Publishing on Amazon has not been easy for African authors, especially Nigerians. Today, this post focuses on the financial requirements for you to publish your book on amazon.
Previously, African authors on amazon were able to publish their books and got paid in dollars. To withdraw funds, amazon writes a cheque and they go cash it in their banks. Not so anymore.
1. Foreign Bank Account
Recently, Nigerian authors are now required to enter foreign bank details as a way to receive payments on their amazon accounts. This is where Payoneer comes in.
Payoneer offers non-US citizens the opportunity to own virtual US bank accounts. This accounts can be used to receive funds from amazon.
Tax Identification Number (TIN)
Another important requirement is your TIN number. TIN stands for Tax Identification Number. Amazon wants to know if you pay tax and they require you to enter your TIN number to be able to publish your book and receive payments.
To respond to this, Authors are required to have their personal TIN numbers or the TIN numbers of their registered business which pays tax.