The United States has the world's largest economy and is the leading global trader. Many international businesses choose to open a US business bank account in order to make doing business with US customers easier. Although opening a business bank account in the United States as a non-resident is difficult, it is entirely possible. In this blog, you will get guidance on how to open a business bank account in the US from abroad.
Please watch the video given below to get more details:
There are numerous reasons why opening a US business bank account could be useful to your company. It will give you easy access to the world's largest economy, with the US consumption remaining high despite recent economic downturns. You won't have to pay excessive foreign exchange fees, and you will have easier access to global markets as US banks are well-known around the world.
As most banks require you to visit and present your documents, it's nearly impossible that you'll be able to complete the entire process from abroad. There is an exception: there are some agencies that can assist you in opening a US business bank account from abroad.
Also read: Easy steps for USA LLC Registration
What is the process for opening a US business bank account?
Many people have friends and family in the United States who could help them open a bank account. Thus you can partner with someone you know from the US. It is critical to understand the person you partner with, who will also be listed as the company representative at the bank. He/she must be trustworthy because this person will have access to all company funds passing through this account.
If you want to keep the ownership, you can hire a nominee director to represent your company at the bank. This solution differs from the previous one - in the 2nd solution you will pay the director with a salary (or one-time payment), whereas in the previous solution, you compensate them with shares or member interest.
Most companies would rather hire a nominee director from a reputable agency (e.g. RTRSupports Limited) than partner with someone.
At the time of opening a US bank account, a company director must appear at the bank in person and bring specific company and personal documents.
Also read: US company formation - registered company vs sole proprietorship
Here are the required documents:
1. Articles of Incorporation/Organization: To open a business account in the US, your company must be registered in the US, and the director must submit proof of this to the bank. A corporation must submit Articles of Incorporation, and an LLC must submit Articles of Organization.
2. EIN: To open a US business account, all banks require an employer identification number (EIN). The basic reason is that the bank (and you) have tax reporting requirements to the Internal Revenue Service (IRS) based on your account information, and the EIN is required as the reporting identification number.
If you don't have an EIN, you can get one from your agent.
3. Photo Identification of the director: A bank asks for 2 pieces of identification from the director opening the account, at least one of these must have a picture.
4. Proof of Address of the director: A bank asks the director opening the account to submit personal proof of address. Examples: utility bills, or foreign bank account statements.
5. Proof of US Business Address: A US bank will not open a business account unless you have a physical address in the United States. The bank will require you to prove that your business address is in the same geographic area and state as the branch.
Many banks require a minimum deposit to open an account. Before you visit the bank to submit your documents, you must check the required documents as well as the minimum deposit amount.
Login to your existing account or register a new if you don't have one. Once you are registered.
Registered accounts gets these benefits:
- Buy various types of services