If you’re looking to do business in the United States of America, one of the most important things you’ll need is a US bank account and you’ll need a dedicated business bank account that meets all your requirements. Although there are numerous choices of banks for Businesses, opening a business bank account as a non-resident may be a little complicated. Damalion will provide as much information as possible on opening an American business bank account for your business.
Advantages of opening a U.S. business bank account as a non-resident business
Establishing a different business bank account is an essential step in running your business, either small or big, and according to the U.S. Business Administration, most business bank accounts offer benefits that personal bank accounts do not.
Opening a U.S. business bank account could be beneficial for your business because It will provide you with easy access to the world’s leading economy and you’ll no longer need to pay hefty foreign exchange fees because U.S. banks are known all over the world. Therefore, you’ll enjoy easy access to global markets.
Here are some reasons why you need a business bank account in the United States of America.
- Limited liability protection
Business bank account helps limit your personal liability by keeping your business funds separate from your personal funds.
- Purchase protection for customers
Many banks give business bank accounts as a business banking option which provide purchase protection for your customers and also protect their personal data.
- Professionalism
A business bank account allows checks to be made out to your business which is a lot more professional than asking customers to make out checks to your name.
- Credit options
Some banks gives an option for a line of credit that you can use in state of an emergency. Most also offer business credit cards that you can use to start building a credit history for your business.
Can foreigners open a US Business bank account?
Yes of course, you don’t need to be a US resident or permanent citizen to open a business account in the US. By principle, you can’t open a business account for a foreign entity which means that before you do anything else, you’ll need to officially register your business in the US and you will be unable to open a US business bank account as a non-resident until your Company has been approved and you’ve been issued with an EIN (Employer Identification Number) which is a unique 9-digit number used by the Internal Revenue Service (IRS) to officially identify your business.
Can a non-resident open an online business bank account in the US?
Unfortunately, by principle most US banks will require you to hand in documents in person, which means that it might not be able to open a business bank account in the USA online.
You’ll need to start your application online, but at some point, you’ll have to visit the bank of your choosing and present your documents in person. However, some specialist banks might allow you to complete the whole process online, but these banks may not offer the same level of resources as other major banking institutions.
Damalion has partnered with several banks to help you open your business bank account in some American leading banks.
Requirements to open a US business bank account as a non resident
Firstly, you should discuss all your needs with a range of banks to get a better understanding of how they work. And after selecting a bank, you can start the process by either going online or heading into a local branch. The specifics differ from bank to bank, but generally speaking, U.S. business bank account requires you to provide the following documents before an account can be opened:
- Photo ID
- Proof of personal address (Utility bill or Driving License)
- Articles of incorporation/organization.
- EIN (Federal Employer Identification Number) confirmation letter. This is required for tax purposes.
- Proof of business address.
Many accounts might also ask for a minimum deposit amount to open the account. Remember, It’s worth checking with your chosen bank before you visit to confirm which specific documents are acceptable.
Today, Damalion offers you solutions to open a U.S. business bank account to help your business access and expand into the America’s market.
There are principles and they are exceptions. We offer tailor-made solutions to our business clients so they can enjoy having an American business bank account to overcome foreign exchange challenges. We also assist you to have multi-currency accounts. Please contact your Damalion expert now.
