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View Full Version : I'm not from US but I have an idea to open a merchant account in US. Good one?


Bot
04-20-2008, 01:03 AM
Hi guys, thanks for reading this.

This is my situation:

1) I'm from Europe, I live in China and I run my own very small factory in this country (MP3/MP4/MP5/UDISK). Business is OK.
2) We sell in China and Europe and I will open a new company in Wyoming next month (I will have 100% of the capital).
3) I will launch a new online shop next month too and I need a good US merchant account. Why from US? Well, they are the best and the cheaper I guess.
4) CDGcommerce and two others look good to me. BUT... of course, because I'm not a US citizen I don't have a SSN. So I can not open a merchant account with them.
5) One of my friend is a US citizen, we do business together sometimes but he knows nothing about a merchant account (so do I because usually we use LC or TT payment)

QUESTION:
1) Do you think that my friend from US can open a merchant account for me/my new company in Wyoming, even if he is not a share holder? Is it OK? Can I have the control about the money we will receive from our customers?

2) If really you have time: is it easy to open a corporate bank account in US with a company in US?

I need your advices about this please. One, I'm really a noob, and two, I don't want to make a big mistake.

THANKS IN ADVANCE!

Alex Pher
04-20-2008, 08:24 AM
To apply for US merchant account:

1. You must be registered/incorporated in the US.

2. At least one of the directors must be US citizen and must have signing authority on the bank account. With some banks, they require US director(s) to have at least 50% of ownership in business.

3. There must be business presence on US soil.

So the answer is "No" to your question 1.

I don't know banking regulations so I'll let someone else answer you question 2.

RiskPayments
04-21-2008, 03:06 PM
If you lack a SSN and are not physically located in the US, its pretty difficult to open a US business bank account.

If you met the three conditions listed in Alex's post and traveled to the US and met with the bank face-to-face, you would have a better chance.

Bot
04-21-2008, 08:34 PM
OK, thanks guys. I will open my company in US (in fact, it is very easy) and I will have a corporate bank account with my friend from US (he become a share holder). I try this way.

If it's OK I will tell, anyway it's not a big deal of money so at least I want to try :)

u4t2t
04-23-2008, 03:23 AM
It is possible to open bank account in US, but there is a lot of paperwork involved.

Bot
04-23-2008, 05:57 AM
It is possible to open bank account in US, but there is a lot of paperwork involved.

OK, I check your website then... :)

(nothing in Wyoming? Better than Delaware...)

u4t2t
04-23-2008, 08:30 AM
if you will not do business in US there will be no difference for you between Delaware and Wyoming

Bot
04-23-2008, 08:49 AM
OK, I did not know that.