November 6, 2023

How to open a US bank account for your business

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A bank account is one of the most fundamental aspects of setting up a business. However, creating a business bank account isn't always straightforward. What information do you need? How long does it take? Are foreign business owners eligible to open one? You may be wondering about these or other common questions.

Fortunately, opening a bank account for your company doesn't have to be overwhelming. In fact, we offer exclusive pre-EIN bank accounts through our partnership with Mercury — you'll even get up to $200 in cash back! In this short read, we will explain how you can open a US bank account for your business without the headache.

What do I need to open a business bank account?

Before you can open a business bank account, you'll first need to incorporate your company. While the requirements may vary from one bank to the other, most banks typically request the following information:

  • Proof of address
  • Personal contact details
  • A valid driver’s license, passport, or other official government identity document
  • SSN or individual taxpayer identification number (ITIN)
  • Debit/credit card from your home country
  • Deposit payment
  • Immigration documents
  • Proof of income
  • Credit history report
  • EIN (employer identification number)

Once you have these details on hand, you can start your application and take the next step toward opening an account. Processing times will likely depend on:

  • the bank that you want to apply to
  • the type of account you want to open
  • providing all necessary documents
  • applying in the US or overseas
  • applying online or in-person

Opening a bank account through Firstbase

Incorporating takes your business from an idea to a proper company. Banks want to see that you have a formal legal entity before offering you an account (or any other business finance services).

With Firstbase, you can complete your incorporation, open a new bank account, and go through other key business tasks — all in one unified application. We have helped over 10,000 entrepreneurs incorporate and launch their businesses in America without stepping foot on US soil.

Not only will we incorporate your company from start to finish, we'll also give you access to hundreds of thousands of dollars in exclusive rewards. Firstbase is also backed by Y Combinator, Carta Ventures, CEO of TransferWise, and many others. Hit the link below to start your incorporation today.

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