16 November 2020

Can a Non-US Citizen Open a Business Bank Account?

- 16th November 2020 -

To open a traditional business bank account in the US you need to own a company that is registered in one of the 50 US states. In other words, you cannot open an account for a non-US entity. This applies to any company, from a sole proprietorship to a partnership or corporation.

In addition, you will need to visit the USA to open a full US bank account, which may not be convenient and will certainly be expensive.

The good news, however, is that new digital platforms are starting to provide a range of different options, particularly if you are a non-US resident, which act as a workaround for businesses. This means you could effectively open a US business bank account from anywhere in the world with certain platforms.

For example, a new company such as Mercury is focused on providing business banking aimed explicitly at US start-ups.

What does Mercury offer?

Start-ups can struggle to find the right banking service that is responsive to their needs. Mercury is digital platform focused on entrepreneurs and new ventures based in the US. To qualify, you'll need to have EIN and a government issued ID such as driver's licence or passport.

What do we offer?

We offer Wyoming LLC formation package which includes obtaining of EIN and assistance with opening an account with Mercury.

Understanding how to arrange your banking activities if you are thinking of operating in the US can be challenging. Many businesses are moving away from traditional banking to options such as e-wallets that that are easy to open, don't require you to pay a visit in person and can be used anywhere.

If you are searching for banking options, please contact us at International Formations today to find out how we can help.

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