How to Open a US Business Bank Account?

Opening a US business bank account is a pivotal step for entrepreneurs, whether you’re based in the US or running your business from abroad. It’s about more than just managing finances — it ensures compliance, credibility, and smooth operations. 

But how to open a US business bank account? What do you need, and how can you make the process stress-free?

This guide breaks it all down. 

From the essential documents to remote account opening options, we’ll walk you through everything you need to know. Let’s dive in.

Articles of Organization

The Articles of Organization is the first document you’ll need when opening a US business bank account. 

Think of it as your business’s birth certificate, received upon the successful formation of your company — whether it’s an LLC or a C-Corp.

How to Get Your Articles of Organization

• File with the Secretary of State in the state where your business is registered.

• Each state has different filing fees, ranging from $50 to $500, and varying timelines for approval.

• Some states offer expedited processing for an additional fee.

Not sure where to start? Services like doola make filing your Articles of Organization quite effortless.

EIN Verification Letter

Next up is about obtaining an Employer Identification Number (EIN) and its verification letter.

Your EIN is like your business’s social security number. It’s a federal identifier that allows you to pay taxes, hire employees, and, most importantly, open a US business bank account.

Steps to Apply for an EIN:

If you have a US Social Security Number (SSN): Apply online through the IRS website. It’s quick, and you’ll get your EIN instantly.

If you don’t have a US SSN:

✅ Complete Form SS-4 (the EIN application form).

✅ Fax or mail the form to the IRS. Download Form SS-4 here.

✅ Processing times for non-residents typically take 4-6 weeks, so plan ahead.

Your EIN verification letter is a must-have document when figuring out how to open a US business bank account, so make sure to secure it early in the process.

Government ID: Proof of Your Identity

Every bank requires a government-issued ID to verify your identity during the account-opening process.

• For US Residents: A driver’s license or passport is usually sufficient.

• For Non-US Residents: A valid passport is required. Some banks may also ask for additional documents like proof of address or your Articles of Organization.

📌 Pro Tip: Before applying, it’s essential to confirm the requirements for a US business bank account with your chosen bank, as these can vary depending on your residency status and the bank’s policies.

Here’s how you can do it:

Ask During Pre-Registration: Some banks offer a pre-registration process where they guide you on what documents are required based on your location and business structure.

Visit the Bank’s Website: Most banks list their account opening requirements in the “Business Banking” or FAQ section. Look for the specifics under “Required Documents.”

Call Customer Support: If the details aren’t clear online, contact the bank’s customer service team. They’ll provide precise information based on your residency status and business type.

Use Live Chat Features: Many banks, especially digital ones like Mercury or Brex, have live chat support where you can ask for clarification instantly.

Additional Information Banks May Require

Beyond the primary documents, banks may ask for more details to assess your business through a process called KYC (Know Your Customer). This process helps them confirm that both you and your business are legitimate.

Be prepared to answer the following questions:

• What’s your business name?

• What does your business do?

• How long has your business been in operation?

Banks may also screen for restricted businesses or countries. For example, businesses involved in adult entertainment or gambling might face restrictions, as would entities registered in certain blacklisted countries.

The good news? As long as you provide the required documents and run a legitimate business, your application is likely to be approved.

How to Choose the Right Bank

Once you’ve gathered all the required documents, the next step is selecting a bank that aligns with your business needs. 

This decision can significantly impact how smoothly your business operates, especially if you’re an international entrepreneur.

Here are some popular options:

• Mercury: A fully online bank tailored for startups and international entrepreneurs. No in-person visit is required.

• Brex: Designed for ecommerce and tech businesses, Brex offers expense tracking tools and no traditional banking fees.

• Chase: A more traditional bank with a vast network of branches, ideal for businesses that prefer in-person services.

When determining how to open a US business bank account, consider factors like monthly fees, ease of access (remote or in-person), and whether the bank has experience working with non-resident entrepreneurs. A little research upfront can save you unnecessary hassles down the road.

Opening a US Business Bank Account Remotely

For entrepreneurs outside the US, the biggest hurdle is often opening a business bank account without physically visiting the US.

Thankfully, doola make this possible.

• No travel needed: The entire process can be completed remotely.

• Expert guidance: From preparing your documents to navigating compliance, doola handles it all.

• Save time: Skip the confusion of figuring out banking requirements on your own.

With doola’s help, setting up your US business bank account is seamless, no matter where you’re located.

Steps to Open a US Business Bank Account

Choosing the right bank is just one part of the process. Here’s a quick rundown of the steps to open a US business bank account to help you navigate this smoothly:

✅ Gather your key documents: Articles of Organization, EIN verification letter, and government-issued ID

✅ Research banks that align with your business needs and confirm their requirements.

✅ Submit your application with the necessary documents and answer any KYC-related questions.

✅ Follow up with the bank for approval and set up your account for transactions.

Get Started With doola

Still wondering how to open a US business bank account? Let doola take care of it for you. From forming your LLC to navigating the complex banking process, we handle all the tricky parts for you.

You don’t need to stress over paperwork or compliance. We make the entire process simple and tailored to your needs.

Book a free consultation today to see how we can help you get started.

You can also check out our FAQ page and Business Solutions to find exactly what works for you. 

Let’s make your journey effortless!

FAQs

Can I open a US business bank account without an SSN?

Yes, you can. Banks like Mercury and Brex work specifically with non-residents. You’ll need your EIN, passport, and supporting documents.

Which us banks accept non-resident entrepreneurs?

Popular options include Mercury, Brex, and Chase, all of which offer solutions for international entrepreneurs.

How much does it cost to open a US business bank account?

Many banks don’t charge account opening fees, but monthly maintenance fees range from $10 to $25. Some banks waive these fees if you meet minimum balance requirements.