Who can apply for an american business bank account?

US banking services are now more accessible to businesses and enterpreneurs worldwide, democratizing access to the world’s strongest economy. You can get your own US business bank account thanks to the growing development of neobanks and fintechs, and Globalfy’s help to starting an American company. Continue reading!

What business sectors do the banking providers we work with?

That will depends on the banking provider, but they usually work with E-commerce and Online Services companies, such as D2C or B2C Brands, Dropshipping, Software, Technology, Marketing, and Digital products. Also with, technology service providers, marketing, freelancers, online services, and digital products.

Are you doing business in these sectors and want to open a US company? Do it now, 100% online with us. Therefore, Globalfy clients from these sectors have enjoyed incredible growth in income and business opportunities thanks to the access they’ve gained to US clients, providers, and services, when opening a company there.

What industries do we not work with?

To stay in compliance, many banking service providers prefer to reject applications related to the following sectors:

• Adult entertainment
• ATM operator
• Cryptocurrency or NFTs
• Currency exchange
• Debt collection or consolidation
• Decentralized Autonomous Organization (DAO)
• Direct market/telemarketing
• Gaming/gambling
• Money services business (MSB)
• Nutraceuticals
• Payday lenders
• Promotion of racism or bigotry
• Sales of weapons/firearms
• Sale or distribution of marijuana, cannabis, or CBD products

What are the requirements to apply for a business bank account?

First, to have a business bank account, you need to have an American company. If you don’t have it yet, we can help you do it 100% remotely.

After that, to ensure that they don’t open bank accounts for fraudulent businesses or individuals, the banking compliance team will need to review the documentation you submit before they can approve your application. In fact, this is a mandatory requirement that applies to all banking applications. Consider the following requirements if you plan to open a bank account in the U.S. as a foreigner:

Business document requirements:

• Business formation document for an LLC or a Corporation in the United States.
• EIN verification (CP 575, 147 C, tax return for businesses dated within last two filing years, or screenshot of EIN online verification page)

Beneficial owner document requirements:

• Identification (photo of passport and for US residents or citizens: US driver’s license or any US-issued ID)
• Residential address verification document (utility bill or bank statement. Must be in the name of the individual it is used for. If the document is not in English, it must at least be in Latin characters).

Business description:

• Share the details of your business, this includes; operations in the US market, where you’re selling, where you’re advertising, what you’re selling, and anything else that you think will help us better understand your business and operations.

Online presence:

• Share where your customers can find you online. This includes, but is not limited to a business website, seller page (ex: Etsy, Amazon, eBay, Shopify, etc), and social media. 

We are unable to go into specific details related to each compliance reviewing process because this will depend on the internal policies of each bank. However, the criteria and requirements included here can be considered a baseline to be taken into account.

How to have an american business bank account?

First, you need to choose one of our plans to start your business in the US, to be able to proceed with the banking applications. Remember that banks will find it easier to open a business account that is backed up than one that is not backed up at all. Once you have your business established, you can start looking for a banking provider that is ideal for your type of business and needs. See more information in the following article.