There is no restriction requiring that the company be a U.S. company.
However, to contribute you must have taxable earned income. If you are a taxpayer using the Foreign Earned Income and Exclusion and it covers the full value of your compensation, you will not be able to contribute.
If you have compensation in excess of the exclusion or use the foreign tax credit instead, you may qualify.
It is possible, using the foreign tax credit, to have taxable earned income, but no tax due. However, the income must appear on the tax return.
Proceed with caution if you have used the FEIE in prior years and wish to stop using this election. A switch from FEIE to foreign tax credit results in the revocation of the FEIE election making the taxpayer ineligible to use the exclusion without written permission from the IRS for five (5) years. Permission is requested by filing for a Private Letter Ruling, for which there is a $2,000 fee.
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