The United States is currently the world’s largest economy, with a nominal GDP of USD$23.0. It’s also among the globe’s fastest-growing economies, a reason most international large-scale businesses find it more appealing to invest in the country. Opening a bank account is among the perquisites for establishing a business in the U.S., which can be complicated for non-residents. But it’s entirely possible.
Read on to learn how to open a business bank account from overseas.
- Research Various Banks
It helps to choose a bank that allows ease of making international wire transfers and foreign currency exchanges. But there’s more you should do than only scratching the surface. Remember, banks operate differently and may have specific requirements that may vary for resident and non-resident applicants. Below are tips to use when looking for an ideal bank:
- Check the banking regulations: Banks don’t have uniform regulations. Thus, it helps to understand the nuances of your preferred institution than looking for banks’ general rules in a country. It’d be best to compare several banks and know how each operates before selecting the one most suitable for your overseas banking needs.
- Compare fees: Banks have specific fee requirements in various stages of the account opening process, as well as for transactions and monthly maintenance. Understanding these specifications will help you avoid unnecessary and expensive fees.
- Contact the bank: You should contact the bank once you’ve made a choice. Ensure you talk to a representative to guide you through the business bank account opening process.
- Consider your business’s structure: Your business’s structure is also an essential consideration. For instance, if you’re planning to establish an LLC in the U.S., you need to do your due diligence and research the particulars of opening an LLC bank account non resident to ensure you’re acting in strict compliance with the law.
Proper research can make opening a business bank account from overseas more straightforward. It provides the correct information to streamline your application process and proceed with less friction.
- Check The Required Documentation
Like it is traditionally, any business operating within the United States needs valid documents to open and manage a business bank account. You can manage a business outside the United States without a Visa, but not if you’re within the country. And you can also open a business bank account without it.
Here are the documents you must have to open a business bank account from overseas:
- Employer identification number (EIN)
- Confirmation letter (for partnerships)
- Social security number (for sole proprietorships)
- Business License
- Certificate of Formation
- Ownership agreements
- Business address
- Personal identification, passport
Please note not all banks may require all the above documents to open a business bank account. However, having them handy would mean less hassle if your preferred bank asks for them.
Moreover, some banks may require a minimum deposit depending on their specific policies.
- Use A Registered Agent To Help With Registration
While overseas, you won’t be able to present your documents to the bank personally. Fortunately, some specialist banks may facilitate the process, but you can still use an agent’s help if your preferred institution doesn’t allow it.
Registered agents will take over the application process and complete it on your behalf. However, it’s best to ensure that you get into a binding agreement and see eye to eye on how you should go about the entire process.
- Fill Out Application Forms
You’ll be required to fill out application forms after document verification. Your agency will liaise with you for detailed input to ensure the legitimacy of information so your application successfully goes through. Your bank may require that you add more information, including your business plan, company structure, and financial statements. So, it’s prudent to ensure these documents don’t misrepresent your business.
- Apply And Wait For Approval
Try giving your bank some time to process the documents and approve them, and they should get back to your agent afterward, who’ll inform you. The approval process should take between 24 and 48 hours, and your business bank account should be ready to use by then.
- Make A Deposit And Activate Your Business Bank Account
Once the application goes through, you may have to make a minimum deposit per your bank’s policy. That’ll activate your account, and you’ll be ready to use it afterward.
Your bank will provide the account details, including specific instructions, routing number, and account number, which you’ll use to fund your account.
Conclusion
Opening a bank account from overseas can be challenging since most banks may require you to present yourself physically. However, it’s way more manageable if you have help within. That said, the services of an agent would be advantageous, making the process more frictionless.
