Establishing a U.S. bank account for a U.S. entity requires not only the right steps, documents, but also finding the bank that is willing to create the account without a local office site inspection, or personal U.S. utility bill for the signer.
NCP has worked with several banks since 1997, and we understand their concerns and compliance guidelines to help you navigate your U.S. bank account set up.
Is Travel Required to Establish a U.S. Bank Account for a U.S. Entity?
Let’s cover the most critical question, is travel required? Yes, travel is required, but even then, most banks will not set up the account for you. See our case study below.
[New Banking Option Without Travel]: We have access to a new banking option, which is a fully functioning bank account with the ability to do an ACH pull (which is vital for automating sales tax compliance), and other major bank features. See details below.
Case Study: One of our clients had a Citibank account set for a US LLC. They were coming to an event in Las Vegas (before COVID-19), and we suggested they attempt to use the same bank for their new LLC. Citibank (as most banks may likely do) said they treat each new bank account as a separate set up for a new entity.
Citibank now requires a U.S. personal utility bill of the signers and an office site inspection. They were not able to just add a new bank account, even though they had a previous account that is still open. In the end, they used our service with another major bank, the personal U.S. utility bill was not required, nor the office site inspection.
The great news is that our clients were able to go to our recommendation and service and set up their account for their new LLC the same day.
Common and Important Banking Q & A with Travel to Las Vegas:
1. Do both partners need to be at the branch to open the account. Yes. If your entity has partners (any percentage), ALL partners need to be present. Yes, we realize this is not practical, but that is the bank’s requirements. They are not even looking for those owning 20% or more. Most of you likely either have a U.S. single-member LLC or a Corporation with one owner.
2. Will you receive a debit card? Yes, and it will be mailed to you within ten business days after opening the account.
3. What is the minimum bank deposit? $100.00.
4. Are we able to do international wires from abroad? Yes, and you will need to sign additional forms at the bank, and you will need to call into the bank to authorize the wire over the phone vs. trigger online (that last part requires an ITIN or SSN).
5. Does the U.S. entity have to be foreign qualified in the state of Nevada, since the bank is in Las Vegas? No, but it must be a U.S. entity in good standing, and you will need a copy of the filed articles.
6. Is a copy of the EIN letter from the IRS required to open the bank account? It is recommended, but not required.
7. Why don’t I just set up a bank account on your own when I am in Las Vegas? You can set up a personal account on your own, but any other banks or branches will want to typically do a site inspection at your local office, which is not going to happen. We have had a great working relationship with our banker for the past four years, and we follow an organized process.
8. I have Payoneer, why do I need a U.S. bank account? Our service is the only pay to pay sales tax automatically when remitting. You need to be able to do an ACH pull from a bank. The debit card is in the name of your entity and allows for recurring billing as required. It is a good idea to have both.
9. If I have a single-member LLC, do I need a copy of my operating agreement that matches the number of members and taxation type? Yes, this is required. If you don’t have one, our fee is $47.00 (digital version).
Banking Fee Travel Option to Las Vegas: $397.00 (deposit is separate). Only available on a U.S. entity, with a U.S. address that is NOT a Commerce Mail Receiving Agency (CMRA). NCP’s address is not CMRA because is to a real office which is what you want. Learn more here about NCP’s U.S. virtual address service.
Process: After you sign up, you will receive an email with the steps and bank details to email and schedule an appointment.
[COVID-19 Update] Our non-travel U.S. banking option is recommended due to COVID-19 and travel limitations.
Go to this link to learn more about our U.S. Entity packages that include our U.S. banking services.