As a non-resident, creating a US bank account is one of the smartest moves you can make when doing business in America. Not only will your United States bank account help you avoid any unnecessary (and expensive) FOREX fees, but it will give you access to any and all online retailers that may only accept funds from US accounts.
But while opening your own US bank account comes with many benefits, the process can be quite challenging, especially if you’re unfamiliar with some of the requirements. Here’s how our San Diego tax consulting office can help guide you on creating your account.
While it can be difficult to set up a US bank account as a non-resident, you have options. The first is a route many business owners go, which is setting up an entity inside the US and setting up a corporate bank account. Moreover, setting up an LLC in the US as a non-resident comes with several benefits that appeal to many overseas business owners and may aid your business, too.
You should expect one to two weeks to complete all the necessary steps for setting up your legal LLC in the US. However, keep in mind that the timeframe may be longer or shorter depending on your unique business and its relevant requirements.
One substantial hurdle for many is that you must be present in the United States to open your account. This means that no matter where you live, you must appear at the bank where you want your account. The good news is that once your LLC has been granted its status, you can then begin setting up your non-resident US bank account.
Opening a corporate bank account is in some regards not entirely dissimilar from opening an account in many other countries. However, you must adhere to the following steps in order to open your LLC and then you can open your US bank account.
Step 1: Articles of Incorporation
Articles of incorporation are proof that your company is registered as a legal entity and may conduct business from inside the US. Your articles of incorporation will be issued from the state in which you are incorporated.
Step 2: Employe Identification Number (EIN)
Your EIN is unique to your business and comes from the Internal Revenue Service (IRS).
Step 3: Operating Agreement
This agreement includes information agreed upon by all business members, including ownership rights, company management, and other pertinent information.
Step 4: Proof of Address in the United States
Your EIN information may meet these needs. However, a utility bill that includes your address may work as well.
Step 5: Passports or Other Government-issued ID for all Account Members
Any person listed in your account must provide either a passport or other officially recognized ID.
Step 6: Letter of Good Standing
You must request, receive, and present a letter of good standing from a bank with which you already have an account. All account signers must present these letters.
Step 7: Professional Letter
Each account signer must include a letter of reference from either an accountant or an attorney.
We know that opening an LLC in the United States and your bank account can feel overwhelming, but we’re here to help. Reach out to Accountants Without Borders today to get one step closer to reaching your next global business goal.
