How to open a US bank account for your business

July 20, 2021

Can a non-citizen or foreign founder open a bank account in the U.S?

The simple answer is yes.

However, setting up a US bank account for your business can appear to be a daunting experience especially for residents outside of the US. Still, it is an important step if you must receive payments for your business and ultimately achieve the purpose for which you started out in the first place.

In this short read, we will explain how you can open a US bank account for your business without hassle.

First, let’s talk about the requirements for opening a bank account in the US as of today.

While the requirements may vary from one bank to the other and will depend on whether you’re applying online or in person, most banks typically request the following documents:

  • Proof of address
  • Personal contact details
  • A valid driver’s license, passport, or other official government identity document
  • SSN or individual taxpayer identification number (ITIN)
  • Debit/credit card from your home country
  • Deposit payment
  • Immigration documents
  • Proof of income
  • Credit history report

In addition, the length of time required to set up the account may vary depending on a number of factors including:

  • the bank that you want to apply to
  • the type of account you want to open
  • providing all necessary documents
  • applying in the US or overseas
  • applying online or in-person

If you live in the US, you’ll find that it is quicker and easier to apply as you can visit a bank in person. You also have more options as to which banks to apply to. However, for you to create a US bank account, you must first incorporate your business in the US.

Incorporating your business takes it from an idea to a proper company, and banks, including Mercury, require this documentation to create an account for your new company.

If you do not live in the US or are not a citizen, then you need not worry either as Firstbase has partnered with Mercury Bank and Brex to make this process seamless and convenient.

In fact, you can set up a US bank account from your couch and in no time at all. With Mercury Bank, there are no banking fees and no minimum balance. You can literally set up your bank account free of charge. You will also get $500 Cash Back if you qualify.

Firstbase is the easiest, fastest, and most convenient way to launch a company in the US. today. We have helped over 10,000 entrepreneurs incorporate and launch their businesses in America without stepping foot on US soil.

We’ll not only take the stress off of you by incorporating your company from start to finish, but you’ll also have access to over $40,000 in perks. Firstbase is also backed by Y Combinator, Carta Ventures, CEO of TransferWise, and many others.

Ready to open a bank account for your company, click here to get started. It takes less than 5 minutes!

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