Requirements for opening a US business bank account:
- A handful of documents are required to open an account in the US. You will need to provide your ID proof such as a passport and address proof such as a recent utility bill, tax bill, or a recent bank/credit card statement.
- Online banks need an EIN (Employee Identification Number), SSN (Social Security Number), but if you have ITIN (Individual Tax Identification Number) as a substitute (ITIN has the same number of digits as SSN), they can open an account.
- Highstreet (physical) banks need a nominee director who must have the citizenship of the US.
- Since banks in the US usually send important items like debit cards by mail, you will need to use a real mailing address to open your account.
- A minimum deposit (around $100 to $1,500) is required to open the account. Minimum deposits vary from bank to bank, some banks may also need a $0 deposit. Check with your bank what their minimum international customer deposit requirement is.
- You will need to provide information about your source of funds.
- Many banks will take ID verification from the US embassy. An individual in a foreign country trying to open a U.S. bank account may go to the U.S. embassy in their country, and someone at the embassy may sign the ID form of verification.
You will be required to provide the bank information i.e. where you pay taxes.