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Aprio Cloud Blog

August 20, 2018 at 12:11 PM

Opening a Bank Account in the United States

Doing Business in the United States, Professional Services Solutions



If you are a business owner in a country like Australia, New Zealand, United Kingdom, or Hong Kong and are looking to expand to the United States (U.S.), you may be wondering how you will be able to open a U.S. business bank account to run your U.S. operations. Banks in the U.S. have very strict policies and require certain forms of documentation when an entity that has foreign ownership opens a bank account. 

Once your entity is registered in the U.S., you may be wondering how to open a business bank account to conduct daily business operations. Since the Patriot Act as signed in 2001, it has become very difficult for a foreign owner of a U.S. entity to open a bank account in the U.S. without assistance.

Typically, a bank will require the following in order to open a U.S. bank account for your business:

  • Federal Tax ID Number (also known as the EIN number) - This number can be applied for online. You can apply for a Federal Tax ID number as long as you have a principal business in the U.S., office, or legal residence in the U.S.
  • U.S. physical business address - Earth Class Mail will provide a registered U.S. physical address for your business, scanned copies of your mail so you can access it 24/7, peace of mind that your unwanted mail has been shredded, and checks deposited to your bank account automatically. This will also help you (and providers like Aprio Cloud) receive and address important IRS or state notices in a timely manner, or receive and pay bills too.
  • Articles of Incorporation - These documents are available to you once you register your business in the U.S.
  • Certificate of Authority - This document may be required for companies formed outside of their respective state they are operating in.
  • Certificate of Good Standing - This document states that your company is current with all filings and fees.
  • Company Director must come to the U.S. to sign paperwork in person
  • Company Director has to provide Photo ID and proof of address to apply for the account

Every bank differs though, so it’s good practice to check the requirements for the bank where you plan to open your bank account.

Once you open your U.S. bank account, you may want to transfer money back and forth internationally. Perhaps you need to fund your U.S. business account for operational purposes, but have open invoices from your clients. Companies like Transferwise offer the true exchange rate found on Google and large SWIFT fees are cut so you are left with more money after the transfer.

Need help opening a U.S. bank account or expanding your business to the U.S? HPC has helped many clients open their U.S. business  bank accounts, assist in where and what type of entity to form, U.S. company formation, and register an EIN number for their company. Schedule a free consultation using the link below to learn how Aprio Cloud can help your business grow.

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Bruce A. Phillips, CPA

About Bruce A. Phillips, CPA

Bruce Phillips is the Partner in Charge of Aprio Cloud, an early adopter of cloud technology for accounting and other businesses. More recently he has been featured by Xero, Expensify, Gusto, Receipt Bank, Jirav, Veem, Bill.com, and Hubdoc, all of whom he has close relationships with.