LLC AND BANK ACCOUNT IN USA

[shobi89]

Hello everyone,
For the purpose of expanding my outreach and business I am interested in registering a llc in USA and getting a Bank account there as well. If any of the members here knows anyone who can help me out please connect. Thanks .

 

[OffshorePhantom]

You can register an LLC in Wyoming or Delaware using some services like Firstbase | Start and grow a US business from anywhere and then open a bank account for the LLC using Mercury Bank, Brex, Relay & others.

Keep in mind also that if you form a single member disregarded entity LLC you have to file every year the form 5472 and pro-forma 1120 to record all the transactions between yourself (the member) and the LLC.

 

[shobi89]

OffshorePhantom said:
You can register an LLC in Wyoming or Delaware using some services like Firstbase | Start and grow a US business from anywhere and then open a bank account for the LLC using Mercury Bank, Brex, Relay & others.

Keep in mind also that if you form a single member disregarded entity LLC you have to file every year the form 5472 and pro-forma 1120 to record all the transactions between yourself (the member) and the LLC.
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The problem is Mercury bank and other similar fintech platforms are not reliable. Is there any entity which does it all? Like offers a one window operation wherein they do the registration and a Bank account both.

 

[OffshorePhantom]

Nope, all the services that let you register the LLC then advise you to open with Mercury and the others. Mercury is very good if you have a legit business.

 

[Marzio]

shobi89 said:
Is there any entity which does it all?
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Doola was a one stop solution but looks like they stopped offering bank accounts

https://help.doola.com/en/articles/8284272-where-can-i-open-a-bank-account

 

[shobi89]

OffshorePhantom said:
Nope, all the services that let you register the LLC then advise you to open with Mercury and the others. Mercury is very good if you have a I
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OffshorePhantom said:
Nope, all the services that let you register the LLC then advise you to open with Mercury and the others. Mercury is very good if you have a legit business.
Click to expand...

I can give a try to these platforms as u said and see. However, if anyone offers any nominee services i would love to explore that

 

[Forester]

shobi89 said:
Hello everyone,
For the purpose of expanding my outreach and business I am interested in registering a llc in USA and getting a Bank account there as well. If any of the members here knows anyone who can help me out please connect. Thanks .
Click to expand...

OffshorePhantom said:
You can register an LLC in Wyoming or Delaware
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New Mexico and Nevada are used for the same purpose as above, too. Differences are in pricing / costs, reputability (a little bit) and what businesses are evt. not welcome.

OffshorePhantom said:
using some services like Firstbase | Start and grow a US business from anywhere and then open a bank account for the LLC using Mercury Bank, Brex, Relay & others.
Click to expand...

You can 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?. In addition: Especially for some use-cases, Bancoli can help as well. You can try Levro, too.

shobi89 said:
The problem is Mercury bank and other similar fintech platforms are not reliable.
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I think that they can work pretty reliable for you ”“ if you adhere to the rules 🙂

OffshorePhantom said:
Nope, all the services that let you register the LLC then advise you to open with Mercury and the others.
Click to expand...

Well, there are some exceptions...

shobi89 said:
However, if anyone offers any nominee services i would love to explore that
Click to expand...

Do you need a nominee ”“ or just to register a LLC and get a bank account?

shobi89 said:
Is there any entity which does it all? Like offers a one window operation wherein they do the registration and a Bank account both.
Click to expand...

I might be able to connect you with one such a provider (it's not my service but I know them well and was using them in the past); but I need to know more about your business (what you are doing) and the financial flows that you expect (they do not work with everyone).
Could you share it here or should I contact you via PM?

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[12345]

Today I opened a business bank account at Bank of America for my US LLC as non US resident, it was very straightforward. You need EIN and personal ITIN number and US address, a lease agreement from virtual office is enough, you can't apply online as non us resident and need to go the bank branch in person. They didn't ask for any documents about nature of my business.

 

[apres777]

Picking up on this thread, what are the "standard" KYC procedures of LLC Register Providers?

What kind of personal Data is required to provide?

Is an ID / Passport Scan sufficient?

 

[Clank]

apres777 said:
Picking up on this thread, what are the "standard" KYC procedures of LLC Register Providers?

What kind of personal Data is required to provide?

Is an ID / Passport Scan sufficient?
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Nothing. Your name and address only.

 

[shobi89]

Forester said:
New Mexico and Nevada are used for the same purpose as above, too. Differences are in pricing / costs, reputability (a little bit) and what businesses are evt. not welcome.

You can 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?. In addition: Especially for some use-cases, Bancoli can help as well. You can try Levro, too.


I think that they can work pretty reliable for you ”“ if you adhere to the rules 🙂


Well, there are some exceptions...

Do you need a nominee ”“ or just to register a LLC and get a bank account?

I might be able to connect you with one such a provider (it's not my service but I know them well and was using them in the past); but I need to know more about your business (what you are doing) and the financial flows that you expect (they do not work with everyone).
Could you share it here or should I contact you via PM?
Click to expand...

Can you pm me the details.

 

[uplana]

12345 said:
You need EIN and personal ITIN number and US address
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and where do you get that from if you are not a US citzens ?

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[Clank]

You don't need ITIN, only EIN to open a company bank account.

 

[OffshorePhantom]

uplana said:
and where do you get that from if you are not a US citzens ?
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For EIN you have to file form SS-4 (even if not US citizen) and can obtain one from the IRS.

Usually services like the one I reported (Firstbase) do this for you.

You would need an ITIN only if you receive some US-sourced income that is not subject to Withholding tax and you have to pay taxes on it.

For example, I have a single-member disregarded US LLC with a Brex account and I have cash invested in Brex (monetary market funds), and I receive monthly dividends.

Although the income of my LLC is not FDAP or ETBUS thus not subject to taxes in the US, I had to obtain a personal ITIN number to report and pay taxes for the dividends I receive from Brex (and reported by Brex on form 1099-DIV) since Brex does not apply any withholding taxes and that income is considered FDAP, thus subject to US taxes.

 

[Marzio]

OffshorePhantom said:
Although the income of my LLC is not FDAP
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OffshorePhantom said:
that income is considered FDAP
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Dividends are FDAP so why you said that income of your LLC is not FDAP?

 

[OffshorePhantom]

Marzio said:
Dividends are FDAP so why you said that income of your LLC is not FDAP?
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The main income of my LLC is not related to dividends, dividends are only a small portion. I receive income from the services I provided outside of the US without any US facility or employees.

Then the money I receive from my business are invested in a money market fund and let me earn dividends and only those dividends are FDAP and on them I pay the taxes owed to the IRS.

 

[12345]

Jbb1 said:
You don't need ITIN, only EIN to open a company bank account.
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The lady at Bank of America asked for my ITIN, I called all major US banks like Wells Fargo, TD Bank etc and they all said I need an ITIN

uplana said:
and where do you get that from if you are not a US citzens ?
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I used service providers from fiverr, it's easy to get it only issue it can take up to 4-6 weeks

 

[OffshorePhantom]

12345 said:
The lady at Bank of America asked for my ITIN, I called all major US banks like Wells Fargo, TD Bank etc and they all said I need an ITIN

I used service providers from fiverr, it's easy to get it only issue it can take up to 4-6 weeks
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Have you been able to open a personal non-resident account with ITIN at Bank of America or Wells Fargo?

May I ask what branch have you visited if you opened in person?

 

[uplana]

OffshorePhantom said:
For EIN you have to file form SS-4 (even if not US citizen) and can obtain one from the IRS.

Usually services like the one I reported (Firstbase) do this for you.

You would need an ITIN only if you receive some US-sourced income that is not subject to Withholding tax and you have to pay taxes on it.

For example, I have a single-member disregarded US LLC with a Brex account and I have cash invested in Brex (monetary market funds), and I receive monthly dividends.

Although the income of my LLC is not FDAP or ETBUS thus not subject to taxes in the US, I had to obtain a personal ITIN number to report and pay taxes for the dividends I receive from Brex (and reported by Brex on form 1099-DIV) since Brex does not apply any withholding taxes and that income is considered FDAP, thus subject to US taxes.
Click to expand...

Thank you very much for this excellent explanation, it is very helpful.

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[Forester]

OffshorePhantom said:
Have you been able to open a personal non-resident account with ITIN at Bank of America or Wells Fargo?
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@12345 speaks about the business one, as I see... LLC AND BANK ACCOUNT IN USA

OffshorePhantom said:
May I ask what branch have you visited if you opened in person?
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I also wonder. I guess e.g. somewhere in Miami, FL? (There were various things possible, AFAIR...)

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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...