Opening a US account without residence?
June 17, 2007 5:52 PM Subscribe
I am a US citizen, but live in Australia. I have a Delaware based schedule C corporation. Can I open a business bank account in the US?
I'm curious as to why you thought you wouldn't be able to?
posted by falconred at 6:09 PM on June 17, 2007
posted by falconred at 6:09 PM on June 17, 2007
Response by poster: Well, I don't actually have a real office or residence in the US, I thought this would be a prerequisite.
posted by Dag Maggot at 6:22 PM on June 17, 2007
posted by Dag Maggot at 6:22 PM on June 17, 2007
Best answer: In general, it is possible for non-residents to open bank accounts. I have personally done so. But you don't want to open a bank account, your corporation does. As far as I know, it must have a registered office in Delaware. Legally, it shouldn't matter where the principals are, but a bank may decide it doesn't want your business for its own reasons.
posted by grouse at 6:27 PM on June 17, 2007
posted by grouse at 6:27 PM on June 17, 2007
For a variety of reasons, your best bet might be to seek out a US bank with Australian operations or vice versa. If you come to them as an Australian-based customer, I'm sure they will be more than happy to assist with the arrangements for a stateside account, or the means to make your Australian account accessible in the way that you need it to be.
posted by dhartung at 11:03 PM on June 17, 2007
posted by dhartung at 11:03 PM on June 17, 2007
Sorry, this isn't exactly an answer...
I think the reason for the question is the post-9/11 Know-Your-Customer rules make it much harder for non-residents to open bank accounts in the US. Certainly the anecdotal evidence I've heard from LLC mills suggests it to be the case.
I believe you need to apply for an EIN and jump through a number of other hoops of fire before banks will touch you.
posted by lowlife at 5:09 AM on June 18, 2007
I think the reason for the question is the post-9/11 Know-Your-Customer rules make it much harder for non-residents to open bank accounts in the US. Certainly the anecdotal evidence I've heard from LLC mills suggests it to be the case.
I believe you need to apply for an EIN and jump through a number of other hoops of fire before banks will touch you.
posted by lowlife at 5:09 AM on June 18, 2007
I work at a bank here in Florida, and I just spoke (unofficially) with one of my compliance officers here. She is the one responsible for deciding who can and cannot open accounts with us.
I asked her about your situation, where you have a Delaware based corporation, no official Delaware office, live in Australia, yet would like to open a US based account for your business. She said that as long as you have a Employee Identification Number*, you would be welcome to bank at most US banks. You can provide them with any contact information you'd like, even your Australian address and telephone number, but as long as you have an EID you're okay. I'm assuming that since you have a registered US business and presumably pay taxes on it, you already have an EID.
*From the IRS website: "An Employer Identification Number (EIN) is a nine-digit number that IRS assigns in the following format: XX-XXXXXXX. It is used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers that are required to file various business tax returns. EINs are used by employers, sole proprietors, corporations, partnerships, nonprofit associations, Trusts, Estates of decedents, government agencies, certain individuals, and other business entities. Use your EIN on all of the items that you send to the IRS and SSA."
posted by mosessis at 11:58 AM on June 18, 2007
I asked her about your situation, where you have a Delaware based corporation, no official Delaware office, live in Australia, yet would like to open a US based account for your business. She said that as long as you have a Employee Identification Number*, you would be welcome to bank at most US banks. You can provide them with any contact information you'd like, even your Australian address and telephone number, but as long as you have an EID you're okay. I'm assuming that since you have a registered US business and presumably pay taxes on it, you already have an EID.
*From the IRS website: "An Employer Identification Number (EIN) is a nine-digit number that IRS assigns in the following format: XX-XXXXXXX. It is used to identify the tax accounts of employers and certain others who have no employees. The IRS uses the number to identify taxpayers that are required to file various business tax returns. EINs are used by employers, sole proprietors, corporations, partnerships, nonprofit associations, Trusts, Estates of decedents, government agencies, certain individuals, and other business entities. Use your EIN on all of the items that you send to the IRS and SSA."
posted by mosessis at 11:58 AM on June 18, 2007
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posted by grouse at 6:01 PM on June 17, 2007