US Bank Account opening process information FAQ

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We provide US and UK personal tax services and Certified Acceptance Agents (CAA) in 4 countries helping people all over the world get their ITIN number(Form W7), EIN number, Form 8233, W-8BEN, W-BEN-E, 1040NR, 1040, SA100.
We understand from our clients query that there are significant confusion around the ITIN or EIN and US Tax filing requirements and tax reclaim process for excess taxes withheld. We have complied the FAQS based on our client query, we hope you find your answers and if you have any further queries, please do not hesitate to contact us. ( Add a link to landing page)
We aim to have your ITIN/EIN application process less stressful, faster by quick response to your emails, arrange for the meetings to certify the passports and complete all the relevant paperwork with flexibility with the time, meeting venue and to locations that suitable to both the representatives and our clients.

US Bank Account opening process information [FAQ]

Non – US Resident Opening a U.S. Business Bank Account for an LLC

Make sure you have formed an LLC, your LLC is approved, and you have obtain an EIN before trying to open a U.S. bank account.

Foreigners (non-U.S. residents) can open a U.S. business bank account for their LLC.

You don’t have to be an American or a U.S. resident alien to open a business bank account in the U.S.

How to open a U.S. LLC business bank account?

We have 3 options for foreigners who want to open a U.S. bank account for their LLC.

  1. Visit the local branch of an international bank

You can open a U.S. business bank account for your LLC by international bank in your location. Some banks like HSBC, Wells Fargo, Citibank, Federal Credit Union banks provides this service.

  1. Appear in person in the U.S.

You can open a U.S. business bank account for your LLC by getting on a plane and flying to the U.S. You will need to open an LLC bank account in the same state where you formed your LLC. Its highly recommend to have the LLC formation done first via US based agents, every banks have a different documents requirement process so you need to check with appointments and document required details prior to booking ticket to USA.

  1. Open a TransferWise bank account

If you don’t want to fly to the US to open a bank account, you can open a TransferWise business account (called a “Borderless” account). You’ll get a US bank account number and US bank routing number.

You can receive US Dollars (USD) to your LLC bank account, exchange to your currency, and then withdrawal to your local bank account.

Many of our clients shared their experience opening a TransferWise account and get paid in US Dollars (USD) to your LLC has been a easier option. Then exchange to your currency and withdrawal to your local bank account.

Do I need an SSN or ITIN to open U.S LLC bank account?

No, you don’t need a Social Security Number (SSN)/ Taxpayer Identification Number (ITIN)  to open a U.S. LLC bank account.

Documents needed to open U.S. LLC bank account

YOU MUST CALL THE BANK AHEAD OF TIME AND TAKE DETAILED NOTES.

As mentioned earlier, all banks work differently. You will need to call ahead of time and ask to speak with the branch manager and tell them you are interested in opening a business account for your LLC and let them know that you are a foreigner (non-US resident).

The following are common requirements for banks:

  • LLC approval from state (stamped/approved Articles of Organization, Certificate of Organization, or Certificate of Formation)
  • EIN Confirmation Letter
  • Operating Agreement
  • 2 forms of identification (like a foreign passport and foreign driver’s license)
  • Proof of address (LLC approval, EIN Confirmation Letter, lease, phone bill, etc.)

Proof of address:
Make sure you call ahead of time about this. Some banks require 1 document to verify your U.S. address (located in the same state where you’re opening the bank account) and some banks require 2 documents to verify your U.S. address. Some banks accept certain documents (like a lease or phone bill) and some don’t. Make sure you get on a phone and fully understand what’s needed before you show up at the bank. It’s always a good idea to call and talk to a second person to verify the information you received from the first call, too, before you make the trip.

How about these banks which are often talked about on google search?

Silicon Valley Bank

Silicon Valley Bank (“SVB”) usually only works with technology startup companies that are located in California and have that have raised money through venture capital. Most businesses need to prepare a presentation and a business plan in order to open a bank account with SVB.

Stripe Atlas

Stripe Atlas is an all-in-one solution for startup technology companies that plan to go public or raise venture capital. Stripe Atlas forms your company, gets your EIN, and opens a bank account.

However, the application fee is expensive (most other banks don’t have application fees) and this is only for startup companies who want to form a Corporation or LLC in Delaware.

Our Fees

We work on a fixed fee policy which is based on the complexity of the work. Our fees are extremely competitive and we strive to provide excellent professional client service at affordable price. Please email or call us for a free consultation and fee quote.

WELCOME TO ITINCAA

ITINCAA (AKA TAXANDACCOUNTING HUB) aims to provide expert solutions to you ITIN, EIN, or US Personal tax-related matters considering the appropriate double taxation treaty rules and correct supporting documentation.

We are IRS Approved Certified Acceptance Agents [CAA] (United Kingdom Head Office), with our IRS representative based U.A.E, India, Singapore.

We also assist foreign nationals who require passport certification with Form W7/CAA Service completion in below listed countries;

Middle East I Saudi Arabia I Qatar I Oman I Turkey I Austria I Germany I Belgium I Croatia I Czech Republic I Denmark I Finland I France I Hungary I Italy I Luxembourg I Norway I Russia I Slovakia I Switzerland I Ukraine I Malaysia I Indonesia I Taiwan I Thailand I Hongkong I Japan I New Zealand I Pakistan I Bangladesh I Sri LankaI India I United Kingdom I Singapore I UAE and other global clients.

Please refer to contact us page for more details on the process.

 

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