Open a US Business Bank Account for a Non-Resident Company

Opening a US business bank account for a non-resident company can be a massive undertaking. This is especially true if you’re looking for corporate banking solutions, including a business bank account for a foreign-owned LLC, offshore entity, or even a foreign-owned US company.

This is because certain US banks don’t accept non-resident businesses at all. The US banks that accept non-resident businesses typically have strict onboarding requirements, demand government-issued supporting documents like EIN letters, and want proof of a US address, and even a US phone number.

If you do have a US LLC, the best bank for you and your business depends on where you decide to register your US LLC, for example in Wyoming or Delaware. That said, even if you registered a company outside of the US, it’s still 100% possible to open a business bank account in the US as long as you have the right account opening strategy.

KEY TAKEAWAYS

• Non-residents are eligible for bank accounts in the United States
• Not all banks in the US accept foreign businesses
• Deposit amounts vary from bank to bank
• There are important factors you need to consider when choosing a bank

Use the table of contents to continue exploring more information on how to open a US business bank account for non-residents.

Table of Contents

1. Can I Open a US Business Bank Account as a Non-Resident?
2. Can Non-Residents Apply for Business Bank Accounts in the USA?
3. What Are the Benefits of Having a USA Business Account?
4. How Do I Choose Where to Open a US Business Bank Account?
5. What Are the Challenges of Banking in the US as a Foreign Company?
6. How Do Foreign Companies Apply for Accounts in the United States?
7. Frequently Asked US Banking Questions
8. Do You Want Help Opening US Bank Accounts?

Can I Open a US Business Bank Account as a Non-Resident?

Yes, you can open a US business bank account as a non-resident. It’s important to choose a bank that caters to your business type, has account opening requirements you can meet, and offers the services you are after.

We’re going to explain how to open business bank accounts for foreign companies by sharing the step-by-step process below. We’re also going to list the benefits of banking in the US, the required documents you need to submit, your business needs to meet, and common questions you need to ask before starting the application process.

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Step 1: Can Non-Residents Apply for Business Bank Accounts in the USA?

Before you invest any time in the process, you want to know whether or not it’s even possible for you to open a bank account as a non-US-based business.

The good news is that it is entirely possible!

The bad news is that it’s not possible with all US banks. Only a few US banks accept foreign businesses. The banks available to you and your business highly depend on the type of business you have, the industry you’re in, where the business is registered, and many other factors.

Here’s a look at the five client groups that are eligible for business accounts in the US.

Clients Eligible for Business Bank Accounts in the US

• US companies owned by non-residents (including Foreign-owned US LLCs)
• Foreign companies that serve customers in the US
• Foreign companies that have suppliers in the US
• US companies with no US operations
• Foreign or offshore companies with no US operations

Foreign companies owned by non-US residents without customers, suppliers, or anything to do with the US are still eligible for US business bank accounts.

It’s important to note that if your business doesn’t have any ties to the US, it’s going to be harder to find a bank that accepts you. It’s also going to be harder to justify the need for the account… but it’s not impossible.

Even though these businesses are eligible for business accounts in the US, it doesn’t mean account opening is guaranteed.

Fortunately, we show you the ins and outs of the application process to maximize your chances of successfully opening a bank account in the US for your business below.

Before we dive in too far, let’s first discuss the benefits non-residents typically unlock when opening business bank accounts for their foreign companies. This way, you’re able to determine whether banking in the US is right for you and your business.

Step 2: What Are the Benefits of Having a USA Business Account?

A key factor to successfully opening a bank account in the United States for a foreign company is to choose a bank that offers the benefits you’re after.

Just like how not all banks accept foreign businesses, not all banks offer the same benefits.

This adds an extra layer of difficulty in choosing the right bank. Having the right information, however, leads to finding the ideal bank account for your client profile and unlocking the benefits you’re after.

Listed below are the nine most common benefits foreign businesses unlock when opening a US business bank account.

Benefits of Opening a US Bank Account

1. Easier access to US suppliers and contractors
2. Ability to reach US customers
3. Remote account opening (available only in some banks)
4. Don’t have to provide proof of US ties (available only in some banks)
5. Access to low-cost payment processing systems
6. Deposit insurance of $250,000 (amount varies by bank)
7. Access to reliable and credible banks
8. Ability to build US credit history
9. Access to profitable and attractive US credit cards

Opening business bank accounts for foreign companies in the US offers unique advantages and for most people, it also opens the door to new opportunities they don’t have access to in their home country.

US banks offer both high-quality banking services and some of the best and cheapest payment processing options for businesses on the market today.

The most popular reason why many foreign business owners are interested in US banking is US credit cards.

Building a US credit history when you open a US account leads to attractive and profitable rewards with US credit cards only accessible in the United States.

We share step-by-step instructions on how to unlock the attractive rewards offered by US credit cards in our premium members-only report “US Credit Card Strategies for Foreigners and Non-Residents”. If you’re interested in learning how to apply for one today, this report is for you!

Access to this report immediately when you join GlobalBanks USA (more on this below).

Before moving on, it’s important to note that the benefits available to you depend on your client profile, banking needs, and the bank you choose to open an account with.

Unlocking any of the nine benefits mentioned above, including US credit cards, requires careful consideration, preparation, and the right financial institution.

We share exactly how to do just that in the following section below.

Step 3: How Do I Choose Where to Open a US Business Bank Account?

The most important part of your account opening strategy is understanding your client profile. This includes your desired banking needs and the requirements you’re able to meet. All of these factors are key to choosing the right financial institution.

Choosing the wrong bank typically results in immediate rejection.

We want to make sure that this never happens to you. Here are 12 questions to ask yourself to determine whether or not you’ve chosen the right bank.

Questions to Ask When Choosing Between Banks in the USA

1. Does the bank cater to your client type? (eg. clients with your citizenship, residency, business industry, business type, etc.)
2. What is the account opening deposit?
3. What does the bank charge for a monthly maintenance fee?
4. Does the bank charge any other account fees?
5. Does the bank offer remote account opening?
6. Does the bank offer the banking services you require?
7. Are there any account restrictions on the type of account you’re looking to open?
8. Does the bank offer deposit insurance?
9. Does the bank offer all the benefits you’re after?
10. Does the bank charge fees for international transfers?
11. What does the bank charge for withdrawing money internationally?
12. Can I support the bank’s required documents?

Yes, it’s a long list, but it’s crucial to ask yourself and your bank all these questions before settling with a financial institution.

The last question, in fact, is one of the most important questions to ask. This is especially true since it lays out what you need to open a bank account as a foreign business owner.

Below is a list of the nine common account opening requirements foreign businesses need to expect to meet when opening a US business bank account.

Company Account Opening Requirements

1. Bank-specific application forms
2. Two forms of government-issued identification (business owners & all directors)
3. Employer Identification Number (EIN)
4. Articles of organization
5. Reason for opening an account in the US
6. Account opening deposit (varies by bank)
7. Proof of company address
8. An acceptable US address (not at all banks)
9. Proof of US phone number (not at all banks)

One essential document that you need when applying to open an account in the United States for your foreign company is your EIN.

The required documents vary from bank to bank, branch to branch, and even banker to banker. This is why it’s important to understand the bank’s account opening requirements your specific client profile needs to meet before beginning the application process.

Ignoring the requirements results in being turned away and lowers your chances of applying at the same bank.

Understanding the exact documents you need to submit is challenging, however, it isn’t the only challenge foreign companies face. We discuss the common challenges foreign businesses face when applying for a bank account in the US.

Step 4: What Are the Challenges of Banking in the US as a Foreign Company?

Opening a bank account for a foreign company, whether it’s in the US or other banking jurisdictions, is an extremely challenging process to navigate.

The biggest mistake foreign companies make is going into the application process unprepared. Meaning, they don’t know which US banks accept them and they don’t know the documents they need to submit.

Before starting the application process, it’s important to be aware of the challenges you’re going to face when applying for a bank account in the US as a foreign non-resident business owner.

We share nine of these challenges below.

US Account Opening Challenges

1. Don’t know which bank accepts your client profile
2. Unable to navigate the strict onboarding process
3. Unable to meet the required deposit level
4. Unaware of the hidden account opening quirks
5. Unable to find a bank that offers remote account opening
6. Mistakenly choosing a bank that requires proof of ties to the US
7. Difficulties opening without a US phone number
8. Unable to provide an acceptable US address
9. Choosing a bank that doesn’t accept foreign businesses

Understanding how to navigate these challenges is a crucial part of knowing how to open a US account for your foreign company. It’s also a critical factor in whether or not you successfully open a bank account.

Luckily, nearly all of these challenges are possible to overcome by having a strong account opening strategy. This means taking the time to pick the right bank for your client profile and properly preparing yourself for the application process.

Read on below to see how to start preparing an account opening strategy today.

Step 5: How Do Foreign Businesses Apply for Accounts in the United States?

Developing a strong account opening strategy all starts with finding the right bank. More specifically, a bank that serves your banking needs and accepts your client profile.

We’ve put together a comprehensive database of all the best US banks to help you find the right banks for you and your business. We’ve even done the legwork to see which ones actually accept foreign businesses.

If you’re interested in opening a bank account for your foreign company, there’s no better way to get started than with  GlobalBanks USA.

GlobalBanks USA provides you with the information you need to find the best bank for you, learn the ins and outs of applying, and get the direct one-on-one support you need to find and open accounts with real brick-and-mortar banks successfully.

We help you through every step of the process, whether you’re having a difficult time providing specific documents, unable to overcome certain challenges, or just unsure of the next step you need to take.

Frequently Asked US Banking Questions

Below are two of the most common questions we receive from people exploring how to open a US business bank account for a non-resident. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.

Which US Bank Can Open Accounts for Non-US Residents?

Most US banks can open accounts for non-US residents. However, the acceptance criteria at each bank vary depending on the clients they serve, their geographic location, and deposit levels. Additionally, certain banks have specific preferences for citizenship, residency, banking objectives, and service requirements.

Can You Open Business Bank Accounts in a State I Don’t Live In?

Yes, you can open a business bank account in a state you don’t live in. Most banks, however, have a preference to support businesses with local operations and a local address. This is why bank selection is an important factor to consider when choosing a bank to open an account with.

Do You Want Help Opening US 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!