If you have decided to take your business global, you’re very likely going to need an international business bank account at some point. And what better bank account to get for your business than a US bank account considering much of global trade is done in USD?

So how do you set up a US business bank account in the world’s most valuable market largest capital market with an estimated GDP of $20.94 trillion? 

In this piece, we will show you how to open a US business bank account as a non-resident.

If you have a US company (LLC or C Corp), the US allows you to set up a bank account for your company.

Here’s a piece on how to set up a company in the US. 

Across the US and other international banking systems, there have been updates on anti-money laundering laws. 

Various agencies have done this to bring these systems up to speed with recent technologies. 

In 2014 the US Financial Crimes Enforcement Network (FinCEN) put forward some Know Your Customer (KYC) requirements that banks have had to follow.

These guidelines require individuals to present themselves physically at the bank to open an account. They are called the Know Your Client (KYC) guidelines.

This KYC guideline means US Banks must verify the identity of a client or customer before opening a bank account for them. It also means these banks must assess the risk involved with taking on the customer, to see if they are a good fit.

These requirements are the reason why US banks require that foreigners make a physical appearance in the banking hall to open a bank account. 

But not to worry. Kwanza has partnered with banking providers such as Brex, Mercury, and others to help you set up a US business bank account remotely.

That way, you can create a US bank account for your company without having to travel to the United States.

All you need are your business formation documents, your IRS-issued EIN, a means of identification, and a valid address. You may also need to obtain a working US phone number. Kwanza can help you get all these without any hassle.

You may approach banks like Citi Bank, Bank of America, Wells Fargo, or HSBC. Wells Fargo may open an account for foreigners who don’t have an ITIN or SSN.

You may also be required to provide a US address in which case you can simply use that of your company’s registered agent.

Be sure to call the bank before you begin proceedings. It is much safer to do this. This is because banks have varying policies.

You should call ahead and ask to speak to a representative. You need to inform them that you have a US Based LLC and that you do not have an SSN or an ITIN.

Plan to stay in the US for up to two (2) weeks while you go through these processes.

 

Important Documents You’ll Need

• Your LLC bank certification (articles of organization, Your certificate of formation)
• Your IRS Issued EIN Confirmation Letter.
• 2 valid forms of identification (like your foreign passport, national ID, or driver’s license)

 

A US Phone Number

You will also need a working US number to make sure your dealings with the bank go on smoothly.

 

Beneficial Ownership Document

In the US the Financial Crimes Enforcement Network (FinCEN) requires that banks request this documentation from their customers. This is to prevent various financial crimes such as money laundering.

The bank will provide you with a Beneficial Ownership form so that they can identify the true owners of the company.

 

But there is an easier way to open a US business bank account for your company

Fortunately, there is an easier way to open a US business bank account for your company without having to travel to the United States. 

Kwanza has partnered with banking providers such as Brex, Mercury, and others to help you set up a US business bank account remotely. That way, you can create a US bank account for your company without having to travel to the United States. 

All you need are your business formation documents, your IRS-issued EIN, a means of identification, and a valid address. You may also need to obtain a working US phone number. Kwanza can help you get all these without any hassle.

So there you have it. A detailed guide on how you can open a US business bank account for your company even if you don’t live in the US.

 

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