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How to open a US Bank Account for Non-US-Resident
Reasons to open a US Bank Account:
1.
US Bank Account (with a
US Company) will create a reputable business presence for
your business. Whether you are a UK or Russian business or
any other country, when you incorporate a US Business and
open a US Bank Account, you become a US Company.
2.
Collection from US
Customers – You can receive money from your US or
International Clients to your US Bank Account. If they pay
you in US Checks, you can deposit and be credited in 2
business days, if the pay you by wire transfer you may be
credited in 24 hours.
3.
Use you US Bank Account
to pay suppliers, vendors, employees, authorities and
financial institutions. Pay by US checks or domestic wire
transfers and reduce your bank fees.
4.
Link your US Business
Account to google adsense, paypal, clickone, amazon,
commission junction and other third party websites.
5.
Make online purchases,
online shopping and online payments to websites such as
google adwords and other third parties.
6.
Link your account to
affiliates and application hosting sites: apple, i-Tune,
google applications.
7.
Separate and protect
your US Financial Activity from your other business
activity. Keep your US Income in a spate US Business Account
and not in your country business bank account.
8.
If you want to have a US
Merchant Account, you must have a US Business / Corporate
Bank Account first.
Can a Non US Resident or a
Foreign Individual open a personal bank account in the US?
Post 9/11, US Authorities changed the laws
and regulations related to bank account and financial
accounts. In attempt to prevent terrorists, criminals and
other "black listed" individuals and organizations US banks
and financial institutions do not allow non u.s. residents
to open a personal bank account. You must have a social
security number, us legal address and credit history to be
able to open your own us personal bank account.
Non U.S. Resident and a US
Corporate Bank Account
In order to open a US Business Bank Account
you have to incorporate your U.S. Business First. You should
form an LLC (Limited Liability Company) or Setup a US
Corporation. Then you can apply with some US banks for a US
Corporate Bank Account for a Non U.S. Resident owner.
As a Non US Resident you
have two options to setup your US Business:
-
Corporation
-
Limited Liability Company (LLC)
Steps in incorporating your US Business:
-
Registering your Business in the State Level (State of
Incorporation)
-
Engaging a US Resident Agent in the state of
incorporation
-
Registering your US Business with the IRS (Federal
Level)
-
Obtaining EIN (Tax ID Number)
-
Corporate Documents: Articles of Incorporation /
Organization, Bylaws / LLC Operating Agreement, Shares
Certificate / Member Certificate, EIN Confirmation
Letter.
Upon Completion of the incorporation
process, you apply for a bank account. For the bank account
application you will need to provide the following
documents:
The Company:
-
Certificate Of Incorporation
-
EIN
Confirmation Letter
-
LLC
Operating Agreement / Bylaws
The Shareholders / Members / Account Signers
-
A
Copy of your valid passport
-
Proof of Address (an official letter showing your full
legal name and your address)
Can a Non US Resident open
a Business Account in any US Bank?
The answer is… NO! in fact, most US banks
will refuse to open any account (individual or business) to
a Non-US-Resident without social security number, US Legal
address and proven credit history.
There is only a limited number of us banks
which will open a US Business Account to a US LLC or a US
Corporation owned by a NON US RESIDENT.
How Globes America does
assist you with your US Incorporation?
We specialize in assisting non u.s.
residents incorporation and bank account as well as tax and
accounting consulting to us llc / corporation owned by non
u.s. residents. Globes America will register your company at
the state and federal level, provide resident agent service,
and obtain EIN for your US LLC. The outcome of the
incorporation process is a complete corporate package with
the above mentioned documents.
How Globes America does
assist you with opening a US Business Bank Account?
Once your incorporation is approved, we will
introduce you to several banks that match your needs and
assist you with the account set up process.
We will prepare an initial application and
submit to the banks we work with. With a principal approval
from the bank, we will now ask the bank to forward to you
the complete new bank account application forms and help you
fill them up.
We will work with you and the bank
representative to prepare the required forms and documents
and proves the account.
The Patriot Act and Know
Your Customer (KYC) Policy
Post 9/11, the patriot act was introduced to
us banks and financial institutions. The patriot act
objective was to prevent "negative elements" from using the
financial industry to their purposes. The banks implemented
a new "Know Your Customer" Policy. The KYC policy states
that bank has to know the main beneficiary of any bank
account (identity and "black list" screening before
approving the account.
Globes America will assist you and your US
LLC / Corporation to meet the conditions and requirements of
the KYC Policy in order to be able to open a US Business
Bank Account.
Can you open the account
without been presence in the US?
The answer is…Yes! After we will receive for
you’re an initial approval from the bank, you will receive
all documents by email. You need to print, fill them up,
sign, then mail to the bank by Fedex or other carrier. Upon
completion of the account opening you will be able to manage
the account online. |
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Delaware USA – Limited Liability Company as an Offshore
Company Solution
Offshore company has few
elements:
1. Limited
Liability – protecting the shareholders personal assets. The
owners have a limit liability up to the amount they have
invested as share capital. The limited liability company is
a separate legal entity from its shareholders.
2. Minimizing
tax liability - using tax planning, tax benefits and tax
exemptions provided by the offshore tax authorities. Most
offshore territories offer unique tax benefit. If the
company does not generate revenue within the offshore
territory, the profits are tax exempt.
3. Creating
Business Presence – Incorporating your business as a limited
liability company along with business address / office and
corporate bank account create reputable business presence
for business relationships.
4. Shareholders
Privacy – an offshore company will protect the privacy of
its owners by not publishing ownership information as a
public domain.
Delaware ranked number one as
the ultimate offshore solution for international
entrepreneurs:
As of 2007, Delaware State in the USA is
ranked as the first choice of offshore territories in the
world heading Switcherland and Luxemburg ranked second and
third. In Delaware, there are more than 700,000 active
companies, 50% of them are publicly trade. Every year,
thousands of international businesses incorporate a Delaware
Corporation or Delaware LLC with Non-US-Resident
Shareholders.
Why Delaware has become the most popular
offshore location for international entrepreneurs? Delaware
provides almost all elements required from an offshore
company and it is located in the finance center of the
largest economic in the world and one of the most stable
political environment.
Delaware Limited Liability
Company (LLC) – offshore company
A US / Delaware LLC is a limited liability
company, separate entity from its shareholders / members /
owners. Tax wise, an LLC is a "pass through entity", meaning
the LLC is not liable for tax on its income / revenue /
profit which is taxed on the owner's level.
LLC- Tax Liability
Every US Company is liable for income tax in
two levels, State level and Federal (IRS) level. On the
state level. Since the LLC is a pass-through-entity, the tax
liability on the profits goes to the owners and they are
liable on the state & federal level.
One of Delaware's most known advantage is
"Delaware Tax Exempt" for any business which generates its
income outside Delaware. Meaning, if a Delaware LLC is
registered as a limited Liability Company in Delaware but
doesn't conduct business in Delaware or generates its
revenue outside Delaware, it is tax exempt on the state
level.
The LLC will NOT pay income tax on its
profit in Delaware State. By providing "State Tax Exemption"
to business registered in the state but do not generate
income in the state, Delaware created a "Tax Heaven" or an
"Offshore Territory" for US Businesses.
On the Federal Level (the Internal Revenue
Service) the LLC will shift it profit to the owners and
shareholders will be tax liable for the profit.
How Delaware Meets the
"Offshore" Elements?
1.
Protecting the
shareholders personal assets. A Delaware Corporation or a
Delaware LLC is a separate legal entity from its
shareholders and both entities provide legal protection to
the shareholders' personal assets similar to an offshore
company.
2.
Minimizing tax liability
– Delaware, like most "offshore territories" provides State
Tax Exemption for Delaware LLC or Delaware Corporation which
generate income outside the State. On the Federal Level, the
profit goes to the owners and they are liable for the income
tax. There is a unique tax situation for a Delaware LLC
owned by a Non-US-Resident. Please consult with our
Specialists for this unique situation.
3.
Creating Business
Presence – Incorporating your business as a Delaware limited
liability company is actually creating a US Company with all
the prestige that comes with a US Corporation or US LLC.
4.
Shareholders Privacy –
Delaware does not require shareholders / members and
officers / directors to provide any information.
Shareholders can stay anonymous exactly like in every
offshore company.
Delaware LLC owned by a
Non-US-Resident or a Non-US-Citizen
In 2007, the total amount deposited by
non-us-resident individuals and companies was 2.6 billion
dollars. The majority of this amount was deposited into
limited liability companies and corporation registered in
Delaware State.
The huge amount invested by international
entrepreneurs, business owners and multinational companies
represent the business opportunities and tax advantages they
find in Delaware as the best state of incorporation and the
first choice of an offshore establishment for
non-us-residents.
In conclusion, incorporating your Delaware
LLC will give you unique advantages. Tax Exemption, Business
Presence, Assets Protection and Shareholders Privacy are the
Delaware LLC and Delaware Corporation Features which make
Delaware to be ranked as most popular offshore location for
non us residents.
Tags: US LLC, Delaware LLC, Offshore LLC,
Offshore Company, Delaware Offshore Company, USA
Incorporation, Delaware Formation, Delaware Offshore Limited
Liability Company, , Delaware tax shelter, Delaware non us
resident offshore, Delaware company. |