A business bank account for an LLC is an important part of any business’s success.
However, corporate account opening, especially for a US business bank account, has its challenges as a non-resident foreign-owned LLC.
KEY TAKEAWAYS
- Non-residents are eligible to open US business bank accounts
- Not all banks will accept foreign-owned LLCs
- There are many pros to banking in America as a foreign business owner
- Deposit requirements will vary between bank
If you have the right information and know which bank, branch, and banker to contact directly, opening an account for your LLC is 100% possible. And the effort is entirely worth it.
If you can successfully open an account, you can unlock several unique benefits and tap into one of the most sophisticated banking jurisdictions in the world.
Use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Business Bank Account for LLCs
- Step 1: Determine the Benefits of US Business Banking
- Step 2: Prepare Required Documents for US Business Banking
- Step 3: Overcome the US Account Opening Challenges
- Step 4: Choose a Bank to Open a Business Account With
- Do You Want Help Opening Bank Accounts?
Business Bank Account For LLCs
It can be a challenge to open business bank accounts for LLCs especially if you are a non-resident. But it is entirely possible if you know where to go and how to navigate the account opening process. Read on to learn how to get the best business banking options for your LLC.
For many foreign-owned LLCs and small business owners, it can be a difficult process to choose a bank that offers the benefits you’re after. One that aligns with your banking needs and that also accepts your client profile.
Fortunately, we’re going to share the step-by-step process of how you can successfully open an account for your foreign-owned business.
Before diving in further, if this is your first time visiting GlobalBanks, don’t forget to download your FREE US Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Step 1: Determine the Benefits of US Business Banking
The very first step to opening an account for an LLC is to determine the benefits you’re after. This is because not all banks in America offer the same benefits, products, and services.
So, before applying, it’s important to understand which benefits are important to you. This will help you to pick the bank that’s the best match for your needs.
To help you know what your options are, here’s a list of some of the benefits you can unlock when you open a company bank account for your LLC.
Benefits of Opening US Business Bank Accounts:
- Access to low-cost payment processing
- Ability to establish US credit history
- Business credit card
- Profitable rewards from US credit cards
- Business debit card
- Attractive financing and business loans
- Deposit insurance
- Access to reliable & credible banks
- Limits personal liability
- Easier to track business expenses
- And more…
As you can see, opening a business account for a foreign-owned LLC can be very beneficial.
For many foreign-owned LLCs, opening a separate business account from a personal account can help you track business expenses more efficiently and protect you from liability.
Additionally, opening accounts for an LLC can open the door to many new opportunities, such as financing, business loans, and access to US business credit cards.
Unlike banking in other jurisdictions, the USA has some of the most attractive credit card options in the world. US credit cards are sought after because they offer attractive and profitable rewards you can’t access anywhere else.
If you’re interested in learning more about how to obtain a US credit card, you can uncover the step-by-step instructions on how to unlock the unique benefits of a US credit card in our premium members-only report “US Credit Card Opportunities & Strategies For Foreigners and Non-Residents”.
You can access this report immediately when you join GlobalBanks USA.
You must have the right information to access these benefits.
More specifically, you need to know which bank, branch, and even banker, to speak with directly.
Not to mention, overcome the many challenges foreign business owners face in opening an account.
But, before we dive into the specific account opening challenges, let’s first look at what you need to open a business account for your limited liability company.
Step 2: Prepare Required Documents for US Business Banking
The next step in opening a business account for an LLC is knowing which documents (company and personal) you’ll need to submit when applying.
This is a very crucial step toward successfully opening an account for your business, especially if you’re looking to open a US business bank account for a non-resident LLC. Because if you’re missing even one of the required documents it’ll be a hard “no” to open an account.
To help prepare you for the account opening process, here is a list of the documents you’ll need to submit when applying for a US business bank account as a non-resident LLC.
Documents Required for Opening Business Accounts in the US:
- Operating Agreement
- Articles of Organization
- Business license
- Employer identification number (EIN)
- Bank-specific application forms
- Proof you’re able to support the account opening deposit
- Business address
- Mailing address
- Consent form of registered agent
- And more…
Of course, depending on the bank (and banker) you choose to open with, additional documentation may be required.
But, generally speaking, banks will ask for these documents specifically when you apply for a business account.
In addition to company documentation, the bank may request personal information on the single-member LLC owner or the multiple owners of the company. Including personal identification, an SSN, and a breakdown of each owner’s duties.
So, before applying, it’s important to ensure you have all the proper documentation. That way, you avoid the possibility of being denied an account for your business.
Now, whether you’re a small business owner, have an offshore company, or operate a foreign-owned LLC, meeting these requirements can be difficult. This is especially true if you’re not well prepared for the account opening process.
And, like banking anywhere as a foreign business owner, the account opening process can be tricky.
Step 3: Overcome the US Account Opening Challenges
The biggest challenge foreign business owners face when opening a business account for an LLC is choosing the wrong bank.
Far too often we see foreign business owners applying to random banks that don’t offer the products and services they require or that don’t treat them well.
Doing this, they don’t get the key products or services they need, they find themselves paying outrageous fees, and sometimes they even find their accounts closed suddenly and without notice.
There are a lot of challenges that you can face in the process of opening a bank account. But nearly all of them can be avoided or resolved by just picking the right bank.
To make sure that you know what to watch out for along the way, here’s a look at some additional challenges you may face when opening a business account for your LLC.
Challenges of Opening a Company Bank Account in the US:
- Finding the right bank to open a business account with
- Not being able to meet bank deposit requirements
- Applying at a bank that does not accept foreign business owners or LLCs
- Being unable to provide an acceptable address
- Being unable to navigate strict bank compliance procedures
- Having an incomplete application (i.e. missing documents & information)
Needless to say, there are significant challenges to overcome when you apply for a business account as a foreign-owned LLC.
As mentioned above, the best way to overcome these challenges is to take the time to select the bank you choose to open an account with.
If you make sure ahead of time that the bank offers the benefits, products, and services that you are looking for, accepts your client profile, and requires documents that you can provide, you will save yourself a major headache.
If not properly prepared, you increase your chances of being denied. This is a big deal because most banks here don’t give second chances in applying.
So, it’s very important to apply appropriately and with the right bank the first time around.
In other words, make sure the bank accepts your business type, offers the type of account you need, and that you have all of the required documents ready to submit. That way, you don’t risk being turned away. Or, ruin your chances of applying with other banks in the future.
Step 4: Choose a Bank to Open a Business Account With
The final step in knowing how to open a business account for a foreign-owned LLC is choosing a bank to open a business account with.
Now, as we mentioned, choosing a bank can be a challenging process. Especially, if you’re not sure which banks cater to your client profile, busines type, or meet your banking needs.
Fortunately, GlobalBanks can help – more specifically, GlobalBanks USA.
GlobalBanks USA is the number one US bank account opening service available anywhere. It helps non-residents and foreign business owners open bank accounts in the United States.
This includes the direct one-on-one support you need to find and open a business account with real brick-and-mortar banks that match your business banking needs. Not to mention, in most cases, you can open a business account for your business 100% remotely.
Additionally, you’ll also receive direct introductions to US bankers who are ready to help you through the business account opening process.
Plus, when you join GlobalBanks USA, you receive full access to our library of premium members-only US Banking Reports, our US Bank Database, and a dedicated account manager to help navigate your options.
So, if you’re ready to get started on opening a business account for your LLC today, here’s how…
Do You Want Help Opening Bank Accounts?
If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate US account opening.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new USA bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about opening accounts with GlobalBanks USA, just click here now. Or, contact us directly with any questions!
