Step 1 of Form 5472 compliance is your ITIN. Without it, the form cannot be filed. ITIN Plus processes it for $99 — no US visit, IRS certified, US-based.
Get My ITIN — $99 →✅ IRS.gov Listed · 📞 +1 (305) 216-6992
Yes — you have missed at minimum one Form 5472 filing. File immediately. Late filings reduce but don't eliminate penalty exposure. Talk to a US tax professional about late filing and "reasonable cause" penalty abatement requests.
Yes. Zero revenue does not exempt you from Form 5472. Your initial capital contribution (the money you put in to start the LLC) counts as a reportable transaction — which means Form 5472 is required from year 1, even before you make a single sale.
Mercury primarily requires EIN and LLC documents — which Stripe Atlas provides. ITIN is not always required to open the account. However, Mercury's KYC process may request ITIN for enhanced verification in some cases, particularly for Pakistani founders.