Depending on a single joint venture partner, relying on a solitary source for leads, or working with only one supplier or vendor can leave you vulnerable to a single point of failure.
But perhaps the most crucial area where you should avoid being a “one” is banking. Having just ONE BANK ACCOUNT can be a recipe for disaster.
If that account is closed, frozen, or otherwise inaccessible, your business could be brought to its knees.
That’s why it’s crucial to diversify your banking relationships and work with multiple partners. Doing so will ensure that your funds are protected and your business can continue to operate even if one bank account is compromised.
So, if you rely on just one bank account, it’s time to diversify. Don’t let the worst number in business bring you down – instead, take control of your financial future by working with multiple banking partners.
You must find an alternative U.S. bank account to continue operating your business. Fortunately, our team is here to help. We specialize in assisting non-resident business owners like you in setting up an alternative banking solution quickly and efficiently.
If you do not have a U.S. company formation, first gain clarity on your best U.S. banking options BEFORE forming a U.S. entity. You want to avoid what so many do: to find a low-priced option only to form the LLC and realize either during the process or after opening a U.S. bank account (even without travel) is impossible.
At NCP, we have experience since 1997, having formed thousands of companies and worked with dozens of banks, brokerage accounts, and online banking platforms. We have the experience to help you fit all the pieces of the puzzle in the correct sequence to accomplish this task.
As we can’t control the banks and their policy changes, we can control how best to form your U.S. company to lead to your best option to establish the bank account. This may involve how the LLC is formed and managed, to a lease agreement without an expensive lease, to match documents and state records to streamline the experience.
What is most important is our relationships with our bankers, our doing things right, and our attraction of successful entrepreneurs who the banks prefer to work with over time. Let us share our current U.S. banking options and recommendations for 2024.
If you or someone you know needs support going into 2024, we can help set up your U.S. entity correctly and have all the resources from sales tax to tax returns.
Here is our link to our U.S. LLC formation packages, with details and what’s included.
Before we get to the banking details, you must know this ONLY works on a U.S. entity, not a foreign entity.
As you know, we do a lot of work in the e-commerce space, and there are “banking” accounts, such as Payoneer and others.
The challenge is that moving money from one currency to another is great, but they are not fully functioning bank accounts. They do not allow for an ACH pull, which is required to automate the payment of sales taxes.