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 begin 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 time-consuming and expensive sometimes. Having your corporate bank account in the US will save you considerable 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 also regulated 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 materials they require before going to the bank you have decided to work with. Here are some documents required for bank accounts:
Certificate of Authority:
Also known as ‘Foreign Qualification.’ The reason why it is also called ‘Foreign Qualification’ is that business started in a particular state is regarded as a foreign entity in other countries. Holding this certificate means you can also run your business activities in other countries than the one you are registered to. Many banks demand this certificate for business activities in other countries. It is essential because bank accounts are tools to keep your economic 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 with this, or contact us for help.
Certificate of Good Standing:
Also known as ‘Certificate of Existence.’ This certificate is issued by a secretary of state to confirm you have completed your jurisdictional fee payments correctly and you have met the tax requirements successfully. Many banks require this document for loans or opening a corporate bank account. Potential partners or investors also need it.
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 businesspeople to manage their bank accounts, which is generally where they started their business. The vast majority of companies in Delaware operate internationally. This is why getting a certificate of authority is essential; it allows you to manage legally when you need to run in other states.
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