What are the Requirements to open a Bank Account in USA?

Specifically, tWhat are the requirements to open a Bank Account in USAhe company owner uses a company credit card to cover all possible life expenses, which on the other hand lower the company's taxable profit.

Specifically, the company owner uses a company credit card to cover all possible life expenses, which on the other hand lower the company’s taxable profit. In contrast to local LLCs, US corporations are almost never audited by the IRS, especially if they only operate outside of the US.

As a founder, you may have heard of the “famous” Delaware Corporation in exchange with other founders who travel internationally. Then you must have asked yourself whether such a company in the USA could also make sense for you if you would like to expand your company in the USA. Because in the small state of Delaware over 1 million companies have registered. Most of them are even registered as so-called letterbox companies with no actual business activity in Delaware. However, one of the most important thing that is required to open a business in Delaware or any other state of USA is having the Bank account in USA. Any company registration in USA requires a bank account to do their business in US.

One thing you should do as soon as you start living in the United States is to open a bank account. There are many mega banks and locally operating banks in the United States.

An American bank account can do wonders for a business! In particular, small and medium enterprises coming from abroad want to expand their business advantages. If you have customers or partners, you may already know that international transfers are very expensive.

Regardless, the requirements will vary slightly from bank to bank. Some banks require a US address, Internet banks require a Social Security Number (SSN) or foreigners require an ITIN (Individual Tax Identification Number).

What requirements do you need?

Security measures have been increased so that the bank can trust you. Some banks even require a background check before agreeing to open your account. You need to confirm your identity, trustworthiness, place of residence and company. It is easier for business people to set up an account for your company when you have the required documents and confirmations.

When opening an account at an American bank, there are required documents that must be submitted (presented). It may vary depending on the bank, so it is recommended to check the bank’s homepage on the Internet or call in advance.

Here find the required documents:

  • Different Two different valid photo IDs: your passport must be issued + student ID, second photo ID such as driver’s license.
  • ITIN/EIN: This number is assigned to you (or your company) by the IRS (US Tax Authority); This is required to open a business or bank account in the United States. You can obtain an ITIN number from the IRS.
  • Immigration documents: All legal documents including work or tourist visas
  • Address US Address: Most banks require a US address for me to open an account with their bank;
  • Balance Initial Balance: Each bank requires you to maintain a minimum balance in your account (amount varies from bank to bank), which can be anywhere from 10 to $ 500.