Want to open a US business bank account as a non-resident? Here’s what you need to know:
- Eligibility:
- Your business must be registered in the US with a valid EIN (Employer Identification Number).
- Proof of operations in the US (e.g., lease agreements, customer contracts) may be required.
- Documents Needed:
- Passport and EIN confirmation letter from the IRS.
- Business formation documents (e.g., LLC Articles of Organization or Corporation Articles of Incorporation).
- Proof of a US address (utility bills, lease agreements, or virtual mailbox services).
- Bank-Specific Rules:
- Policies vary by bank and state. Some banks, like Mercury, allow remote account setup, while others may require in-person visits.
- Challenges & Solutions:
- Physical Presence: Use online banks or hire a US-based agent if travel isn’t possible.
- Tax Compliance: File required forms like W-8BEN and work with a tax advisor to stay compliant.
- US Address: Consider virtual mailbox services for a legitimate US business address.
Pro Tip: Call ahead to confirm a bank’s requirements and streamline your application process.
Opening a US bank account as a non-resident is possible with preparation. Start by registering your business, gathering the right documents, and ensuring compliance with US regulations.
Eligibility Requirements for Non-Residents
Getting the green light to open a U.S. business bank account as a non-resident starts with meeting specific eligibility requirements. While it’s entirely possible, ensuring you fulfill the necessary criteria will help you avoid unnecessary delays and complications during the process.
Residency and Business Entity Requirements
To qualify, your business must be a legally registered entity in the U.S. and have an Employer Identification Number (EIN). The type of entity – whether it’s an LLC, corporation, or partnership – doesn’t matter as much as ensuring it’s properly registered in one of the 50 states. Your residency status is separate from your business; you can live anywhere in the world and still meet this requirement.
Most banks will also expect proof of current or planned U.S. operations. This could include documents like lease agreements, customer contracts, or utility bills. For instance, Mercury requires U.S. companies to "already have or plan to have operations in the United States AND already serve or plan to serve U.S. customers within two years" as of March 31, 2025. Since these requirements can vary widely between banks, it’s a good idea to confirm what your chosen bank needs before you start gathering paperwork or planning a trip to the U.S.
Required ID and Tax Documents
Having the right identification and tax documents is crucial. A valid passport is the go-to form of ID for most banks. Some institutions might also ask for a U.S.-issued visa as a secondary form of identification.
An EIN is a must-have for your application. You’ll need an EIN confirmation letter (CP 575) or an EIN verification letter (147C) from the IRS. Mercury Bank, for example, specifically asks for "an IRS-issued EIN document (for U.S. companies only) or an equivalent tax document" along with "an international passport or U.S. government ID for each founder or majority owner of the company".
If you don’t have a Social Security Number (SSN), you might be able to use an Individual Taxpayer Identification Number (ITIN) instead. Additionally, completing IRS Form W-8 BEN may be required to certify that you’re not a U.S. taxpayer. Once you’ve gathered these documents, check state-specific banking policies to ensure everything is in order.
State Banking Regulations
State regulations can play a big role in the account-opening process for non-residents. Some states are known for being more accommodating to international business owners, while others may have stricter requirements.
Wells Fargo, for example, is often considered foreigner-friendly and may open accounts for non-U.S. residents without an SSN or ITIN. However, policies can vary by branch; some locations might require a U.S. street address, while others don’t.
Proximity can also be a factor. Some banks may require your business’s physical location to be near the branch where you’re opening the account. If your business is registered in a different state, you might need a letter from a CPA or company attorney to clarify the arrangement.
To simplify the process, consider registering your business in a state that’s welcoming to international operations and opening your bank account in the same state. This alignment can help avoid unnecessary complications.
"Since all banks have different policies, the most important thing to do is call ahead of time and ask to speak to the branch manager." – Rick Mak, BusinessAnywhere
This advice is especially important since banking regulations and policies can change over time. What worked for someone else in the past may not apply to your situation today. Once you’ve ensured you meet the eligibility requirements, the next step is to gather all the necessary documents to finalize your application.
Documents Needed to Open a US Business Bank Account
Having the right paperwork in order is essential when opening a business bank account in the US. Banks follow strict guidelines to verify your business’s legitimacy and comply with federal regulations. Even a single missing document can slow down the process.
Business Formation Documents
To prove your business is legally registered in the US, you’ll need to provide specific formation documents. The exact paperwork depends on your business structure, but banks universally require proof of registration with a government agency.
For LLCs, this typically includes Articles of Organization, a Certificate of Organization, or a Certificate of Formation. For instance, Wells Fargo mandates one of these documents to confirm LLC registration. Some banks might also ask for your LLC Operating Agreement, though this isn’t always a must.
Corporations, on the other hand, are generally required to submit their Articles of Incorporation, along with corporate bylaws and meeting minutes. Partnerships should be prepared to present a partnership agreement, while sole proprietors operating under a business name may need a DBA (Doing Business As) certificate.
In addition to these foundational documents, some banks might ask for extra verification. A Certificate of Good Standing (or Certificate of Existence) may be needed to confirm that your business complies with state requirements. Similarly, a Certificate of Incumbency, listing your company’s current officers and directors, could also be requested.
Once you’ve gathered your formation documents, the next step is to ensure you have a valid US address.
Proof of US Address
Most US banks require proof of a US address to open a business account. Accepted documents often include utility bills, bank statements, or lease agreements. For non-residents, this requirement can be tricky, as they may lack traditional address documentation.
Some online banks allow you to use your LLC’s registered address, which could be the address of your Registered Agent, along with your business’s trading address and your home address. In some cases, banks might accept the address listed on state documents combined with an EIN Letter from the IRS. However, others might insist on additional paperwork like a lease, utility bill, or phone bill.
If you don’t have a physical US address, consider services like virtual mailboxes or virtual offices. For example, Business Anywhere offers a virtual mailbox service that provides a legitimate US business address, which many banks accept for account opening purposes.
Bank-Specific Requirements
Each bank has unique requirements beyond the standard paperwork, so it’s crucial to check directly with your chosen bank before gathering your documents.
Many banks now require proof of US-based operations to confirm legitimate business activity. This might include lease agreements, customer contracts, tax returns, or utility bills showing US locations or customers. Some banks may even ask for proof of US employees, such as payroll records or pay slips.
Geography can also play a role. Certain banks might require your business address to be close to the branch where you’re opening the account. If your business is registered in a different state, you could be asked to provide a letter from a CPA or attorney explaining the arrangement.
Additionally, banks might ask you to complete a Banking Resolution form or request copies of your Operating Agreement (for LLCs) or corporate bylaws and meeting minutes (for corporations). If you can’t visit a notary in person, consider using remote online notary services to notarize your documents.
For non-US residents, the process has become more challenging. As of March 2025, LLC University reported that all US banks have tightened requirements for non-resident LLC accounts, making it harder to navigate the system.
Before heading to a branch, confirm the required documents and any minimum deposit amounts. It’s a good idea to double-check with the branch manager to ensure you meet all criteria.
Being well-prepared with all necessary documentation will greatly increase your chances of successfully opening a US business bank account.
Solutions for Common Non-Resident Challenges
Opening a US business bank account as a non-resident can be tricky, but the right strategies and tools can make the process much smoother.
Handling Physical Presence Requirements
A lot of traditional banks still require at least one business owner or representative to visit a branch in person to complete identity verification. This includes processes like Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML) compliance.
One way to bypass this hurdle is by working with online banks and fintech companies that don’t require an in-person visit. For instance, Mercury Bank allows foreign entrepreneurs to open a US bank account remotely, no travel needed. If you prefer a traditional bank that does require a physical visit, you can have your documents notarized and hire a US-based agent to handle the branch visit on your behalf.
Once physical verification is sorted, the next challenge is tackling tax and regulatory compliance.
Managing Tax and Compliance Obligations
US financial regulations can be complex, and failing to meet compliance requirements can lead to hefty penalties. One major area to watch out for is FATCA. A notable example is Deutsche Bank, which faced a $186 million fine for inadequate anti-money laundering measures.
For FATCA compliance, you may need to file Form 8938 if your income and residency meet specific thresholds. Additionally, if the total balance of all your foreign accounts exceeds $10,000 at any point during the year, you must file FinCEN Form 114 (FBAR). Forms W-8BEN or W-8BEN-E can also help you claim tax exemptions on US-sourced income.
To simplify all this, consider hiring a professional tax advisor. They can guide you through compliance, and even assist with filing a protective US tax return. This can preserve your right to deduct expenses and establish a tax filing history for your US LLC.
Virtual business services can also play a vital role in supporting your US operations.
Using Virtual Business Services
Virtual business services are a great way to address documentation and physical presence challenges when opening a US bank account. They help establish the necessary US presence and provide the required documentation – all without relocating.
For example, Business Anywhere offers a comprehensive platform that covers US business registration, registered agent services, and virtual mailbox services. Their Basic plan starts at $20 per month and includes unlimited mail scanning and storage, which is often useful for the paperwork banks require during the account opening process.
A registered agent’s address can serve as your business address when forming an LLC, and a virtual mailbox provides a legitimate US address for banking and credit card purposes. However, make sure the virtual mailbox address isn’t flagged as a Commercial Mail Receiving Agency (CMRA), as some banks may reject these types of addresses.
These services can also guide you in selecting the best state for LLC formation, assist with obtaining an EIN, and help you stay on top of ongoing tax and compliance requirements. Before diving in, it’s a good idea to contact the banks you’re considering to understand their specific requirements for non-resident LLC accounts. Then, use virtual services to meet those needs effectively, rather than relying on a one-size-fits-all approach.
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How to Open a US Business Bank Account: Step-by-Step Guide
Here’s a clear roadmap to help you open a US business bank account without unnecessary complications.
Preparing Required Documents
Before you start, make sure your LLC is properly registered and that you have your EIN (Employer Identification Number). Gather all necessary paperwork, including your LLC formation documents, EIN confirmation, and LLC Operating Agreement. For a complete list of required documents, check the Documents Needed section.
Key documents to have ready:
- Passport and foreign driver’s license for identification
- Proof of your LLC’s US address, such as a lease agreement or utility bill
- A US phone number, if available
- Banking Resolution form (if the bank provides one)
- Proof of US operations, like lease agreements, customer contracts, tax returns, or utility bills
It’s a good idea to call the bank ahead of time to confirm their specific document requirements. If the bank allows, email your documents for a pre-review to save time. Once your documents are in order, you’re ready to choose the right bank.
Choosing the Right Bank
Not every bank caters equally to non-resident business owners, and some have stricter requirements for non-US residents. Digital and mobile banks can be a good option, as they often simplify the process and don’t require you to be physically present.
When deciding on a bank, think about the following:
- Fees: Compare maintenance, transaction, and foreign exchange fees.
- Online services: Check how easy it is to manage your account online.
- Customer support: Assess the quality and availability of assistance.
Reach out to banks in advance to confirm their requirements for non-resident LLC accounts. Also, ask if they require a US business address. If you don’t have a US address, services like Business Anywhere offer virtual mailboxes with unlimited mail scanning and storage, starting at $20 per month.
Completing the Application Process
After selecting a bank and confirming their requirements, you’ll need to complete the application process. Most banks require an in-person visit to submit your documents, though some specialized banks allow the entire process to be completed online. Identity verification will always be part of the procedure.
Steps to complete your application:
- Plan for a 1-2 week stay in the US to account for any delays.
- Confirm the minimum deposit amount required.
- Submit all your prepared documents.
- Complete the identity verification process.
- Be ready to explain your business model, expected transaction volumes, and the source of your initial deposit.
Banks may ask detailed questions about your operations and revenue projections, so be prepared. Once your account is approved, make the initial deposit to activate it. Most banks will provide online banking access within a few business days, enabling you to manage your account from anywhere in the world.
Conclusion: Next Steps for Opening Your US Business Bank Account
Opening a US business bank account as a non-resident might seem daunting, but with proper preparation and a clear plan, it’s entirely doable. The process boils down to three main steps: creating your US business entity with a valid EIN, gathering all required documentation, and ensuring transparency throughout.
Start early to account for any unexpected delays and be ready for potential travel if needed. It’s a good idea to reach out to the branch manager beforehand to confirm document requirements and, if possible, arrange for a pre-review.
Once your account is up and running, staying compliant becomes your next priority. Compliance doesn’t end with opening the account – it’s an ongoing process. This includes adhering to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, monitoring for unusual activities, and keeping your bank informed about any major changes in your business .
Chris Wong from Bank of America highlights the value of keeping personal and business finances separate:
"A separate business account provides business owners with the ability to manage their business in one central location."
To simplify the setup process, consider services like Business Anywhere. They offer solutions for US business registration, securing a registered agent, and even providing a virtual mailbox for your US address – all starting at just $20 per month. These tools can help you tackle the remaining hurdles with ease.
FAQs
How can I open a U.S. business bank account as a non-resident without traveling to the U.S.?
To open a U.S. business bank account as a non-resident without traveling to the U.S., there are a few important steps to follow. Start by setting up a U.S. business entity, such as an LLC, and securing an Employer Identification Number (EIN) from the IRS. The EIN is essential for tax purposes and is typically a requirement when opening a bank account.
Once your business entity and EIN are in place, gather the necessary documents. These usually include:
- Proof of business registration
- A valid government-issued ID, like a passport
- Proof of a U.S. address (in some cases, a virtual address might be acceptable)
Some banks allow you to open an account online, while others may insist on an in-person appointment. If visiting the U.S. isn’t an option, consider online banking platforms specifically designed for non-residents. These services often make it easier to set up an account remotely. Having all your documents ready in advance can help ensure the process goes smoothly and minimizes any potential delays.
What steps should non-residents take to comply with US tax regulations when opening a business bank account?
To open a business bank account in the US as a non-resident, you’ll need an Employer Identification Number (EIN) from the IRS. This number is essential because most banks require it for tax reporting purposes. On top of that, you should be aware of specific reporting obligations, such as filing the Foreign Bank Account Report (FBAR). This applies if the total value of your foreign accounts exceeds $10,000 at any time during the year.
Missing these requirements can lead to hefty penalties, including fines for late or incomplete filings. To avoid any missteps, it’s a smart move to consult a qualified tax professional who understands US tax laws for non-residents.
What challenges do non-residents face when proving a U.S. address for a business bank account, and how can they resolve them?
Non-residents often face hurdles when trying to prove they have a U.S. address to open a business bank account. Most banks insist on a physical U.S. address and typically won’t accept virtual mailboxes or P.O. boxes. Adding to the challenge, non-residents often lack standard documents like utility bills or lease agreements in their name, which are commonly used as proof.
Here are a few ways to navigate this issue:
- Use the address of a trusted friend or family member based in the U.S.
- Consider a mail forwarding service that supplies a legitimate U.S. street address.
- Check if the bank accepts alternative documents, such as bank statements or official correspondence.
Since bank policies can differ, it’s a good idea to verify the specific requirements of the institution you’re applying to before proceeding.
