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HOW TO OPEN A BANK ACCOUNT AND BUILDING CORPORATE CREDIT

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Do you need a bank account in the state the corporation or LLC was filed? 

You may bank anywhere, in any state.  Although having a brick-and-mortar bank is convenient, it isn't necessary.  There are internet banks such as etrade.com, bankofamerica.com, firstib.com and others where you may apply online. 

What about privacy services for my corporation or LLC?

If you're building corporate credit, the banks and other lenders seek to know who is behind the company.  After all, if you were lending the money, wouldn't you want to know who is behind the company?  Lenders seek transparency. Obtaining a nominee officer/contract officer service will not help you obtain corporate credit.  In fact, it will backfire and prevent the obtaining of financing. You may not obtain privacy and successfully apply for corporate credit, unless you have access to private funding sources.  The bank will not like you if you're using a nominee service.  If you don't want to be the signer on the bank account, hire a local bookkeeper to do the job as the Treasurer or Assistant Treasurer for the company.

What about filing in my home state?

If you're applying for corporate credit, the banks require that the company be filed in your home state where you're located, and they seek to see your name on the company.  If building corporate credit is not necessary, then you may bank in any state.

What are the best banks to open the account?

A bank usually requests that you open an account where the loan is issued.  In other words, banks request that you open an account where you obtained the loan.  You'll probably end up with the first account opened in the first bank, and then a secondary account where financing was obtained.

Below are the steps to opening the bank account:

US PERSON FOREIGN PERSON
Provide the bank the following:
  • Copy of the articles of incorporation.  This document was filed with the Secretary of State when the company was formed.
  • A certificate of good standing.  This document certifies that the company remains in good standing when the certificate was issued.
  • A copy of your driver's license and your social security number
  • Initial deposit
  • A completed copy of the application provided to you by the bank.
Provide the bank the following:
  • Copy of the articles of incorporation.  This document was filed with the Secretary of State when the company was formed.
  • A certificate of good standing.  This document certifies that the company remains in good standing when the certificate was issued.
  • A copy of your passport and your Individual Tax Identification Number
  • Initial deposit
  • A completed copy of the application provided to you by the bank.

 

 
  • What is an Individual Tax Identification Number (ITIN)?

http://www.irs.gov/individuals/article/0,,id=96287,00.html

  • How to apply for an ITIN: FORM W-7

http://www.irs.gov/pub/irs-pdf/fw7.pdf

  • Can I apply in my country for an ITIN? 

Acceptance agents in your country

http://www.irs.gov/individuals/article/0,,id=96304,00.html

 

Please see your tax advisor and legal counsel.

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