Open a Business Bank Account in the USA

Foreign, non-resident, and even offshore businesses can open a business bank account in the USA. Of course, unless you have the right information and know exactly which bank to open with, this can feel like an impossible task.

But, if you can crack the code and successfully open an account, you’ll unlock huge savings and tap into the most sophisticated banking sector in the world.

Business Bank Account in the USA

Opening a business bank account in the USA for a foreign company is possible. However, to unlock the benefits it can offer, you need to open with the right bank. You also need to meet bank-specific requirements and overcome unique obstacles. To help you open a business bank account in the USA, we detail the account opening process below.

In this article, we’ll not only share who can open a business bank account in the USA but also the reasons why foreign business owners want to open here.

Of course, we’ll share how to overcome the challenges you’ll likely face when opening. And, we’ll cover everything else you need to know about how to start opening accounts as a foreign business owner.

But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your free US Bank Account Opening Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.

Benefits of Opening a Business Bank Account in the USA

Foreign business owners can unlock many benefits when opening business bank accounts in the USA.

However, whether an account in the USA is right for you, will depend on the industry you’re in, where you operate, and where your customers are located. Of course, you also need to know whether US banks can offer the benefits your business needs.

So, with that said, let’s take a look at the benefits foreign business owners can unlock when opening a business bank account in the USA…

Benefits of Opening a Business Bank Account in the USA

  1. No residency requirements
  2. Easier access to US customers
  3. Low-cost payment processing (US entities)
  4. No ties to the US are required
  5. US does not participate in CRS
  6. Can build US credit & access US credit cards
  7. Deposit insurance of $250,000
  8. Access to reliable and credible banks

So, whether you want to reach US customers, build US credit history, or are looking to access reliable banks, opening a business bank account in the USA can offer this and more to foreign business owners.

Additionally, unlike many other jurisdictions, opening a business bank account in the USA does not come with residency requirements. And, not all US banks require proof of ties to the USA.

But, it’s important to note, you shouldn’t open with just any US bank that will accept your client profile. Instead, you should open with a US bank that matches your company’s banking requirements. This will ensure you’re able to unlock the benefits you’re after and get the most out of your business bank account.

So, before you start applying, you’ll need to know whether or not a US bank will accept you and your company.

What Type of Businesses Can Open in the USA?

Business Bank Account USA Types
There’s a lot of confusion on the types of companies that can open business bank accounts in the USA. Especially since the majority of US banks don’t open accounts for foreign businesses.

Like other countries, when banks are determining whether or not to open an account for you, key variables are taken into consideration. Including…

  • The industry you operate in
  • Where your customers are located
  • What your need for the account is
  • Where your business is registered
  • Where your business operates
  • How much you’re willing to pay for the account
  • Whether or not you can afford the minimum deposits
  • Internal bank compliance policies

Of course, there are other variables to consider as well.

For instance, what type of account you want to open, how often your account will be used, and whether or not you can meet bank-specific requirements.

Considering these key variables can increase your chances of opening a business bank account in the USA successfully.

Now, let’s take a look at the specific businesses that can open a business bank account in the USA.

Businesses That Can Open a Business Bank Account in the USA:

Although these businesses can open a business bank account in the USA, it doesn’t mean a US bank will accept them.

And, like opening accounts in any banking jurisdiction, to open a business bank account in the USA, you may be expected to provide a reason for the account. Not to mention, provide proof you have ties to the US.

Again, these specific requests will depend on the bank you decide to open with.

But, here’s a look at some of the most common reasons why businesses require US bank accounts:

As you can see, there are many incentives for a foreign business owner to open a business bank account in the USA.

However, it’s worth noting that not all US banks open accounts for foreign non-resident businesses. Additionally, requirements across US banks can vary dramatically.

So, it’s important you have a valid reason for a business bank account in the USA in case the bank does request for this.

Of course, you’re also going to want to understand the possible challenges you’ll face when applying. This will help you prepare and increase your chances of successfully opening an account.

With this in mind, let’s dive into the challenges you’ll face when you open a business bank account in the USA as a foreign business owner.

Challenges of Opening a Business Bank Account in the USA

Wall Street
Like elsewhere, when it comes to opening a business bank account in the USA as a foreign business owner, you’re going to face challenges.

For instance, if you choose to open with the wrong bank, you may not unlock the benefits you’re after. And, you’ll most likely end up paying unnecessary fees, face possible account closures, and waste time and money in the application process.

Likewise, if you choose the right bank but don’t prepare your application or submit the proper documents, the chances of opening and unlocking the benefits you need will be slim.

So, if you’re not prepared, your application will most likely be denied. Which, in the end, can end up costing you time and money to try and find another US bank that will accept you.

To ensure this doesn’t happen, you need to know the bank-specific requirements and know how to navigate the account opening challenges successfully.

So, before you start applying, familiarize yourself with the possible challenges you could face when opening a business bank account in the USA.

Challenges of Opening a Business Bank Account in the USA:

  • Strict onboarding process
  • Very few US banks offer remote opening
  • Very few US banks accept foreign companies
  • Provide an acceptable address
  • Not able to meet deposit requirements
  • Choosing the wrong bank can waste time and money
  • No ties to the USA
  • No customers in the USA
  • Difficulties opening without a US phone number

Of course, these challenges can vary depending on the bank you apply to and the type of account you wish to open. And, not surprisingly, one client profile may face more challenges than others.

But, avoiding these challenges ultimately comes down to being prepared and understanding which banks (and bankers) will open a business bank account in the USA for you and your company.

And, since not all US banks have the same requirements, it’s important to understand the bank-specific account opening process, quirks, and requirements before applying. That way you’re prepared and can limit the chances of an unsuccessful account opening.

With that said, let’s jump into how you can open a business bank account in the USA and detail what you need to start opening an account today.

How to Open a Business Bank Account in the USA

Houston Texas
Not surprisingly, if you’re looking to open a business bank account in the USA as a foreign business owner you’re going to need to know how to navigate the challenges mentioned above.

Additionally, you’ll need to identify the specific banks that will accept you and understand the bank-specific requirements you need to meet.

With this in mind, let’s take a look at what you’ll need to open a business bank account in the USA.

Documents Required to Open a Business Bank Account in the USA:

  • Two forms of government identification (business owner & all directors)
  • EIN (Employer Identification Number) confirmation letter (for US businesses)
  • Proof of registered company address
  • Articles of incorporation/ organization
  • Personal address of director or business owner
  • Written reason for the account
  • Bank-specific application forms
  • Proof of US address (not at all banks)
  • Proof of US phone number (not at all banks)

US banks have strict onboarding processes for opening a business bank account for foreign businesses. But, not all US banks are the same. In fact, the requirements mentioned above can vary from bank to bank, branch to branch, and even banker to banker.

Therefore, before applying, you should know exactly what is required and whether or not they require additional information or documents from you and your company.

That said, instead of additional documents, the bank may ask specific questions, including:

  • Do you have a pre-existing relationship with the bank you’re applying with?
  • How established is your business?
  • What ties do you and your company have to the US?
  • Is your business considered low or high risk?
  • Can you support the minimum deposit requirements?

Of course, not all US banks will request this information. But, being prepared to answer these questions can be a deciding factor when it comes to opening a business bank account in the USA.

And, if you can’t provide the required documents, overcome the challenges, or choose the proper bank to open with, you’ll likely not be able to open a business bank account in the USA.

That’s why, we detail the entire account opening process, including which banks open accounts for foreign businesses in the USA, how to navigate account opening challenges, and even how to open accounts 100% remotely in our premium report “US Banking for Non-Residents, Foreigners, & Int’l Businesses”.

US bank account without SSN or ITIN
You can access this report (and all of our other premium US banking reports) immediately when you join GlobalBanks USA.

Ready to Open a Business Bank Account in the USA?

If you’re ready to open a business bank account in the USA, you can get started with GlobalBanks USA.

GlobalBanks USA is our dedicated US bank account opening service.

GlobalBanks USA gives you everything you need to start finding and opening US bank accounts for you and your business today. 

When you join GlobalBanks USA, you receive a dedicated account manager to help you navigate your US account opening options.

Plus, you receive access to our library of premium (members-only) US banking reports. This includes proven account opening strategies, client-specific lists of banks, and successful tactics to make the most of US banking.

Of course, you’ll also receive direct introductions to US bankers who are ready to help you navigate the account opening process at top US banks.

To get started, click here to see if GlobalBanks USA  is the right choice for you to start accessing the benefits of US banking today. 

You can also view all of the account opening solutions offered by GlobalBanks on our products page.

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