Opening a non-resident bank account for your limited liability company (LLC) is convenient for receiving international payments, accessing financial products and services, and keeping your business and personal finances separate. Often, this is the way to go if you’re operating from across the shore.
If you’re new to this process, this short guide will provide a simple breakdown of all the steps you need to go through to open a non-resident bank account for your LLC.
Research Banking Options
Not all banks offer an LLC bank account non resident type. Meanwhile, some only offer them to businesses with a physical presence in the country where the bank is located. Others have requirements for non-resident businesses, like a minimum deposit or a certain level of revenue.
That’s why you should spend a lot of time searching for banks offering non-resident bank accounts for LLCs. Look for the ones with requirements you can meet.
And, of course, find one with experience working with international clients and providing the services you need.
Choose A Country And Bank
Bank branches in different countries can have varying policies because every country has different banking laws and regulations.
For example, an international bank’s branch in country A might not be insured, but its branch in country B might be.
Because of that, once you’ve chosen a bank, ensure it operates in your target country and aligns with your preferred laws and regulations. Additionally, consider factors like reputation, fees, and available services like international business bank loans.
Keep in mind that even if the branches are under the same international bank, these things can differ. So compare all of the options before making a decision.
Gather Required Documents
You’ll need to gather some documents to open a non-resident bank account for your LLC. The exact requirements may vary, but here are some common documents that banks may ask for:
- Certificate of Formation or Articles of Organization for your LLC.
- Operating Agreement or equivalent document outlining the company structure and management.
- Passport copies and proof of identification for all LLC members or authorized signatories.
- Proof of address for all members or authorized signatories, such as utility bills or bank statements.
- Tax Identification Number (TIN) or Employer Identification Number (EIN) for the LLC.
- Business license or registration documents, if applicable.
Acquire or procure all of the required documents before you contact the bank. Doing so ensures that the account opening process goes smoothly and you don’t have to wait for unnecessary delays or complications.
Once you’ve gathered the required documents, you can contact the bank to open your account.
Contact The Bank And Complete The Application Forms
Once your documents are ready, contact the bank you chose to find out how to open an account. Some banks allow you to do it online, while others require visiting a branch in person. If you must go in person, it’s usually to verify your identity and collect additional documentation.
Note: only a few banks require their new clients to be in person to create a non-resident business account nowadays.
Typically, you’ll need to complete application forms provided by the bank. These forms usually ask for basic company information, member details, and the purpose of the account. Be prepared to provide additional information as requested by the bank.
After completing the forms, the next step is to submit the necessary documents.
Submit Required Documents
Submit all of the documents that the bank requires. Make sure that the information is accurate and up-to-date. Some banks may require notarized or apostilled copies of the documents depending on the country’s requirements.
Wait For Them To Process Your Application
The bank will review your application once you’ve submitted all the required documents. They might contact you with any additional questions.
Keep in mind that banks have compliance and due diligence procedures to prevent money laundering and ensure regulatory compliance. They might also conduct a background check on your LLC and its members.
If the bank doesn’t find any problems with your application, the bank will approve your application, and you’ll be able to open your account.
Deposit Funds And Activate The Account
Once your application gets the green light, the bank will provide instructions on how to deposit money into your account. Often, depositing can be done through wire transfers or other designated methods.
After depositing the initial funds, the bank will activate your account. They’ll furnish you with account details, such as the account number and any relevant cards or online banking access.
Those are the steps to open a non-resident bank account. As mentioned earlier, having a non-resident bank account for your LLC is beneficial for keeping your business and personal finances separate and facilitating international transactions. Remember that there may be additional steps not mentioned here, as some banks may follow a different procedure.