U.S. banking services have become increasingly accessible to businesses and entrepreneurs across the globe, democratizing access to the world’s most robust economy. Today, establishing a U.S. business bank account is possible through the growth of neobanks and fintech companies, with the support of Export Manager in starting an American company.
Which Business Sectors Do Our Partner Banking Providers Serve?
The specific sectors served by banking providers may vary, but generally, they cater to companies involved in E-commerce and Online Services, including Direct-to-Consumer (D2C) or Business-to-Consumer (B2C) brands, dropshipping businesses, software development, technology, marketing, and digital products. Additionally, they work with technology service providers, freelancers, and other online services.
If you are operating in one of these sectors and are interested in establishing a U.S. company, Export Manager offers a 100% online solution to help you achieve this. Many clients in these industries have experienced significant growth in income and expanded business opportunities through their access to U.S. clients, suppliers, and services.
Which Industries Are Not Supported?
To maintain compliance, many banking service providers do not support applications from the following industries:
- Adult entertainment
- ATM operations
- Cryptocurrency or NFTs
- Currency exchange
- Debt collection or consolidation
- Decentralized Autonomous Organizations (DAO)
- Direct marketing/telemarketing
- Gaming/gambling
- Money services businesses (MSB)
- Nutraceuticals
- Payday lenders
- Promotion of racism or bigotry
- Sales of weapons/firearms
- Sale or distribution of marijuana, cannabis, or CBD products
What Are the Requirements to Apply for a Business Bank Account?
To open a business bank account in the U.S., it is essential to have an established American company. If you have not yet set up your U.S. business, Export Manager can assist you in doing so remotely.
After establishing your business, the banking compliance team will review the documentation you submit to ensure that your business is legitimate before approving your application. This compliance process is a mandatory requirement for all banking applications. If you are a foreign national looking to open a U.S. business bank account, consider the following documentation requirements:
Business Documentation Requirements:
- Business formation document for a U.S.-based LLC or Corporation.
- EIN verification (such as CP 575, 147C, a recent business tax return, or a screenshot of the EIN online verification page).
Beneficial Owner Documentation Requirements:
- Identification (a photo of a passport; U.S. residents or citizens must also provide a U.S. driver’s license or other U.S.-issued ID).
- Residential address verification document (e.g., a utility bill or bank statement in the name of the individual. If not in English, the document must at least be in Latin characters).
Business Description:
- Provide details about your business operations in the U.S., including where and what you are selling, where you are advertising, and any other relevant information.
Online Presence:
- Share where customers can find your business online, such as your business website, seller pages (e.g., Etsy, Amazon, eBay, Shopify), and social media platforms.
The specific compliance review process may vary depending on the internal policies of each bank. However, the criteria and requirements outlined here serve as a general baseline.
How to Obtain a U.S. Business Bank Account
To begin the process of opening a U.S. business bank account, first choose one of our plans to start your business in the U.S. This will enable you to proceed with the banking applications. Banks are more likely to approve a business account backed by a solid foundation. Once your business is established, you can search for a banking provider that best suits your specific business needs.