Opening & Managing Your US C-Corporation Bank Account
This page will focus on how we will open your bank account and manage it for you.
Anyone can incorporate a business in the United States, it’s actually really easy. The difficult part is opening a bank account. If you don’t live in the U.S you will need someone in the U.S to be a signatory. We provide a director service for all of our clients that will help you open a bank account in the U.S. On this page we describe how that works.
Mount Bonnell Advisors work with the top 5 banks in the U.S.: Chase; Bank of America; Citibank; Wells Fargo; and U.S. Bank.
In business, you can’t choose just any bank. Not all banks are suitable for you or your industry. Often, it can take several appointments with different banks before we find the right fit for you, your business and your clients.
Normally, once a bank is found, the account opening can take place on the same day as any initial appointment.
It is important to note that in the U.S. bank accounts can be opened in U.S. dollars only, ruling out the possibility of an account in Euros, GB Pounds, or any other currencies.
On This Page
- Opening a Bank Account with the Designated US Company Director
- Your Bank Appointments in the USA
- Cash withdrawal & bank cards.
- Online banking.
- Bank Overdrafts
- Frequently Asked Questions (FAQs) about taxes, company formation and residency in the U.S.
- On getting advice about taxation, company formation, and residency in the United States
Opening a Bank Account with the Designated US Company Director
The U.S. Director, appointed by Mount Bonnell Advisors, will open your company bank account once that company is registered. It is unnecessary for you to be present for this.
Once the account is opened, the Mount Bonnell Advisors appointed Director will ensure you have bank account debit card as well as access to any online banking ID until that is you come to the U.S. to introduce yourself to the bank.
Mount Bonnell Advisors know this may cause some concern. But at least one of the authorized signatories to the company bank account must be registered as living in the U.S.A.. This is a requirement of banks in the U.S. and is non-negotiable.
Be assured, however, that we will work for your peace of mind in this, as well as your – and indeed our- protection. If you have already know a trustworthy individual who lives in the U.S., that person can also be added to the company account as a signatory.
Your Bank Appointments in the USA
Typically, we advise all clients to travel to the U.S. within the first 6 months of establishing a C-Corporation.
Upon arrival you will meet the US based director of your company as appointed by Mount Bonnell Advisors. That person will then accompany you to the relevant bank.
At the bank, you will identify yourself with the usual documentation. Thereafter, you will become an authorized signatory to the company account. In addition, you will receive your own company account debit card as well as your own online banking ID.
It is important to note that the Mount Bonnell appointed US Director will remain registered as a signatory on the company account.
Cash Withdrawals and Bank Cards
You will receive either a MasterCard or Visa bank card for all your company accounts. Through this debit card you will have access to all aspects of your account.
Depending on the bank you have chosen, you will be able to withdraw between $500 and $1,500 in cash each day from any ATM. To save on bank fees it’s best to inquire about your bank’s international partners before you use that card abroad, however. For example, the partner bank for Bank of America in Germany is Deutsche Bank. Obviously through a European partner bank you will be able to withdraw cash at a cheaper fee.
It is important to note that not all bank cards work in foreign machines. Always, when in doubt about your cards use abroad, check out the Visa and Mastercard websites for further advice.
All banks in the U.S. have an online banking option coupled with the ability to transfer money nationally and internationally.
Normally only a username and password is required. Transaction Authentication Numbers (TANs) are uncommon in America.
Be prepared, however, as US banks have many security protocols. For example, if you log into an online banking account from another device for the first time, or add a new payee, a code will be sent to you via email or SMS. You will need to input this code into the bank’s system to confirm that you are the person who is accessing the account and not someone without authorization.
For many Europeans, these protocols will seem strange. Nevertheless, banking in the States requires you to adjust to these new levels of security. Our experience is that Mount Bonnell Advisors’ clients quickly familiarize these U.S. systems and protocols and adapt accordingly.
In order to qualify for an overdraft, two things are needed. The company needs to establish a good credit score with the bank. In addition, you will need to prove that your business is active through cash receipts regularly coming into the company account.
Once both these criteria are met, it is relatively straightforward to be granted an overdraft facility in the US, maybe more so than in other countries. US bank overdraft limits ranging from $50,000 to $500,000 are not uncommon.
Frequently Asked Questions (FAQs) About Taxes, Company Formation, and Residency in the U.S.
On getting advice about taxation, company formation, and residency in the United States
Starting a business in the US can be both exhilarating and exasperating. There is much to know and even more to learn, and the pace of the information coming at you can be overwhelming.
That’s where Mount Bonnell Advisors come in.
At Mount Bonnell we offer to take you through the labyrinth of regulation and red tape out into the blue skies of a dream come true – the dream of living and working in America. Your very own American Dream.
Whether it’s technical issues around tax or residency, or strategic ones involving business growth then the experienced team at Mount Bonnell Advisors are here to help.
So make that dream a reality by booking a consultation today with Mount Bonnell Advisors, and let the adventure commence.