Closure Account

[3Sure]

Hi to all

(6 months ago) I did set up a Delaware LLC with an EMI US bank. I'm the only shareholder and EU resident.
Yesterday, the EMI's compliance officer wrote me I have two weeks to wire my funds elsewhere... because I don't get my revenue from America
I do suppose it will make laughing some of the old chameleons here, but for me it is the first try.

Looking for the next bank,
THE good advice is very welcome.

Regards

 

[Loisir]

i dont know the name of the EMI, but your choice in case of us llc is very limited. Mercury or TW, or real branch account with a personal visit.

 

[3Sure]

Loisir said:
i dont know the name of the EMI, but your choice in case of us llc is very limited. Mercury or TW, or real branch account with a personal visit.
Click to expand...

It was M.rc.ry...

 

[Loisir]

Yes, i friend of mine has also the case and he showed some short of Us prescence .

It is stated under their General conditions that you have 6 Months to show presence in the Us, so no suprise here , maybe try to reach them to show some us substance

 

[Mark Rucken]

Mercury specializes in US businesses. If you do not generate income in the US, they tend to close those accounts. They also only open accounts for entities incorporated in the United States.

 

[JohnLocke]

Mark Rucken said:
Mercury specializes in US businesses.
Click to expand...

How reliable are they, just wondering?

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[Loisir]

@Admin for the moment really reliable with clean KYC and process

 

[JohnLocke]

Loisir said:
@Admin for the moment really reliable with clean KYC and process
Click to expand...

for how long have you been using them, it may be interesting to know in order to assess "reliable & for the moment" ?

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[3Sure]

Loisir said:
i dont know the name of the EMI, but your choice in case of us llc is very limited. Mercury or TW, or real branch account with a personal visit.
Click to expand...

@Loisir : c'est un plaisir.
With TW I did add a business profile, they replied after that : no debit card for Business profile
Do you think I can move the funds (6 digits amount) to my EU personnal profile at no risk?
Regards

 

[Martin Everson]

3Sure said:
Do you think I can move the funds (6 digits amount) to my EU personnal profile at no risk?
Click to expand...

Move the money to TW as what...dividend, salary etc? Or you think you can move it and you hope they won't ask questions on the US source? Ask them before you do any transfer they are good at getting back to you on such matters.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[3Sure]

@Martin Everson => OK you are right Martin. I'll do that first.

 

[Loisir]

Well " cest un plaisir too lol" if you are french and give French Id or german to serious EMI such as TW or bank and transfers 6 digits funds from Us welll .... Obviously there will be a lot of questions behind it even more if the 6 digits did not star by the number 1 lol.

@Admin 4 months and a friend 1 year. They are also the only solution as EMI for Foreign alien US LLC

 

[Martin Everson]

3Sure said:
@Martin Everson => OK you are right Martin. I'll do that first.
Click to expand...

I forgot to mention make sure 100% you do a currency conversion with them i.e converting USD to EUR's. Otherwise there is nothing in it for them to do business with you...lol. They have a well documented process for large payments that works well but I would reach out to them first. They provide a link where you can upload docs etc in advance and all went smoothly. Ignore the part where it says you do not need to send documents in advance. That is not true 😉. But my fear is USD and/or US connection might not interest them sadly.

https://transferwise.com/help/25/se...ents-might-i-need-when-sending-a-large-amount

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[Tax Cow]

Mercury is indeed reliable. Letting it go waste just because you lack revenue from the U.S. would be a pity! Any chance to do a small trade with a U.S. client? Force it in somehow, even if it makes no business sense. That, alongside an excuse that you'll get more payments from the U.S. in the future, could help salvage the situation. Receiving a payment from the U.S. does not make you liable for tax in the U.S. unless it's ECI.

Non resident payment solutions with U.S. banking details which also allow remote opening are very limited. Considering how good the pricing and service of Mercury.co is, try to beg them or something.

If you're out of luck, PM me for a few alternatives. But they aren't as cheap!

 

[3Sure]

xzars said:
Mercury is indeed reliable. Letting it go waste just because you lack revenue from the U.S. would be a pity! Any chance to do a small trade with a U.S. client? Force it in somehow, even if it makes no business sense. That, alongside an excuse that you'll get more payments from the U.S. in the future, could help salvage the situation. Receiving a payment from the U.S. does not make you liable for tax in the U.S. unless it's ECI.

Non resident payment solutions with U.S. banking details which also allow remote opening are very limited. Considering how good the pricing and service of Mercury.co is, try to beg them or something.
Click to expand...

@xzars This makes sense. But unfortunately I put the cards on the table yet and told that it was not into my BP to make money with US people... 2 days after they show me the door.

 

[JohnLocke]

I agree with @Martin Everson check with Transferwise or any other bank you consider before you start a transfer it will save yourself a lot of headaches

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[3Sure]

Thank you all of you who have shared your experience and advices.
I do confirm that Mercury is a very serious and reliable people; even if they gave me an headache! I had the opportunity to send back my money into a safe place I had yet. I followed the good advice and link of Martin Everson to figure out that TW was another wrong way in my case. Special thanks to you Martin!

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[davidvolador]

Have you tried bank Novo works in the same way as mercury.co but without savings account

 

[CaptK]

Turn it into Crypto open a transferwise then put it in slowly. Wired are good but no longer do corporate accounts. They dont have problems depositing cash or crypto.