USA Bank Account
USA Business Bank Account Opening Service
The USA has one of the world’s largest and influential economic systems. It controls around 20% of the world’s total economic output and is intrinsically linked to almost every country in the world. This has made America one of the most popular locations to start a business and by extension, open a business bank account.
Requirements for opening a business bank account in the USA
There are a significant number of businesses in the USA that have non-resident directors. Opening a business bank account in the USA as a non-resident can be challenging but doable. Most banks will require the following information when setting up a new corporate bank account:
- Articles of Incorporation: This document proves the registration of your US entity which is generally issued by the state of incorporation. This document may differ depending on the type of entity that has been incorporated.
- EIN (Federal Employer Identification Number) confirmation letter: This is issued by the Internal Revenue Service and is required for tax reporting purposes.
- An operating agreement: This is a document showing the arrangement among the members of the company outlining the rights of ownership and how the company will be managed.
- A US business address accompanied by a phone or utility bill showing proof of address. In some cases, the EIN can be used as a proof of address.
- A Passport copy along with a secondary form of ID of all signers on the new account.
- A Letter of Good Standing from any existing bank for all signers on the new account.
- A professional reference letter from an attorney or accountant for all signers on the new account
Advantages of business bank account in USA
- Access to one of the world’s most influential economy and market.
- Saves you from having to pay expensive foreign exchange fees.
- Opening a business bank account in the USA gives you access to a lot more resources as certain retail websites will only allow transactions via a USA bank account.
- Banks in the USA are recognised globally, giving you access to a global market.
- Banks in the USA utilise a high level of security to help protect every account.
- You will have a large number of banks to choose from, most of which may have a local branch in your country of residence.
- Banks are widespread in the USA making it extremely convenient to conduct business and bank related transactions from anywhere in the country.
- Many banks in America have a lot of offers to choose from when you start up a business bank account which can provide you with several benefits.
- Major banking institutions in the USA have access to a wide range of resources that you can use to not only improve your banking experience but also assist your business ventures.
- Certain banks will have staff dedicated to helping you 24/7.
- To open a non-resident business bank account in the USA, your business must be registered in the USA, so it is not possible to open a corporate bank account with a foreign entity.
- Majority of banks will require you to visit a local branch and present relevant identification when opening a new bank account.
- Some specialist banks and agencies may be able to assist you in opening a US bank account from abroad. These agencies operate differently in each state, so it is essential to find an appropriate agency in the state that you want to incorporate a business.
- It is difficult to open a bank account online as most banks require you to present all the documents in person. Certain specialist banks can allow you to open a bank online, but they may not have as many resources and offers as the major banking institutions in America. Most banks, however, will allow you to start the application process online but will require you to make an appointment to submit your documents.
How More Group can help you
The business banking experts at More Group have assisted many local and global clients to incorporate a business and open a bank account in one of the most sought after locations in the world. Opening a business bank account for your company is a process that requires close attention to detail to ensure that all documents are in order and that no information is misrepresented. Mistakes in the application can cause a considerable setback. Deciding the right bank and account type is another area where people have difficulty.
Our experts have a lot of experience and can help you make all the best decisions for your business. More Group can make sure your bank account is set up in as little time as possible and does not to interrupt your business activities. We ensure that you will have complete transparency when it comes to the bank account opening process.