Obtaining an Employer Identification Number (EIN) is an essential step for fintech startups. In this blog post, we will guide you through the process of getting an EIN number, as well as provide information on how to find your EIN, the application cost, and the expected timeline.
How to Get an EIN Number
To obtain an EIN for your fintech startup, you can apply online through the IRS website, which is the most efficient and preferred method.
The online EIN application process is quick and straightforward. Alternatively, you can apply by mail or fax by filling out Form SS-4 and submitting it to the IRS. Non-U.S. applicants can also obtain an EIN by phone.
Apply for an EIN Number
When applying for an EIN, you'll need to provide information about your business, including its name, address, type, and the responsible party's valid taxpayer identification number (SSN, ITIN, or EIN). The applicant entity will also need to provide details about the responsible party, who will act as the primary point of contact for the IRS. Make sure to have this information ready before starting the EIN application process.
Look Up Your EIN Number
If you have misplaced or forgotten your EIN, there are several ways to find it:
- Check your EIN confirmation letter from the IRS
- Look for the number on previously filed tax returns, including excise tax returns
- Contact your bank, as they may have it on file if you opened a business account
- Call the IRS Business & Specialty Tax Line at 800-829-4933 and provide your taxpayer identification number
EIN Application Cost
Applying for an EIN is free of charge. The IRS does not charge a fee to obtain an EIN for your business.
How Long Does It Take to Get an EIN?
- If you apply for an EIN online, you'll usually receive your EIN immediately after submitting the application.
- For fax applications, you need to provide a return fax number, and the processing time is around four business days.
- If you apply by mail, it may take up to four weeks to receive your EIN. For international applicants who apply by phone, the processing time is generally around two weeks.
Conclusion
Obtaining an EIN for your fintech startup is a crucial step in establishing your business and ensuring compliance with tax regulations. By following the steps outlined in this blog post, you can smoothly navigate the process of getting and finding your EIN number. As you continue building your fintech startup, remember to leverage resources and partnerships, such as working with an embedded finance platform like Cybrid, to help you create innovative financial solutions that meet the needs of your customers.
