In the past couple of years I’ve been making the majority of my money online by selling digital products on a Squarespace website. I have Stripe set up as the payment processor and I’m able to receive USD and AUD through my Stripe Australia account (price is listed on website in USD). I would declare any income earned on that in Japan for my personal taxes.
Sales have been ramping up quite a bit so I recently started a company in Japan. I thought I should set up a Stripe Japan account under the company name however I just found out that Stripe Japan doesn’t accept any other currency except for JPY. This is obviously not a good thing because Squarespace only allows one currency to be set as its main currency (now it’s USD), so I’ll lose money on every transaction through a bad exchange rate that banks always give (I pretty much only trust Wise to give me a fair rate). There’s an additional 2% currency conversion fee from Stripe (on top of the 3.6% base fee). The majority of my customers are in the US so it makes no sense to list the prices in JPY.
Does anyone know any possible work arounds here that would allow me to earn and payout in USD, under my company name? Would it be possible to continue to use my personal Stripe account in Australia and declare all income under the company name at tax time? I’m assuming this isn’t possible but I’m looking at any possible solutions here. Or should I just accept my bad rates and extra fees? Any help would be appreciated.
by lawd_farqwad