Starting or expanding a business in the United States as a migrant investor involves several challenges and opportunities. One of the first and most crucial stages is to open a corporate bank account. This type of account makes it easier to manage franchise operations and adds a level of professionalism and credibility to the business.

Advantages of opening a corporate bank account

A corporate bank account in the United States becomes a strategic asset for any migrant investor looking to manage their franchise effectively and transparently. In addition to improving the professionalism and credibility of the business, it is a symbol of seriousness and commitment to third parties such as suppliers, customers and financial institutions.

From an operational point of view, having a corporate bank account greatly simplifies the day-to-day management of a franchise. It facilitates the process of making and receiving payments, managing cash flows, and monitoring business finances efficiently and centrally. This type of account is designed to handle volume and typical business activities. In addition, it offers tools and services that are not available on personal accounts, such as multi-signature authorizations, treasury management, and trade credit services.

In addition, corporate bank accounts are critical to complying with tax regulations in the United States. These accounts help ensure that all business transactions are properly documented, which is crucial during tax season. By keeping personal finances separate from those of the business, it simplifies the declaration and payment of taxes. In this way, you avoid legal complications and take advantage of potential tax benefits available to companies.

Requirements for opening a corporate bank account

Although the requirements for opening a business account in the United States vary slightly among banks, they generally seek to verify the legitimacy and structure of the business.

One of the fundamental requirements is the EIN (Employer Identification Number), which is indispensable for any business established in the US and acts as a federal tax identifier.

In addition, corporate documentation is crucial. This includes the articles of incorporation, which are the legal document of formation of the company, the operating agreements that outline the organizational and operational structure of the business, and the business licenses necessary to operate legally in various jurisdictions within the country.

As for personal identification, account holders must provide a passport and, in cases where they do not have an SSN (Social Security Number), an ITIN (Individual Taxpayer Identification Number) may be required. The latter is particularly relevant for those who are not U.S. citizens or permanent residents.

Finally, proof of address is requested for both the company and the account holder. This can include documents such as utility bills or leases that prove the physical location of the business and, in some cases, the owner’s residence.

To make the process easier for migrant investors, some banks specializing in non-resident clients offer simplified procedures that can be completed online. This is a significant advantage, as it allows you to start and manage the account opening process without the need to be physically present in the United States, an aspect highlighted by entities such as Migrative and Globalfy that seek to simplify and support the internationalization of companies

Best Banks for Business Accounts

Some financial institutions in the United States are especially favorable to foreign entrepreneurs, offering services tailored to their needs.

  • Mercury Bank: It is positioned as an ideal option for e-commerce businesses. This bank is known for its flexibility, as it does not require minimum balance requirements, which makes it attractive to startups and entrepreneurs who are just starting out and want to avoid high fixed costs. In addition, Mercury Bank offers banking services entirely online, which is a great advantage for those operating globally.
  • Globalfy: It offers accounts with no monthly fees, which can represent a significant savings for any business. A standout feature of Globalfy is its ability to integrate with online payment platforms such as PayPal and Stripe, thus facilitating international transactions and handling payments in various currencies. This is particularly useful for businesses that operate in the digital realm or have an international clientele.
  • Chase and Bank of America: These traditional banks also offer options for non-resident businesses, tailoring their services based on the entrepreneur’s immigration status. Chase and Bank of America provide a wide range of business banking products, from checking accounts to credit solutions and treasury management services. Both banks have a significant physical presence in the United States, in addition to online resources, making them accessible for both local and international operations.

Although these banks are renowned, they are not the only ones. Consider other options. There are banks that do not charge for opening an account, and they provide other benefits to consider.

Remember that choosing the right bank can make a big difference in a company’s financial management and long-term success in the U.S. market.

Open your business bank account in the United States

Opening a business bank account in the United States as a migrant investor is a critical step in not only effectively managing a franchise, but also integrating into the American business environment.

If you feel overwhelmed when starting this process, don’t worry. At Interlink FBC we are here to guide you. Our team offers comprehensive advice for the investment and operation of franchises in the United States, from the evaluation and selection of options to the creation of your business plan, registration of LLCs and much more.

Contact us TODAY to meet professionals who can help you open your business account in the United States.