EU citizen registered US LLC, how to get bank account?

[NewBiz3]

EU citizen looking to start legitimate business in US.

Registered the LLC in Florida, got the EIN number. Got a US legal address for the LLC.

EU citizen has no legal residential address or SSN in United States though.

Banks are refusing to open account for the said Florida LLC due to the fact that 100% owner has no legal residence in US.

I was told by EU startup founders that they register Delaware companies and there are banks in Delaware that open accounts for these companies even for non-resident aliens with no US residential address.

Some bank employee told me they can't do that because Bank Secrecy Act forbids registering to someone with no legal address in US.

Some questions:

1) Is it true that Bank Secrecy Act explicitly forbids this layout (non us alien resident with no US residential address as 100% owner of US LLC registering a bank account in US)?

2) If Delaware banks are indeed OK with this layout for startups, which banks?

3) What other methods can be employed if EU citizen does not want to travel to US and get residential address there?

4) Any other banks you'd recommend that would be OK with this LLC ownership structure?

5) Any other recommendations.

Surely there must be a way.

Business is totally legit and about to launch, already have employees lined up in US, bank account is the final bottle neck.

No crypto stuff, just regular retail store.

 

[Sols]

NewBiz3 said:
1) Is it true that Bank Secrecy Act explicitly forbids this layout (non us alien resident with no US residential address as 100% owner of US LLC registering a bank account in US)?
Click to expand...

No.

NewBiz3 said:
2) If Delaware banks are indeed OK with this layout for startups, which banks?
Click to expand...

There are two answers to this.

1) If you are VC funded (Delaware C corp usually, not LLC), have a large sum of money to deposit with the bank, and/or you have contacts at banks, there are several regional and national banks that would consider you.

2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.

You can transition from answer 2 to 1 when your business is up and running for a while.

NewBiz3 said:
3) What other methods can be employed if EU citizen does not want to travel to US and get residential address there?
Click to expand...

Get investors.

Hire local people in the US to work for your business. Senior staff helps more than junior staff. That might not unlock traditional banking right away but it gives substance to your business, which you can use in the future.

It seems strange to not want to travel to the US to open a bank account for your business. Banks will think it's strange, too.

NewBiz3 said:
4) Any other banks you'd recommend that would be OK with this LLC ownership structure?
Click to expand...

Most likely Mercury.

Toggle signature
This is the probably the answer to your question.

 

[myhand]

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.

Toggle signature
I do services that no one does at OffshoreCorpTalk - Get in touch with me e-mail - Do you have a problem, get in touch. Be clear to what you want, sneaky questions are ignored!
UK LTD with Nominee Shareholder & Nominee Director, passport and utility bill available, 2 days delivery - learn more!

 

[Cloudbanck]

Sols said:
No.


There are two answers to this.

1) If you are VC funded (Delaware C corp usually, not LLC), have a large sum of money to deposit with the bank, and/or you have contacts at banks, there are several regional and national banks that would consider you.

2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.

You can transition from answer 2 to 1 when your business is up and running for a while.


Get investors.

Hire local people in the US to work for your business. Senior staff helps more than junior staff. That might not unlock traditional banking right away but it gives substance to your business, which you can use in the future.

It seems strange to not want to travel to the US to open a bank account for your business. Banks will think it's strange, too.


Most likely Mercury.
Click to expand...

There is also Wise (no problem opening an account for a US LLC with basically one click), Relayfi, Airwallex, Levro.

 

[Au999]

Also Novel bank - trynovel - is good. No problem opening an account in a couple of days for a UK citizen with a US LLC

 

[NewBiz3]

Sols said:
2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.
Click to expand...

Tried Mercury, they denied.

Hire local people in the US to work for your business.
Click to expand...

Can't hire US people without a bank account. Catch-22

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.
Click to expand...

They rejected

Cloudbanck said:
There is also Wise (no problem opening an account for a US LLC with basically one click), Relayfi, Airwallex, Levro.
Click to expand...

Wise is not US

Also Novel bank - trynovel - is good. No problem opening an account in a couple of days for a UK citizen with a US LLC
Click to expand...

Not UK citizen

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.
Click to expand...

Flying 10 hours on as stuffy plane with no guarantee you will even get bank account - not fun

 

[Sols]

NewBiz3 said:
Tried Mercury, they denied.
Click to expand...

Do you know why?

NewBiz3 said:
Can't hire US people without a bank account. Catch-22
Click to expand...

Sure, you can, so long as you can pay them via SWIFT or crypto. Cost of doing business.

NewBiz3 said:
Wise is not US
Click to expand...

That's why I initially didn't mention them but @Cloudbanck is absolutely valid in recommending Wise. Wise can provide you with a USD account and local US bank account number.

Toggle signature
This is the probably the answer to your question.

 

[12345]

Use Wise, account opening is easy and fast for USA LLC

 

[Onassis]

If you are fine with an EUR SEPA IBAN, try Paysera

 

[NewBiz3]

12345 said:
Use Wise, account opening is easy and fast for USA LLC
Click to expand...

Wise is not US based and does not offer a fully fledged US bank account.

Onassis said:
If you are fine with an EUR SEPA IBAN, try Paysera
Click to expand...

Not US based. I have retail business in US, I need a normal, real bank account in US.

Sols said:
Wise can provide you with a USD account and local US bank account number.
Click to expand...

Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?

 

[Cloudbanck]

NewBiz3 said:
Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?
Click to expand...

Well, Wise isnt a Bank in the US, so like other EMIs they use an underlying bank, which for Wise is: COMMUNITY FEDERAL SAVINGS BANK in New York. You'll get an account number, routing number, and SWIFT code with this bank with a New York address. And yes you can make transfers in USD from your USD account.

 

[Sols]

NewBiz3 said:
Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?
Click to expand...

Just to add to what @Cloudbanck wrote: the underlying bank may vary (it's not only Community Federal Savings Bank, IIRC) and you can't for example issue or clear checks on the account. But for all (other) intents and purposes, it functions like a normal US bank account.

Toggle signature
This is the probably the answer to your question.

 

[Forester]

And more to add, you will find various suitable options for a US LLC in discussions here US neo-banks List [For Non-Residents LLCs] and here Mercury, TryNovel, or something else?. (Generally, it's worth trying the Search button 😉 )

Toggle signature
--------------------------------------------------------------------------------------------------------------------------------------

I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[floorens]

TryNovel Scam
https://www.trustpilot.com/review/trynovel.com