Setting Up A Business & Bank Account In US

[NameWolf]

Hey Guys,

We'll be visiting US in November and if possible, we would like to try and setup a small business and open a bank account (personal or business) while we are there as most companies such as Paypal require you to have a US bank account if you would like to transact with them.

I would like to get some information on what the requirements would be for a foreigner/tourist to setup a small business and open a bank account in US. Which bank would be the most flexible in terms of opening accounts for non-us residents ? Are laws/rules regarding this more relaxed in some of the states ? If so which ?

Thanks in advance for your time and assistance.

Regards,

 

[Theo]

Do you have a particular bank in mind?

 

[NameWolf]

Hey Acro,

No, we are just looking for a reliable bank which can provide us a good service with the possibility of issuing a debit card which we can use overseas to withdraw from the account.

Regards,

 

[katherine]

Since the so-called patriot act US banks are more picky with foreign residents because they are obsessed about compliance.
But most banks are willing to help if you put up at least $5000 on the table.
For more casual use try Wells Fargo.

It's probably going to be easier setting up a corporation and opening an account for the company, than applying for a personal account.

 

[FuseFX]

You can form a LLC (try incorporate.com -- or as I am trying to do, find a good CPA) and get a Federal Tax ID. That is what my Citi Rep has suggested before he can open me an account in their NYC branch.

 

[Dale Hubbard]

I had a BofA account and it was closed because of the Patriot Act. However, I was then able to open a US checking account at www.eTrade.com - make sure you select the 'brokerage account with checking'. Minimal paperwork. Proper Visa debit card. Check book. Online banking and stock trading. Never had to visit in person. Min. $1000.

 

[happy_martin]

I was in a similar situation earlier this year ...

I got my US company set up with incparadise.com
a good service and pretty painless

I got my US bank account from RealUSbank.com
Very efficient, with Visa Debit card and online banking

Both services I used because I'm English and was ot prepared to visit the US. Both companies let me do all I needed with very minimal requirements online.

Best wishes,

Martin

Oh,

The E*Trade option is very dangerous now. E*Trade are wise to this and will freeze your account if you don't trade in stocks after a year. I have some malaysian friends who could not retrieve their savings for over 3 months until E*Trade reviewed their case. You calso cannot cash company checks or accept inbound wire transfer using E*trade unless they are from your other bank accounts.

Best wishes,

Martin

 

[DomainMagnate]

What would be the main reason to incorporate in US?

~MG

 

[katherine]

What would be the main reason to incorporate in US?

~MG

There are a lot of good reasons. If you do business in the USA for example, a US corporation and US bank account are useful for transactions. Also, it makes sense to own domains through a corporation, for asset protection purposes or to make sure your names don't die with you

 

[sashas]

don't you require a business visa before you can set up a bank account in the US? Some countries, like UK, for example, are exempt from any visa requirement. I'm not sure if others (like OP's Turkey, for example) are

 

[katherine]

Basically you can open bank accounts wherever you want.
In practice though banks are often reluctant to deal with non-resident persons for various reasons including compliance. That is true in the US with the so-called patriot act or the stupid KYC (know your customer) rules enacted over the years. As a result the banks tend to shy away from 'atypical' customers.
But it can still be done.

 

[sashas]

I'm reviving this thread after 3 months to see if the OP has had any luck.


Basically, I find myself in quite a similar situation. I'm leaving the US to go back to India very soon (permanently), and I'm considering setting up an LLC here before I leave. I'm just trying to figure out what the implications would be once I start doing business in my home country. I can put a mid xx,xxx amount on the table for the bank to consider, but just want to know the ease of getting this done.