Opening a US business, with a US business address, with a US Federal Tax ID ##, and a business checking account will help your business grow worldwide.
Why?
Because not only American business and clients, but also European, Middle Eastern, and even Asian feel more comfortable sending large fees to a US business, with a prestigious New York City address
I am an American Expatriate with a long-term Elite visa in Thailand, but receive all the funds for my business through my American bank account and then transfer to myself, my employees, and vendors all over the world.
In fact, the Thai Elite Visa and many other Thai visas prohibit you from doing business or deriving income from within Thailand so a US account allows you to stay in compliance.
Also, many sites like Amazon, eBay, Esty make it much easier for US based business with a proper tax id number and business account to accept much larger sums of money with less chargebacks, paperwork, and hassle.
And Golden Passport Nation can get it done for you within a month.
Read on for details!
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Contents
Benefits of owning an US Business With an American Checking Account
You are a week away from having all the benefits of a US business, checking account, and New York City business address with none of the pitfalls!
The process includes everything you need to set up a legal business in the United States including one aspect many online accounts don’t address: compliance with all us laws and regulations.
More detail on benefits below, but ultimately you can go as far as you want in business with all these assets in place to support you scaling globally.
1. Open Up the $25 Trillion American economy
An American business and business checking account will open up the $25 Trillion American economy for your business.
In fact, 95% of US based business only do business with other US business.
They don’t want the headache of trying to figure out a foreign banking system, the country’s laws and regulations, and currency exchanges.
Without a US business and business bank account you will always be playing in the little leagues.
2. Send and receive US dollars worldwide
You can send and receive US dollars to an American business checking account held in US dollars anywhere in the world 24/7.
In fact, you can also open a savings account if you want to store US dollars in an American business account as well as buy stocks, bonds, and crypto with those funds.
3. Scale your business with a US contact
You have a US contact to help you scale your business by making introductions to attorneys, CPAs, and clients and vendors.
4. Stay compliant
To open a US business account, you need an agent registering your LLC in one of the fifty states, to apply for a IRS Tax ID, and then use those documents to open the checking account and stay in compliance with all US state and federal regulations.
We provide you with a registered agent who handles everything in person and a experience CPA who ensures you are in compliance with all US Federal, State, and tax laws.
The last one — compliance — is key as simply not reporting at all is a violation and ignorance of the law is no defense with serious civil and criminal penalties.
Many companies promise to open your US business and business checking account, but what they don’t tell you is that the account is “online” only, is next to impossible to open with significant funds, and/or won’t be in compliance with US laws and regulations.
What is Involved in Opening a US Business: Step by Step
Before we consider ALL the options for opening an American business and account; let’s detail exactly what is involved in setting up a US business, US business address, and banking account.
ALL of these actions must be taken in the right sequence and the best way to ensure there are no mistakes is to have a U.S. citizen execute them as your registered agent in the United States.
Once your registered agent sets up your business, and checking account they will turn over your account for you to manage.
Your US based registered agent will complete the following actions within one week of payment.
- Register: your LLC with the attorney general of one of the fifty states.
- Secure: a US IRS tax # for the business.
- Open: a business checking account at a major bank like Chase, Wells Fargo, or Bank of America.
- Order: a US dollar VISA debit card that can be used globally and mailed to your home address anywhere in the world.
- Hire: a CPA to ensure compliance with the Corporate Transparency Act (CTA.)
More Benefits No One Will Tell You About
Okay.
So now that we are all on the same page about what exactly is required; let’s get to the good part: more benefits.
And they are significant.
A. Credibility:
Having a US bank account adds credibility to your business in the eyes of not only American customers, partners and vendors, but European, Asian, and Middle Eastern ones too.
This can help you build trust and attract game-changing customers, investors, and business partners who will bring you big deals, expand your network, and 10X your fees.
B. Much Larger Fees Upfront Paid in Dollars:
Very few American or even European companies will wire significant funds to a business in Asia or the Middle East or even Europe because they feel if something goes wrong they have no recourse.
The US civil and criminal system for financial fraud is robust and reassures the client that a six figure fee won’t simply disappear.
Even as American expats, ALL our fees are wired to our US based bank account and then we pay ourselves by wire to our Thai business and personal accounts.
C. Accepting Payments for Amazon, Stripe, Visa, Master Card, etc.
Though it is possible to accept these payments from outside the US; some platforms either will present so many obstacles you cannot open one and/or green-light refunds even after you have performed your services.
D. Hold Assets in US Dollars:
The US dollar is the world’s fiat currency and holding your assets in a US bank account allows your business and yourself the peace of mind that no matter what happens in your country; your money is waiting for you in dollars.
E. Globally Accepted US VISA Debit Card:
Your registered agent will also get you a VISA card tied to the bank account and accepted worldwide that will work is accepted in every country in the world.
VISA provides protection against fraud, identity theft, and disputes over non-delivery of services.
F. Avoid all US taxes by using a LLC
By establishing a LLC, you can completely avoid all corporate and personal taxes using an experienced CPA as well as avoiding all personal liability from lawsuits.
G. U.S. Visas
If you are planning on coming to the US then having a registered business, checking account, and address can make a huge difference in whether the bureaucrat who decides your destiny says yes or no.
Give them a reason to say yes.
All Three Options for Opening a US Based Business and Account
1. Fly to the US
Fly to the US, establish a business address by signing a one year lease for $25,000 (if you can pass a credit check, already have an apartment lease, and phone # as well as a water or electrical bill), register with one of the fifty states’ attorney general’s, obtain an IRS tax ID #, go to the bank and open the account, and comply with all state and federal regulations for the account and yourself.
That will cost you $35,000 and take a month of your life and the reality is US banks often refuse services for man reason and will hesitate to open an account for a foreign national to avoid scrutiny by state and federal officials.
2. Online Platforms
There is a plethora of online platforms that promise to open a US bank account for you for a relatively small fee.
These platforms offer to either: A.) register your business in the US or: B.) Open an online US bank account which is not the same as a US bank account with a Tax ID #, a New York City bank address and compliance with ever changing regulations such as the CTA.
Clients know these “online” accounts aren’t real American brick and mortar accounts.
They also don’t ensure compliance.
3. Hire GPN to handle everything from A to Z.
Golden Passport Business is not the cheapest, but we do handle everything from start to finish including ensuring complete legal compliance from state to federal not just at set-up, but ongoing.
How to Stay in Legal Compliance with ALL US Laws
What makes the US banking system so robust is strict regulations at the state and federal levels.
The Corporate Transparency Act is one of many regulations you must comply with to avoid significant civil and criminal penalties.
We pay a CPA to keep your LLC in compliance with the CTA and every other federal and state banking regulation.
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