USA Bank Account for Entrepreneurs or Non-Residents
Not so long back, maybe just a decade back it was very easy for foreign entrepreneurs with no ties in the US to open up a bank account for themselves or their company with just an e-mail. This was a required step as opening an account in an American bank not only made doing business in the US very convenient. Yet, at the same time one could also avoid the hassle of requiring any foreign currency exchange. Quite simply it was just a simple process that didn’t require any extensive background check or a reference letter or any of the documentation required in the current scenario. But then ever since 9/11 took place things changed big time and it has nearly become nearly impossible to open a bank account in the US for any foreign business because of new regulations in place.
So unless a foreign company is a public company, opening a bank account in a US bank can only be done by a corporate entity that has been incorporated in the US. But then what about those non-residents who have accounts in the US under an offshore company, well thousands of companies are already structured this way and now they are being told to switch to a US entity or close accounts. Well, here are the possible ways for UK residents to open a USA bank account for entrepreneurs or non-residents.
Go to USA
If possible go to US. It can be the best way to open a bank account in the US. Itmay require a long list of documents both individual and corporate therefore it would be best to contact an attorney who can beof some assistance in preparation of the documents. At timesappearing in person could be the way to oversee the process, ensuring things are done in aright and a timely way.
Collaborate with Someone
Ask either friends or relatives in the US willing to assist you in opening a bank account. It might be an easier way out. The solution however comes with its own drawbacks. The biggest being the person entrusted with the responsibility will have access to all funds of the company. In case of not being listed as a co-signer on the account this person would have all the authority to take any action on the account. So be wise when going for something like this.
Hire a Manager in US
For someonewho does not want a partner and intends to keep the ownership, the best alternative is to either hire a manager or a company executive officer. The person will end up being representative of the company at the bank. Say for instance, LLCs require to list a manager on company’s Articles of Organization. But then again this alternative would be very similar to the previous solution that this person would again have exclusive authority to manage the bank account. The only difference here being the manager would need to be compensated with a salary while in a previous case compensation with shares might work. For granting this person an authority to represent the company a Certificate of Incumbency would need to be issued. The document enlists identities of directors, members and managers. But then along with everything you will also need a passport image, or government issued ID for natural persons & evidence of good standing for your entity.
Requirements for Incorporation
To open a business account in the US, the company needs to be registered in any one of the 50 states across the US, and a representative would be required to submit proof of an entity being formed to the bank chosen. Documentation required depends on type of entity formed and the bank chosen. Overall, the corporation must submit Articles of Incorporation and an LLC must submit Articles of incorporation. As a majority of banks require a copy of the Articles and only a few seem to be working contrary to this aspect.