There are many benefits to applying for an ITIN especially for people outside of the United States as they dont have a Social Secuirty Card. Lets take a look at some of the reasons why an ITIN is necessary for business in the US as a non-resident.
An ITIN allows for you to pay income tax which is required. Even if you are not allowed to work in the US you will need to pay the taxes due to some of the tax laws. Having an ITIN allows you to file these taxes and tax returns in alignment with the US law.
You can also file for an interest bank account at some economic activities with an ITIN.
You also may be able to get a driver license using an ITIN in countries that accept undocumented immigrants to obtain licenses. Nowadays, 12 states allow people who live outside of the United States to get a license. In those countries, you can use your ITIN for the license.
The ITIN helps to show how many years you live in the US. For example, if you do apply for legal US citizenship in future, getting an ITIN can be necessary for the immigration officers to see how many years you have stayed & paid taxes in the US.
For more information on PayPal, read our blog about ITIN and PayPal.
Read How to get an ITIN for everything you need to know about ITINs and the application process.
Don't wait. Hundreds of entrepreneurs have already started their businesses!Launch My Company