I am getting a little mad here. I recently registered a LLC in the US and have obtain an EIN number. Now trying to setup a bank account in the US. I think all the bank(Citibank, I Wells Fargo, Bankone) I contacted, they require US SS#. Since I am not a US citizen nor do I live in USA. IS there a way around it. Has any non US people successfully setup a bank account in the US recently?

Without a ssn its practically impossible to get an account with a proper US bank. If you're filthy rich, you can get an account with say Credit Suisse or HSBC abroad, and then get an account in their US departments, but it wouldn't be the same as a personal checking account in Wells Fargo, for example.

Also, be careful not to get tempted with various Internet banks promising the world.. The ones that are not backed by a "real" bank requiring SSN are likely not insured, or even in the US, so unless you get a kick out of setting your own ass on fire with twenty dollar bills, stay away from them.


Jack

http://www.wellsfargo.com/inatl

But actually, umm,... let me think... ;)
An LLC is a corporation, right?
That´s a "person" actually...
So the LLC can be holder of a bank account, I suppose
But since it´s not a physical person, no LLC has a SSN, does it
So how can they ask a SSN if you want the account for the LLC?

I just had a look at the Wells Fargo application form for a basic business checking account. It only asks for the EIN number, not for social security number. But it seems to require a US business address.

Well, it doesn´t say that it has to be a big business :) You´d just need to have a "US representation" of your business, with an address where one can send US mail to,... That´s my understanding, anyway.

edit

The rule is that to obtain a US bank account you must be present in the country, and depending on your business, if you're sole proprietor you must have a SSN, otherwise a federal tax ID is required.

Sure, you can get your penpal buddy to get the account for you, but thats not a very healthy setup.

Also, I'm sure you can find a bank willing to do everything for you, but not unless you throw some big bucks on the table, and not a Wells-Fargo sized bank.

we opened an account with bankone with just EIN, we are incorporated so that may be the difference, but they didn't need an SSN

Try Bank of America. We have an account with them, no SS# required.

Whats an EIN when its at home!

I have been trying for ages to get a USA bank account, any tips?

Thanks,

Brian

What Country are you from?

I was able to open my US account using my business / GST number from Canada.

Originally posted by Realist
Whats an EIN when its at home!
:confused:

Im from the UK M8.

Originally posted by alohahosts
What Country are you from?

I was able to open my US account using my business / GST number from Canada.

hey,

My friend has opened an account with Bank Of America without SSN number.

My other friend has visited few banks in Florida and they asked for SSN (Riverside National Bank, SunTrust ...)

I have account in Bank One for 2 years and I really like it. I recommend Bank One.

regards,
Thomas

Whats an EIN when its at home

Its your companies tax id number

Do you have anyone you trust in the US? Your best bet may be to have them open the bank account using your EIN and their social security number. Make sure they ask for two banking cards, while they may not be able to add you on the account because It probably requires a SS number, you can at least get the bank card, checks, and you will technically own part of the account because it was opened under business account, and you own the business. The only issue is it would have to be somebody you trust, or get them to send you all the banking cards. I'd help you but obviously this is a business world and it probably wouldn't be smart to get entangled in other companies business affairs. Best Wishes!

EIN= Employer Identification Number

Try with thebancorp.com
I got my bank account there.

Try with thebancorp.com
I got my bank account there. [/B]

Thanks for the info. I will give a try.

Thanks M8. Downloaded the forms etc and in the process of faxing them off.

Can you explain what the process is, whats needed in total and what beniftes are given to non states customers?

Do you have to give deposites etc, etc.

Thanks,

Brian

Originally posted by Jedito
EIN= Employer Identification Number

Try with thebancorp.com
I got my bank account there.

I get this package

http://www.thebancorp.com/frameset.asp?GroupID=1

I can't really say you what are the steps to follow, because I didn't do it, I hired a person to do it for me.
If I'm not wrong $100 are needed to open the account.

Hi,

How do you apply for an account if you are not US based as the application form only accepts a US address scheme

I am UK based myself

Thanks

I'am also in the UK and I visited this link:
http://www.thebancorp.com/frameset.asp?GroupID=1

I filled there application form out and also you need to complete a form No W-8BEN (Certificate Of Foreign Status Of Beneficial Owner Of United States Tax Withholding)

They are now processing my application and will get back to me.

They do requier more details but of what I dont know.

Brian :(

Originally posted by Deahost
I'am also in the UK and I visited this link:
http://www.thebancorp.com/frameset.asp?GroupID=1

I filled there application form out and also you need to complete a form No W-8BEN (Certificate Of Foreign Status Of Beneficial Owner Of United States Tax Withholding)

They are now processing my application and will get back to me.

They do requier more details but of what I dont know.

Brian :(

..

Did you mean you filled out the Online Application Form.

If so, how when it only allows a US address to be entered.

Thanks

Clarification please!

If you are an incorporated company in the US surely its the company that has the bank account not an individual,
so you should be able to open a company bank account just with your company ID?
I would have thought that banks would be falling over themselves for the business given all the competition.

We are about to incorporate in the US to avoid having to charge US customers VAT (we don't have to at the moment but there is every indicaton that regulations are heading in that direction)
Billing from the US will avoid the issue completely but we will have to pay US corporation tax.

Gordon

Originally posted by GordonH
We are about to incorporate in the US to avoid having to charge US customers VAT (we don't have to at the moment but there is every indicaton that regulations are heading in that direction)
Billing from the US will avoid the issue completely but we will have to pay US corporation tax.

Yes, that's the way it will go.
Could you post your experiences with the incorporation and keep us updated? Thanks!

I certainly will Walter
Its the merchant accounts that will be the real headache i think
I don't know where to start over there.
May just use Authorize.net
Need to do a search on this board............

Originally posted by GordonH
I certainly will Walter
Its the merchant accounts that will be the real headache i think
I don't know where to start over there.
May just use Authorize.net
Need to do a search on this board............

You can't use Authorizenet unless you have a partner in USA, AuthorizeNet require SSN.

I opened my corporate account with my EIN. You may have to specify that you want to open an business account, and have a US address to be able to open an account with an EIN.

What is so critical about opening an account with a US bank?

-Sean

Originally posted by omenoracle
I opened my corporate account with my EIN. You may have to specify that you want to open an business account, and have a US address to be able to open an account with an EIN.

What is so critical about opening an account with a US bank?

-Sean

I could be wrong. But I think the rule for openning a bank account in the US has changed recently. I saw the following quote from a company who help people incorporate comany.
Basically SS# is a must. But TheBanCorp bank doesnt seem to require this from what I read on their website. I will contact them on Monday and see what happen.

). Please note that bank policies regarding opening accounts remotely change frequently and rapidly. Currently (4/18/02), there is no available banking option for accounts whose signatories do not have a U.S. Social Security Number.
.

Well
I spoke to Wells Fargo yesterday and they said I did not require a Social Security ID provided I could produce 2 forms of identification and signed a declaration of my identity.

Our situation may be different because our US company will have one shareholder - an existing, traceable UK company.

Gordon

Do you have a phone number and person name of the one you spoke to at Wells Fargo? I called them today and they say I need an SSN, but I only have an EIN.

I phoned their 1800 and was put through toa branch manager in Sandiego

I can't remember the number of the form they said I needed to fill out but they indicated it was not unusual and that I would also need to provide a passport and one other form of ID.

Gordon

As far as I know, you can get a merchant account, but not AuthorizeNet, they require an SSN.
I tried with all the resellers in the Authorizenet page :)

Well
Things ar eprogressing rather slowly here.
I decided to change merchant provider for our UK business so I need to get that sorted out first.
Becasue of our turnover I was able to negotiate 3.03% including gateway fees (barclays)
Now I just need a good deal like that in the US.

Gordon

Further to my post as below, I have successfully opened a business account with Bancorp.

This is what I did:

I downloaded the faxable application form and also the tax exempt form (No W8-BEN) and filled them both in. I then faxed them back and called them to confirm they were all ok.

I waited a few days and received an email asking for proof, so I faxed a copy of my UK drivers licence and a personnel cheque, which was acceptable.

I was informed all was fine and they opened the account and did not request any deposits.

I am now waiting for the welcome pack to arrive and I have been told within this pack is all the account details with a cheque book and a Bancorp MasterCard.

I will keep you informed.

Regards,

Brian James


Originally posted by Deahost
I'am also in the UK and I visited this link:
http://www.thebancorp.com/frameset.asp?GroupID=1

I filled there application form out and also you need to complete a form No W-8BEN (Certificate Of Foreign Status Of Beneficial Owner Of United States Tax Withholding)

They are now processing my application and will get back to me.

They do requier more details but of what I don’t know.

Brian :(

Why don't you form an offshore corporation (i.e. Panama, Gurnsey, Jersey, Belize, etc, use nominee directors, bearer share type, get a blank power of attorney for yourself) and visit a US bank (nearly any) and open a standard business checking account. No SSN or EIN/Tax ID number is required. You do however have to fill out a W-8BEN (there are different variations of the W-8 form) stating you are a foreign national or your company is an offshore entity. You also need to have your original company papers with you. Use a temporary US address and change it to back in your country after the account is opened if needed.

I used to work for a major US bank and can verify that every retail branch is required to have W-8 forms on hand for just such a customer.

How do I know this works: Because I have opened 3 such accounts over the years for my businesses and still have them. Make sure that you keep your business offshore and avoid getting an EIN as it 'may' require that you file an US 1120-F tax return.

Just my 2 cents...

I think it works best if you actually head down to a location in the States. They seem to take you more seriously. We are heading down to the Buffalo area to set up a US Based Checking Corporate account with Chase Manhattan. They seem to accept Canadian corporations.

why is there such a great demand for US bank accounts? :confused:

If you have a US corporation you really need to bank in the US to make sure the companies taxes fall under US jurisdiction.
If I "imported" the cash into the UK it would be liable to VAT.

On the offshore issue, the thought has crossed my mind more than once recently.
I am of Manx extraction so I wonder what the benefits are of Isle of Man.
It certainly easier to get to than Sark!
And Ken Dodd found it useful to be able to visit a real bank with pockets full of cash...........

Gordon

Hi,

I just filled in an online application for a Basic Web Savings account with TheBancorp.com.

I was about to fax them the W-8BEN form when something came up to my mind. I`ll primarily use this account for depositting US checks from affiliate programs and ad networks (such as BURST Media, Amazon, CDNow, SheetMusicPlus, AllPosters and so on). Now, if I send them the W-8BEN form, will the IRS take 30% of all of my deposits or only on the interest I`ll make on them? That is, if I deposit $500, will the IRS take $150 of that, or only 30% on $9 (the interest on $500 after a month, which is 1.8 or 1.9%, I can`t remember), which would end up being only $2.7?

If the IRS takes 30% on all my deposits, could I send them in the W-8ECI form instead? That`s the "Certificate of Foreign Person`s Claim for Exemption From Withholding on Income Effectively Connected With the Conduct of a Trade or Business in the United States". After all, my business was conducted in the United States, as all these affiliate programs and ad networks are US-based.

So, what`s your advice on this? I really appreciate any input on this, based on your guesses or, preferably, on your experiences.

Thanks a lot,
Paulo

PS: According to the W-8BEN instructions:

Foreign persons are subject to US tax at a 30% rate on income they receive from US sources that consists of:

interests,
dividends
Rents
Royalties
Premiums
Annuities
Compensation for, or in expectation of, services performed
Substitute payments in a securities lending transaction; or
other fixed or determinable annual or periodical gains, profits, or income."

Could my income from those ad networks and affiliate programs be considered "compensation for services performed" or "other fixed or determinable (although it`s not really fixed or determinable) annual or periodical gains, profits or income?

PS(2): Here are some URLs of interest:
Instructions for W-8BEN form from IRS (http://www.irs.gov/pub/irs-pdf/iw8ben.pdf)
Instructions for W-8ECI form from IRS (http://www.irs.gov/pub/irs-pdf/iw8eci.pdf)

After following the advice in this thread regarding TheBanCorp I sent off my new account application to them along with a Western Union cheque for the opening deposit.

I have just received this response:

Dear...,

We apologize, however, at this time we are unable to process your account
application. Recent regulatory changes related to the Patriot Act, have
forced us to re-evaluate, modify and update our new account procedures.
These changes and modifications impact requests for accounts received from
individuals who do not have a US issued Tax Identification Number.


We will be returning your deposit via overnight mail on Monday October 7,
2002.

Thank you
Hmmm, it seems that maybe I'm a terrorist? Now I'm going to have to get the western union cheque cancelled which will cost a significant amount of the amount it was made out for :(

What about using something like offshoresimple.com to set it all up for you?

Im planning to get them to incorporate a company in panama.

i would look at http://valisinternational.com/default.html they got me a US account and i live in the uk

Originally posted by fasthostz
i would look at http://valisinternational.com/default.html they got me a US account and i live in the uk


How much did it cost you?

I opened my bank account for my U.S. company with

http://www.pnc.com/

require $200 minimum for deposit and it's the only Delaware bank
I found to open account for international.

to open account require EIN of company,bank reference and passport.

Simone,

how did you proceed to get an account with PNC? Did you call them? Which number? Which person?

Thanx!

My business partner contacted Pnc by email, and was 3 or 4 months ago, open the account was not easy because We waited for a bank kit shipped from pnc to our Italy address never received then we requested it again but shipped to our Delaware address and finally we received it.
I don't know the email address of Pnc to open international account, but we used a form on the Pnc site.