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Bank Accounts for Businesses Started in the US

25 May 2017
Bank Accounts for Businesses Started in the US

One of the very first and the most important things to do after you have started your business corporation is to open a bank account. You can simply open your bank account with us even without visiting the US. Just send us an e-mail or call us!

Why should I open a bank account for my business?

Transferring your money to your local bank account can be really time-consuming and expensive sometimes. Having your own corporate bank account in the US will save you great time and money!

What is usually required for a bank account is as follows: a verified certificate of establishment for your business, federal tax number (also known as EIN), and a company authority to attend the process in the bank. Banks are regulated also by the local banking laws of the state they are located in, as well as federal government.

Each bank has a different scale of required documents you need to submit. Therefore, it is a good idea to contact the bank and get accurate information about the documents they require before going to the bank you have decided to work with. Some documents required for bank accounts:

  1. Certificate of Authority: Also known as ‘Foreign Qualification’. The reason why it is also called ‘Foreign Qualification’ is because a business started in a particular state is regarded as a foreign entity in other states. Holding this certificate means you can also run your business activities in other states than the one you are registered to. Many banks demand this certificate for business activities in other states. It is important because bank accounts are tools to keep your economical income acquired from business transactions and this is also regarded as a transaction. Requirements for foreign qualification can vary from state to state. You can see our articles to help you about this, or simply contact us for help.
  2. Certificate of Good Standing: Also known as ‘Certificate of Existence’. This certificate is issued by a secretary of state to confirm you have properly completed your jurisdictional fee payments and you have met the tax requirements successfully. Many banks require this document for loans or opening a corporate bank account. It can also be required by potential partners or investors.

If I start my business in Delaware, do I also need to open my bank account in Delaware?

No. Bank accounts are usually opened in states where it is easier for businessmen to manage their bank accounts, which is usually where they started their business. Great majority of businesses in Delaware operate internationally. This is why getting a certificate of authority is important; it allows you to operate legally when you need to operate in other states.