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Guide

Open a U.S. Business Bank Account from India

May 24, 20246 minute read
Open US Business Bank from India
Open US Business Bank from India
Open US Business Bank from India

Running a business in the US but don’t have a U.S. business bank account yet? Well, you have come to the right place to learn to create a U.S. business bank account from India.

As a non-US resident, opening a U.S. business bank account from India without visiting the U.S. can be a complex task due to stringent regulatory requirements, but it is very much possible. 

This guide will take you through the step-by-step process of creating your first U.S. business bank account from India.

Here are the steps to help you navigate the process:

1. Choose the Right Bank

Select a bank that offers international business accounts and has a good reputation for working with non-resident entrepreneurs. Some banks that may accommodate international clients include:

  • Mercury: Mercury offers banking solutions tailored for startups and tech companies.
  • Brex: Brex provides innovative financial services designed to help businesses grow and scale.
  • Wise: Wise specializes in low-cost international money transfers and multi-currency accounts.
  • Airwallex: Airwallex delivers global financial infrastructure to modern businesses for seamless transactions.

Select any of the above banks to stay with you throughout your journey.

2. Incorporate Your Business in the U.S.

Ensure your business is legally registered in the U.S. You need:

U.S. Business Entity: Typically, this means forming an LLC or Corporation in a state like Delaware or Wyoming.

Why Delaware?

  • Known for its business-friendly laws and well-established Chancery Court 
  • Offers strong legal protections for business owners and investors 
  • Transparent and predictable legal environment 
  • Higher annual fees and franchise taxes 
  • Ideal for large corporations with complex structures 

Why Wyoming?

  • Lower formation and maintenance costs 
  • No state income tax and low annual fees 
  • Enhanced privacy protections with minimal disclosure requirements 
  • Less established legal system compared to 
  • Delaware is suitable for small to medium-sized businesses seeking affordability and privacy

EIN (Employer Identification Number): Obtain an EIN from the IRS. This is essential for opening a business bank account.

How to apply for an EIN?

  • Apply online through the IRS website where you need to fill up an Internet EIN application (Only Support If you have SSN or ITIN ) 
  • Apply by Fax filling up the Form SS-4. A Fax will be sent back with the EIN within four business days. 
  • Apply by Mail filling up the Form SS-4. The processing time via mail will take around four weeks. 
  • Apply by Telephone, international applicants can make a call on 267-941-1099 from (6 am to 11 pm).

3. Gather Required Documents

Prepare all necessary documents, which usually include:

  • Certificate of Incorporation: Proof that your business is incorporated in the U.S.
  • EIN Confirmation Letter: Document from the IRS showing your business’s EIN.
  • Operating Agreement or Bylaws: Documentation outlining the management structure of your business.
  • Passport Copies: For all owners and signatories.
  • Proof of Address: For your business address in the U.S., you have the option of using a registered agent’s address, a virtual office, or your residential address in India, especially if most business activities are conducted there. However, it’s important to note that some banks may require proof of a U.S. address to approve your account. Therefore, it’s advisable to obtain and use a U.S. address. For more information on acquiring a U.S. address, you can explore further here.

4. Leverage Professional Services

Engage a professional service provider to assist with the process:

Registered Agents: They can provide a business address and assist with the incorporation process. Registered agents can be your friends or family members living in the US states. 

However, a professional agent ensures your legal documents are registered with the state and federal government.

Accounting and Legal Firms: Firms like EasyFiling can help incorporate your business, obtain an EIN, and assist in opening a bank account.

5. Apply Online

Many U.S. banks and fintech companies allow you to start the application process online. This usually involves:

  • Filling out an online application form.
  • Uploading required documents.
  • Video verification calls (if required).

6. Consider Money Transfer Agents

Some transfer agents offer banking solutions for non-U.S. residents:

Payoneer: Provides business accounts that can receive U.S. ACH payments and offer global payment solutions.

Wise Business: Offers multi-currency business accounts and U.S. account details for receiving payments.

Airwallex: Airwallex delivers global financial infrastructure to modern businesses for seamless transactions.

The above-mentioned are not actual banks, instead, they are financial technology companies that partner with financial institutions to provide banking services.

7. Stay Compliant

Ensure compliance with all legal and tax requirements:

  • U.S. Tax Obligations: Be aware of U.S. tax obligations for foreign-owned businesses.
  • International Regulations: Comply with Indian regulations on foreign accounts and income reporting.
Open Your U.S. Business Bank Account From India
Open Your U.S. Business Bank Account Today

Conclusion

Opening a U.S. business bank account from India without visiting the U.S. involves careful planning and adherence to both U.S. and Indian regulations. By choosing the right bank, leveraging professional services, and utilizing fintech solutions, you can successfully establish your business banking presence in the U.S.

Well, following the steps above or connecting with Easyfiling ensures having your US bank business bank account.

Frequently Asked Questions (FAQs)

Do I need an EIN to open a US business bank account? 

Yes, an Employer Identification Number (EIN) is required to open a US business bank account. The EIN is issued by the IRS and serves as your business’s tax identification number.

Do I need to have a US address to open a US business bank account? 

Most US banks require a US address for correspondence and verification purposes. You can use the address of a registered agent or a virtual office service that provides US addresses to international businesses.

Are there any fees associated with opening a US business bank account? 

Yes, there may be fees associated with opening and maintaining a US business bank account. These fees can include account setup fees, monthly maintenance fees, and transaction fees. It’s important to review the fee structure of the bank you choose.

How long does it take to open a US business bank account from India? 

The timeframe can vary depending on the bank and the completeness of your documentation. It can take anywhere from a few days to a few weeks to open a US business bank account.

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