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Ask HN: How to open a business bank account in US as an non-US person?

9 points by ilolu ↗ HN
I have been looking to incorporate a US corporation for a SAAS product. Now I understand the procedure to start a corporation. But it seems that banks wont let me open a bank account if I am not present physically in US. Is there a workaround ?

Also an agent that I talked about registering in US, told me that I can open a bank account by sending the required documents to any friend in US and let them submit the documents. Will that work ?

13 comments

[ 2.9 ms ] story [ 44.5 ms ] thread
marvel_boy
You need to be 18 or older and a legal U.S. resident to open a checking account at U.S. Bank. You’ll also need: A Social Security Number A driver’s license or state/military ID
blindfly
Unfortunately I must disagree with your comment as someone who has US accounts but isn't in (and didn't visit) the US to arrange them.
foldr
It's totally false that you need an SSN to open a US bank account. An SSN is only issued to someone who is working, and there are plenty of non-working people residing legally in the US who are entitled to (and who in practice can) open bank accounts (e.g. foreign students). Also, a passport is fine as ID.
blindfly
Where are you located?
ilolu
India
blindfly
Hopefully someone will be able to share their experience. I myself am in Canada and it was a pretty simple process but I have zero experience trying to do the same thing from India.
johnsocs
One possible solution is to have a business partner in the US manage this part of the business. I'd be interested in learning more about what you are doing.
tejasm
Here's how I would do it:

1. Register a Delaware Inc or LLC with Harvard Business Services - https://www.delawareinc.com/. They can also act as your registered agent for $50/year.

2. Get an EIN number - you can call IRS directly at their Philly Office - 267-941-1099

3. Once you have an EIN, open a small business account with BoA - https://www.bankofamerica.com/smallbusiness/

4. Setup your postal office at www.virtualpostmail.com or https://travelingmailbox.com/

If you have any questions, do drop me a note at tejas3 at gmail dot com.

All the best!

ilolu
Thanks. I looked at smallbusiness link of BoA. They seem to not accept non-resident aliens when applying for Bank Account.

Do I have to visit US ?.

sandGorgon
instead of BoA - consider First Republic. They are very friendly to startups and have a great online system.

Also remember that getting an EIN and an ITIN (a replacement for social security number for foreign residents) is a bit involved. The most important tip - get something called a "True Copy" of your passport done withing a US Embassy in your country (e.g. http://mumbai.usconsulate.gov/notary-services.html). NOT AN ATTESTATION.

That is going to be the most important piece.