Do you want to open an online bank account? You are not alone, many people around the world want such a bank account, especially with an American bank. Although it often is, accomplishing this does not have to be overly complicated, cumbersome or expensive.
Here is a rundown of what is involved with applying for a bank account online:
Tough Bank Requirements
Banks have certain minimum requirements they must meet in order to comply with Federal and state law as well as with their own internal company policy. Banks require that new customers be at least 18 years and have a verifiable identity. Many banks require that depositors keep a minimum balance in the account. Other banks require potential new customers to allow the bank to run personal credit checks. The bottom line is that banks will take all necessary steps to meet the requirements of KYC (Know Your Customer) laws as well as minimizing their own credit risk.
Resident or Non Resident?
Residents and non-residents go through different processes for opening a bank account online.
We will only deal with the demands on non US residents here.
Non residents can have a hard to time opening bank accounts in the US. Since September 11 banks have been particular about due diligence regarding bank accounts. Banks in the US desire to eliminate fraudulent accounts and to comply with the Patriot Act. This means that non residents must appear in person to verify their identity. Some banks eliminate the requirement to appear in person if a corporation wishes to open an account. Many non residents opt for corporate bank accounts for this reason.
Non residents who want corporate bank accounts must open corporations in the US. Most will choose Delaware and Nevada as the state of incorporation. These companies must apply for Employer Identification Number (EIN). EINs are like social security numbers for business. They make it possible for banks and the IRS to make sure a company is compliance with state and federal law.
Inc Plan Can Help
At Inc Plan there is a long history of successfully opening corporations and helping overseas entrepreneurs assemble the multiple documents required to successfully open bank accounts. Inc Plan helps streamline and create success in a process that can seem overwhelming if not impossible. In a few short weeks we can often provide our overseas clients with a legal structure (corporation or LLC) and a company bank account.