How to Start a Business in The USA by MyUSACorporation - HTML preview

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Articles of Incorporation/Organization

 

To open a business account in the U.S., a company must be registered in one of the US states or D.C., and a representative would submit proof of this entity formation to the bank. The type of documentation required depends on the type of entity formed: a corporation must submit Articles of Incorporation, and an LLC must submit Articles of Organization. Some banks would accept filing receipt instead, but majority require a certified copy of Articles.

 

EIN Confirmation Letter

 

EIN (also known as federal employer identification number) Confirmation Letter (form SS4) is required by all banks to open a business account. The basic reason is that the bank (and yourself) have tax reporting requirements to the Internal Revenue Service (IRS) based on your account information, and the EIN is required as the reporting identification number.

 

Photo Identification

 

Typically a bank would require 2 pieces of identification for the company representative opening the account, at least one of these must have a picture. A passport would work just fine, but make sure its not expired.

 

Proof of Address (Applicant)

 

Banks require the company representative opening the account to submit a personal proof of address. Examples of eligible documents are utility bills, or foreign bank account statements (preferred). Keep in mind - the document MUST be in English. If it's in language other than English it must be officially translated and notarized. Keep in mind, some banks have multilingual bankers, authorized to accept documents in the language they are certified for, but you shouldn't count on that.

 

US Business Address

 

Most U.S. banks will not open a business account without a U.S. physical address. Sometimes the bank will accept the street address of a Registered Agent, otherwise known as a Registered Office. Banks are usually accommodating on this requirement, especially if your type of business is one in which having a physical branch is impractical, for example a company that does business mainly over the Internet.

 

Some banks also require that the U.S. physical location be within a certain distance (e.g. 10 miles) of the bank branch at which you open the business account. For example, you cannot open a business account in New York if your U.S. physical address is in California.