Do you know how to open a business bank account in the U.S.? Having a global company that operates in several countries worldwide is a reality for many entrepreneurs. To participate in the global market, it is necessary to complete a few steps and formalize your company, including having a bank account to carry out your business’s financial transactions. Here, we will cover what you need to know about this process.
Starting a business in the United States is the first step to conquering the global market and having a worldwide business. Contrary to what many people believe, the process of opening a company in the U.S. is relatively simple, and the formalization can be completed in just a few steps.
To operate in the country, you need to have an EIN (Employer Identification Number). During the process, you will need to choose a state to register your company, decide if you prefer the LLC or the CORP model, and contract a virtual address to receive your mail. Finally, you will need to open your business bank account.
Opening a bank account can cause some doubts or even delay the start of your business operations. This is because many traditional U.S. banks do not have a foreigner-friendly process, and often it is necessary to go to the branch in person to complete the opening.
This can represent a difficulty for foreign entrepreneurs since it is not always possible to travel to the country. In addition, the documentation required by traditional banks can also represent a barrier.
What documents are required in traditional American banks?
The processes may vary from one bank to another, but some specific documents are generally required when opening a bank account. They include the following:
- U.S. driver’s license or SSN (Social Security Number)
- Proof of address in the country
- Initial deposit
The requirement of documents such as a SSN and the need to go to the bank branch to complete the opening process can make it difficult for foreign entrepreneurs. This is why digital banks and fintechs have gained prominence in the banking market.
Today, there are already companies, such as globalfy, that allow you to open a business bank account remotely and with the use of a passport.
How to open a business bank account in the U.S. with globalfy
Globalfy is the first American neobank developed for foreign entrepreneurs. The idea is to facilitate the account opening process for entrepreneurs outside the U.S. who often find it challenging to start their business account in the country. Learn what the step-by-step process is like at globalfy!
What documents are required?
To open your account, all you need is an established U.S. company (LLC or CORP) and to provide your state registration document, EIN letter, U.S. address, and a valid passport. This way, you complete the process without the need to submit a SSN or ITIN.
With the process of opening your business, you will have all these documents in hand. If you do not yet have your business formalized in the country, you can count on the support of companies that do this procedure, such as Company Combo.
Do I need to travel to the United States?
You do not need to be in the United States to open your account. globalfy is a digital banking solution, and the entire process is done online and directly from the website.
Does globalfy cater to all industries?
Globalfy provides banking services for startups, digital businesses, e-commerce, and direct-to-consumer (D2C) brands.
In addition to digital and technology companies, globalfy also helps startups, SaaS, technology service providers, marketing service providers, freelancers, online services, and digital assets. This is in addition to companies established to manage investments in the U.S. stock market.
Open your business bank account in the U.S. and participate in the American market
You can also participate in the U.S. market and expand your operations globally! If you have not yet started the process of expanding your business, contact Company Combo and schedule a free conversation with a specialist.
If your company is already established, get to know globalfy today and all the advantages it offers to foreign entrepreneurs. Click here now!