Initial Mile can assist you in opening a bank account for your company. Maintaining a bank account in your U.S. company’s name boosts your company’s credibility with customers and suppliers. Some clients will refuse to pay you unless you send them wire instructions to your bank account.
What documents will you be required to submit?
A copy of your valid passport and proof of address, such as a copy of your utility bill with your foreign address or a copy of your state-issued identification card, are required by most banks. Banks may require you to have the documents translated and notarized in some cases.
What is the operation of this service?
Following the completion of your US Company formation, we will ask you to complete a brief questionnaire that will assist us in determining your banking requirements. We will recommend which banks from our Network will best meet your banking requirements and needs based on your responses. We’ll introduce you to these banks and send you the New Account Application Forms, which will include all of the necessary contact information to open a New Business Account. We’re here to help you fill out the application forms, provide the required documents, and follow up with the banks until you’re approved.
Secured Online Banking, Online Incoming and Outgoing Wire Transfers, Check Books, and Debit Cards are all available at the banks we recommend. You will be able to choose which bank you want to open a new account with from the list we send you. We work with both domestic and international banks that manage accounts for US businesses.
Do you need to travel to the United States to open your business bank account?
Yes, in some cases. We do, however, work with banks that allow remote account opening by accepting mailed and scanned documents, as well as banks that require you to sign all ‘New Account’ documents in person. Based on this factor, you will be able to choose which bank you want to apply with. Initial Mile may be able to provide an alternative to US bank accounts. After your Corporation or LLC has been formed, a U.S. representative will be appointed and authorized to open an account in your company’s name on your behalf. The account will then be managed by an independent accountant who will issue wire transfers and checks according to your instructions.
What is the average time it takes to open a bank account?
It can take anywhere from 48 hours to two weeks to open a bank account for your U.S. company. This is largely determined by how quickly you respond to bank inquiries, as well as requests for additional information or documents. The process will be completed faster if you respond quickly.
Initial Mile may be able to provide a very special type of bank account (MSB) that will allow your company to handle procedures such as issuing Money Orders, Currency Exchange, and Accepting Third Party Checks, among other things.
