Before we can enable your Equix login with access to trade US stocks, you will need to complete a W-8BEN or W-8BEN- E Form and submit to OpenMarkets.
What is a W-8 form?
A W-8 Form is a legal document required by the United States Internal Revenue Services (IRS) that allows foreign investors to claim special tax treaty benefits for dividends and interest payments relating to US investments. Completing a valid W-8 Form allows Australian residents to benefit from a reduced US tax rate of 15% on such payments. Without a valid W-8 form, any dividends or interest payments received as a result of holding US stocks would be subject to the higher tax rate at 30% (the statutory rate of withholding tax in the US).
The two most common types of W-8 forms relevant to OpenMarkets clients:
1. W-8BEN for individuals
2. W-8BEN-E for entities i.e. companies and trust/super fund accounts
Completing your W-8 form online (using eCerts tool)
OpenMarkets has partnered with US taxation agent GlobeTax to handle the registration of W-8 forms on behalf of our clients. To assist you in completing a W-8 Form, GlobeTax offers a secure online portal called eCerts that will guide you through a series of questions, after which your W-8 form will be generated and emailed to you to print, sign and return to OpenMarkets via post.
Follow the steps below to complete your W-8 Form
Register for a free login i.e. provide email and create password, and enter Access Code: USDOCS3014.
Enter your US Account ID: (it will ask you for an account number)
Complete all details online marked with an asterisk (*). All other fields are not mandatory. Note: your ‘non-US tax identifier number’ is your Australian TFN.Download eCerts Step-by-Step Guide here.
Review and confirm/ submit. (Ignore any reference to a charge of US$35 as this is covered by OpenMarkets)