The United States has the world’s largest economy and the most traded goods. Many multinational businesses open bank accounts in the United States to make business easier for US consumers.
However, opening a US business bank account as a non-resident is a little difficult.
We’ve compiled a detailed guide to help you open a business bank account in the United States, including information on essential paperwork and residence requirements.
Can I open a U.S. business bank account as a foreign entity?
You cannot open a bank account in the United States as a foreign entity. U.S. business bank account requirements imply that your company must be registered in the United States and have an EIN (Employer Identification Number, a unique identification provided to a firm to ensure the IRS can identify it).
Can I open a U.S. business bank account as a non-resident?
Opening a business bank account in the United States as a non-resident should be simple because there are no residency restrictions.
Can I open an online business bank account in the USA?
Most banks will require you to submit paperwork in person, and so, opening a traditional vanilla business bank account in the United States may not be possible online. You can start your application online, but you’ll eventually need to visit the bank and show your paperwork in person. Some specialist banks may allow you to finish the entire process online, although they may have different resources than major financial institutions.
Can I open a U.S. business bank account from abroad?
Because most banks require you to produce your paperwork physically, it is doubtful whether you can finish the entire process from abroad. There are a few exceptions: some specialist banks may be willing to make arrangements to assist you in opening a US business bank account from abroad, and some services may do the same for a fee.
What is the process for opening a U.S. business bank account?
First and foremost, you should discuss your requirements with various institutions to understand their offerings and fees better. After choosing a bank, you can begin creating an account by going online or visiting a local location. The specifics vary for every bank, but new customers must visit the bank in person and submit paperwork. In general, to open a business bank account in the United States, you must present the following documents:
- Documents required for account opening include the director’s photo ID and articles of incorporation/organization.
- EIN Confirmation Letter
- Please provide proof of the director’s personal address and business address. Some banks may require proof that the business address is in the same area and state as the branch, while others may not.
It’s also worth noting that many banks need a minimum deposit to start an account. Before you go to the bank to turn in your documents, ensure you know exactly what documents are necessary and the minimum deposit amount.
Which bank should I choose?
There are numerous national and local banks around the United States. If you already have an account with an international financial organization that operates in America, you can transfer your account over simply. If you’re creating a new account, it’s smart to remain with one of the Big Four banks.
- JP Morgan Chase
- Bank of America
- Citibank
- Wells Fargo
What are the benefits of opening a U.S. business bank account?
There are numerous reasons why opening a U.S. business bank account could be helpful to your company. First and foremost, it will give you quick access to the world’s largest economy, with US spending continuing high despite recent economic downturns. It’s also worth noting that you won’t have to pay high foreign currency fees, and because U.S. institutions are well-known worldwide, you’ll have easier access to international markets.
We can help
Are you looking to expand internationally? Venture Vision 360 has established close business partnerships with neo-banks and traditional banks. Depending on your profile, needs and circumstance we can suggest the best banking option.
Frequently Asked Questions (FAQs):
- Can I open a U.S. business bank account as a foreign entity?
No, a U.S. business bank account requires business registration in the USA and an EIN. - Can I open a U.S. business bank account as a non-resident?
There are no residency requirements for opening a U.S. business bank account as a non-resident. - Can I open an online business bank account in the USA?Most banks require in-person visits, but online applications may initiate the process.
- Can I open a U.S. business bank account from abroad?
It’s unlikely due to in-person document requirements, but some specialized banks or agencies may facilitate it. - What is the process for opening a U.S. business bank account?
Discuss needs with banks, choose one, start the process online or in-branch, and provide the required documents. - Which bank should I choose?
Consider national and local banks, with the Big Four (JP Morgan Chase, Bank of America, Citibank, Wells Fargo) being recommended. - What are the benefits of opening a U.S. business bank account?
Access to the leading global economy, eliminating foreign exchange fees, and enhanced access to global markets. - Are there residency requirements for U.S. business bank accounts?
No, there are no residency requirements for U.S. business bank accounts; non-residents can open accounts without issues.
