Open a Business Bank Account in the USA

Foreign, non-resident, and even offshore businesses can open a business bank account in the USA. This is true even when the shareholders are foreign non-residents without basic US requirements like a US SSN or ITIN.

Of course, you need the right information and you need to know exactly which bank to apply to. But, if you can crack the code, you and your business can tap into huge savings and tap into the most sophisticated business banking sector in the world.

KEY TAKEAWAYS

• Foreign non-resident business owners are eligible for US business bank accounts
• Non-resident US entities can unlock low-cost payment processing services with US business accounts
• Applying for business accounts as an offshore business can be challenging if you don’t know which bank, branch, or banker accepts similar business types
• Account opening requirements for a foreign-owned business will vary between banks, branches, and even bankers

Feel free to use the table of contents to jump ahead to the sections most relevant to you.

Table of Contents

1. Business Banking in the USA
2. What Are the Benefits of Opening Business Bank Accounts in the USA?
3. Who Can Open a Business Account in the USA?
4. What Are the Challenges of Opening a Business Account in the USA?
5. How to Open Business Bank Accounts in the USA?
6. Do You Want Help Opening Bank Accounts?

Business Banking in the USA

Opening a US business bank account for a foreign company is possible. Businesses need to apply to the right bank, make a qualifying deposit, and pass onboarding due diligence.

Of course, businesses and shareholders also need to meet bank-specific requirements and overcome unique obstacles. The requirements and challenges involve the same obstacles that you will face when opening a US bank account for foreigners.

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

Please note: The information we’re about to share is relatively universal and will apply whether you are trying to open a US bank account from India, Italy, or countries in Latin America. So, if you are looking to open a US bank account from abroad, read on for more details.

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 and foreign business owners unlock business banking services and products they (and their business) need.

What Are the Benefits of Opening Business Bank Accounts in the USA?

Foreign business owners can unlock many benefits when opening business bank accounts in the US. However, whether a business checking account here is right for you, will depend on the industry your business is in, where your business operates, and where your customers are located.

Of course, you also need to know whether a bank here can offer the business banking services your business needs. Also, after you successfully open an account, you need to understand how to keep that account opened and the specific alerts that can come up to make sure you keep your account in good standing.

With that in mind, let’s take a look at the benefits foreign business owners can unlock when opening business accounts here…

Benefits of Opening a Business 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 business credit cards
7. Deposit insurance of $250,000
8. Access to reliable and credible banks

If your business needs to reach US customers, build US credit history, or need access to reliable banks, business banking in the US can offer this and much more…

Additionally, unlike many other jurisdictions, opening US bank accounts for foreigners (and their businesses) does not come with residency requirements. And, proof of ties to the US isn’t always a requirement.

But, it’s important to note, that you shouldn’t apply for business checking accounts with just any bank that will accept your client profile. Instead, you should choose a bank that matches your company’s business banking requirements and offers the services you’re after. This will ensure you’re able to unlock the benefits, products, and services your business requires.

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

Who Can Open a Business Account in the US?

There’s a lot of confusion about the types of companies that can open business checking accounts in the US. Especially since the majority of financial institutions here don’t accept foreign business clients.

Like in other countries, when financial institutions are determining whether or not to accept a business applicant, key variables are taken into consideration.

Key Variables to Consider Before Opening a Business Bank Account in the US:

• The industry your business operates 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
• Whether or not you can afford the ongoing account fee
• Internal bank compliance policies

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

For instance, what type of account you need, how often your account will be used, whether you need a business debit card or credit card, and whether or not you can meet bank-specific requirements.

Considering these key variables can increase your chances of opening an account for your business.

Now, let’s take a look at the specific business types that can apply for an account in the US.

Business Types That Can Open a US Bank Account:

• US company owned by a foreigner
• US business owned by a non-resident
• Non-resident & foreign companies that serve customers in the US
• US company with no US operations
• Foreign company with no US operations
• Foreign business with zero US ties
• Offshore company with zero US ties
• Foreign-owned US LLC

As you can see, there are a variety of different business types that bank here. In fact, if you have a company based in India that conducts business in the US, you can also open US bank accounts from India.

Although these business types can apply for a business checking account here, it doesn’t mean a bank will accept them.

And, like opening business accounts in any banking jurisdiction, opening business checking accounts in the US may require a reason for wanting to bank here. Not to mention, proof of local ties.

Again, these specific requests will depend on the bank you decide to apply for an account with.

Reasons Why Foreign Business Owners Want to Open a Business Account in the US:

• Suppliers based in the US
• Contractors living in the US
• Employees working out of the US
• Managers living and working out of the US
• Interested in investing in the US stock market
• Access payment processing & merchant accounts
• Access to US credit cards

As you can see, there are many incentives for a foreign business owner to apply for a business checking account here.

However, it’s worth noting that not all banks here accept foreign non-resident business applicants. Additionally, requirements can vary dramatically from bank to bank.

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

Of course, you’re also going to want to understand the possible challenges you and your business could face when applying for a business checking account as a foreign business owner. This will help you prepare and increase your chances of successfully opening an account for your business.

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

What Are the Challenges of Opening a Business Account in the USA?

Like elsewhere, when it comes to opening a business checking account here as a foreign business owner, you’re going to face challenges.

For instance, if you choose the wrong bank, you may not unlock the benefits and banking services you’re after. And, you’ll most likely end up paying unnecessary fee charges, 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 and services 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 bank that will accept you and your business.

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 business checking accounts in the US.

Challenges of Opening a Business Checking Account in the US:

• Strict onboarding process
• Remote opening isn’t always an option
• The bank may not 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 US
• No customers in the US
• Difficulties opening without a US phone number

Of course, these challenges can vary depending on the bank you apply to and the type of accounts 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 bank (and banker) will accept you and your business.

And, since requirements vary from bank to bank, 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 start opening business checking accounts for your business today and specifically what you need to start opening an account.

How to Open Business Bank Accounts in the USA?

Not surprisingly, if you’re looking for an account for your business 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 which bank will accept you and your business and understand the bank-specific requirements you need to meet.

With this in mind, let’s take a look at the specific documents you’ll need to submit when applying to open a business checking account.

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

• Two forms of government identification (business owner & all directors)
• EIN (Employer Identification Number) confirmation letter (for a US business)
• 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)

Foreign business owners should be aware that there are strict onboarding processes for opening business checking accounts. Of course, each bank has its own onboarding process. In fact, the requirements mentioned above can vary from bank to bank, branch to branch, and even banker to banker.

Requirements can also vary depending on the type of account or services you’re after. So, whether you’re looking for a basic business checking account, or savings account, or need a business debit card, your requirements will likely vary.

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

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

Questions You May Need to Answer to Open a Business Account in the US:

• 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 and your business support the minimum deposit requirements?
• Can you and your business support the required account maintenance fee?

Of course, there is a chance each bank will request different information. That said, being prepared to answer these questions can be a deciding factor when it comes to opening a bank account for your business in the United States.

And, if you can’t provide the required documents, overcome the challenges, or choose the proper bank to apply to, you and your business will likely be turned away.

That’s why, we detail the entire account opening process, including which banks accept foreign business owners, 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”.

You can access this report (and all of our other premium US banking reports) immediately when you join GlobalBanks USA (more on this below).

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!