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Complete guide on what is required to open a business bank account in United States 2021

Have you started a business in the United States and now you want to start making money from your products and services?

So, it’s time to open a US bank account as a Legal Entity and you are interested in knowing what is required to open a business bank account?

In general, the processes related to starting a business in the United States are very simple, when compared to Latin American countries. This simplicity is also visible in the company’s accounting process!

Unlike here, in the United States you will not issue invoices that verify the entry and exit of money from the company. The accounting of the company is done through the movement of the bank account.

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One of the mistakes frequently made by people who are just starting out is mixing personal finances with those of the company. This failure cannot occur in the United States, because the process of testing the financial movements of the company is practically impossible.

Therefore, opening an account in the United States is a process that must be done quickly!

But after all, what is required to open a business bank account in the United States?

Opening an account in American banks is a very simple process, both for legal entities and for natural persons. To open an account as a Legal Person in the United States, you need two forms of identification.

The first is to carry your valid passport and the second is a credit or debit card from another bank that contains your name. If you have a partner, you will need his documents as well.

what-is-required-to-open-a-business-bank-account

Regarding the company documents, you will need the following documents: Company registration in the State, Letter with the EIN, Business Address in the United States and some banks require a residential address of one of the members or close people to the members.

Company Registration & Business License

Before opening a business bank account, you must register your business with the State Department. In this text, which explains how to open a company in the United States, we share the detailed process of how to do it.

In short, for this you need to provide the state with the name of your company, a business address for it, the name of the owners and their respective addresses.

Some banks require that you also carry your Business License. This registration is made with the Post Office of the county in which your business is located.

To know for sure if you need to bring this document at the time of opening the account as a Legal Person, we suggest that you contact the financial institution directly.

Business address (Virtual Office)

Another important document for you to open an business bank account as a Legal Person in the United States is a proof of business residence.

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It can be an account or correspondence that the state has sent you (it can be the response to the request to open your business).

Tax Identification Number – Tax ID Number

Finally, you must also bring your EIN, which is the equivalent of the Brazilian CNPJ, the RUT in Colombia, the RIF in Venezuela for example. This process can be done with the help of companies specialized in starting a business in the United States.

Frequent doubts related to the account opening process in the United States.

Do I need to be present in the United States to open a bank account?

The direct answer is YES. After the September 11 attacks, the US government suggested that financial institutions have physical contact with customers. 

This is called a patriotic act. However, some smaller banks are more flexible and allow account opening remotely.

How much does it cost to open an account in the United States?

The costs also vary depending on the bank chosen. They generally require a minimum deposit of $ 100 at the time of account opening. Monthly maintenance fees are around $ 15, but when balances exceed $ 2,000, many institutions waive the fees.

Does the bank need to be in the same city and state where my company is registered?

Not necessarily, but if you have the possibility to open the bank account in the same state in which you registered your company, it is better. In Latin American countries there are banking agency schemes, something that does not occur in the United States.

Therefore, by being part of an American financial institution, you can resolve your account-related issues from anywhere in the United States.

How to choose the best American bank for my company?

Each bank has its own characteristics and offers different facilities for customers. Before choosing a banking network, try to find out what the characteristics of each one are.

Take into account the quality of Internet Banking, the tools available and the possible additional levels of security that the bank has to transfer and manage your account remotely.

Written by Admin

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