Open US Bank Accounts
Whether you have a Sole Proprietorship or a Corporation in the US, a local bank account is a requirement of initial incorporation and for trading within the country. The US banking system is established and well developed, and setting up an account with one of the leading banks will be incredibly valuable to your business.
The major banks in the US are JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and HSBC. Obtaining the advice from a local accountant is recommended to ensure that you set up the right account for your business and personal needs.
When setting up a corporate bank account in the US, a relatively large amount of documentation is required. This includes, a letter from your company stating the nature of your business, a reference letter from your personal bank or solicitor, a local address and phone number in the state where the bank account is registered, a certified copy of each directors/shareholders passport, and two utility bills less than three months old.
This is required in order to allow the bank to conduct a check on you and consequently decided whether or not you are a suitable company to carry out business with. Additional requirements alongside you bank application, such as proof of identification, may also be required.
Non US resident
If you are a non US resident, the procedure for opening a bank account is slightly different. You will need the help of a US accountant or company formation specialist who will manage the process on your behalf. New legislation now means that your physical presence in the country is not required during bank account set up. Once complete, the bank account provides the usual current account facilities, and a cheque book.
Onshore accounts are formed in the US and are generally used by companies trading in the US. The above requirements must be provided and procedures followed. Your physical presence will be required to finalise aspects of the process. Offshore accounts are formed in a recognised international jurisdiction outside of the US. These are normally used by companies trading outside of the US, but who need a US bank account.
There is provision for every type and size of business in the US, but specialist knowledge of the banking system is advised to ensure compliance with the various processes.
For further information, please do not hesitate to contact us.
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