Opening a business bank account in the US is a process with many step but a goal that can be achieved quickly. The process is slightly more complicated for foreigners who wish to own a bank account. Inc. Plan can help non residents and domestic clients establish a corporate presence for their business in the US.
Non-residents must form an American company to open a business bank account. Residents of the US can open a business bank account with a sole proprietorship. Business banks owned by corporations allow companies to take make and accept payments while also separating business assets from personal assets. If a sole proprietorship takes payments it is possible for him/her to be held responsible for debt and inability incurred by the company. Inc. Plan encourages most new businesses to form a corporation or LLC in order to create a corporate shield between personal and business assets. Businesses that are incorporated also have the ability to write of taxes as business expenses. Sole proprietorships are limited in the number of write offs they can make each year. Inc. Plan helps new businesses through all the steps required to open a US bank account.
Residents of the US who would like to have a business bank account and also hire employees must get an Employer Identification Number (EIN) from Internal Revenue Service (IRS). Non residents who own a US based businesses must get an EIN before they can open a US business bank account. An EIN number is like a social security number for a businesses. The EIN is unique to a single business; it is used by the IRS to identify a company in tax matters for the life of the company. EINs are also required for companies that seek to get credit from US banks.
Business who open a US business bank account will have access to a MasterCard or Visa debit card. Businesses can withdraw cash from ATMs around the world. US debit cards operate on merchant service platforms usable almost everywhere credit and debit cards are accepted.
Credibility of a US company
Businesses and individuals from around the world like the safety that comes with doing business with US companies. Owning a US corporation gives your business an added credibility. People feel safe doing business in a jurisdiction with solid contract law.
Using inc Plan
Inc plan. has over 20 years of experiencing in forming companies within the United States. Many of these companies also used Inc. Plan to help in banks experience helping new business start bank account in the US. There are many steps require to form US bank but they can all be accomplished relatively quickly. Not doing any step correctly can delay the process for owners. Inc. Plan can make sure the entire process goes smoothly for your business.