1) Are we eligible for signing up for US PayPal business account w/o US bank account, US physical address and EIN?
Unfortunately not at this point, before you open an account, you should have everything required, else you really won't be able to do anything with the account until you can provide the necessary information.
Both a US Bank account and US physical Address are necessary for verification and it's also a good idea to link and confirm a credit card. The card serves as a backup funding source and provides additional proof of ID.
As you're planning on setting up a Business Account, you will also need to provide your EIN. In addition, who ever opens the account will need to provide an ITIN. (If you were US citizens, then an SSN would be required.) If the previously mentioned details are not in place before you proceed with setting your account, your account will be limited meaning you won't be able to either send or receive funds.
Many people make the mistake of setting up a business, getting their online site running and then proceed to open a PayPal Account only to realize that they have not met all the requirements for a functional account. They find themselves with a limited account and in the position of having to provide additional proof of ID in order to remove their limits. PayPal can also ask for a photo ID (usually a Driver's License) and a copy of a Utility Bill that shows the business's physical street address and name.
Financial institutions such as banks, credit card issues and 3rd party transaction processors such as PayPal are required by law to verify the identity of the person behind any and all Accounts into which money is collected. This stems from the USA Patriot Act, Title III, Anti-money laundering to prevent terrorism where as institutions put into place reasonable steps to identify beneficial owners of bank accounts and those who are authorized to use or route funds through payable-through accounts.
2) Are we eligible to receive and send payments on US business account w/o US bank account and EIN?
Explained in question 1.
3) Are we required to open US bank account before signing up for business account and receive/send payments?
Explained in question 1.
4) Are we required to get EIN before signing up for business account and receive/send payments?
Explained in question 1.
5) Are we required to to provide any documents other then certificate of formation before signing up for business account and receive/send payments?
Explained in question 1. (Note, normally you're not asked to provide any legal documentation showing you're an LLC or Corp etc., just your EIN).
6) Are there any other requirements we need to satisfy before signing up?
Explained in question 1. (Note, who ever opens the account will be asked for an ITIN.)
If we required to have either US bank account or US physical address, could you please advice us a best option to sign up for PayPal business account?
It would be difficult to make any recommendations as there are many choices. You would have to shop around and find one that meet your needs. As for a US physical address, there are services that can provide you with both a street address and a PO Box. Again you would have to shop around and compare options.
