EU citizen registered US LLC, how to get bank account?

[NewBiz3]

EU citizen looking to start legitimate business in US.

Registered the LLC in Florida, got the EIN number. Got a US legal address for the LLC.

EU citizen has no legal residential address or SSN in United States though.

Banks are refusing to open account for the said Florida LLC due to the fact that 100% owner has no legal residence in US.

I was told by EU startup founders that they register Delaware companies and there are banks in Delaware that open accounts for these companies even for non-resident aliens with no US residential address.

Some bank employee told me they can't do that because Bank Secrecy Act forbids registering to someone with no legal address in US.

Some questions:

1) Is it true that Bank Secrecy Act explicitly forbids this layout (non us alien resident with no US residential address as 100% owner of US LLC registering a bank account in US)?

2) If Delaware banks are indeed OK with this layout for startups, which banks?

3) What other methods can be employed if EU citizen does not want to travel to US and get residential address there?

4) Any other banks you'd recommend that would be OK with this LLC ownership structure?

5) Any other recommendations.

Surely there must be a way.

Business is totally legit and about to launch, already have employees lined up in US, bank account is the final bottle neck.

No crypto stuff, just regular retail store.

 

[Sols]

1) Is it true that Bank Secrecy Act explicitly forbids this layout (non us alien resident with no US residential address as 100% owner of US LLC registering a bank account in US)?

No.

2) If Delaware banks are indeed OK with this layout for startups, which banks?

There are two answers to this.

1) If you are VC funded (Delaware C corp usually, not LLC), have a large sum of money to deposit with the bank, and/or you have contacts at banks, there are several regional and national banks that would consider you.

2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.

You can transition from answer 2 to 1 when your business is up and running for a while.

3) What other methods can be employed if EU citizen does not want to travel to US and get residential address there?

Get investors.

Hire local people in the US to work for your business. Senior staff helps more than junior staff. That might not unlock traditional banking right away but it gives substance to your business, which you can use in the future.

It seems strange to not want to travel to the US to open a bank account for your business. Banks will think it's strange, too.

4) Any other banks you'd recommend that would be OK with this LLC ownership structure?

Most likely Mercury.

 

[myhand]

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.

 

[Cloudbanck]

No.


There are two answers to this.

1) If you are VC funded (Delaware C corp usually, not LLC), have a large sum of money to deposit with the bank, and/or you have contacts at banks, there are several regional and national banks that would consider you.

2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.

You can transition from answer 2 to 1 when your business is up and running for a while.


Get investors.

Hire local people in the US to work for your business. Senior staff helps more than junior staff. That might not unlock traditional banking right away but it gives substance to your business, which you can use in the future.

It seems strange to not want to travel to the US to open a bank account for your business. Banks will think it's strange, too.


Most likely Mercury.

There is also Wise (no problem opening an account for a US LLC with basically one click), Relayfi, Airwallex, Levro.

 

[Au999]

Also Novel bank - trynovel - is good. No problem opening an account in a couple of days for a UK citizen with a US LLC

 

[NewBiz3]

2) If you are a small company, your best option is probably Mercury. There are a few others digital banking services like Mercury, but AFAIK Mercury is the most popular for non-resident foreigners.

Tried Mercury, they denied.

Hire local people in the US to work for your business.

Can't hire US people without a bank account. Catch-22

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.

They rejected

There is also Wise (no problem opening an account for a US LLC with basically one click), Relayfi, Airwallex, Levro.

Wise is not US

Also Novel bank - trynovel - is good. No problem opening an account in a couple of days for a UK citizen with a US LLC

Not UK citizen

To travelling no bank account with street banks in the US = Go with Mercury bank as all others likeminded.

Flying 10 hours on as stuffy plane with no guarantee you will even get bank account - not fun

 

[Sols]

Tried Mercury, they denied.

Do you know why?

Can't hire US people without a bank account. Catch-22

Sure, you can, so long as you can pay them via SWIFT or crypto. Cost of doing business.

Wise is not US

That's why I initially didn't mention them but @Cloudbanck is absolutely valid in recommending Wise. Wise can provide you with a USD account and local US bank account number.

 

[12345]

Use Wise, account opening is easy and fast for USA LLC

 

[Onassis]

If you are fine with an EUR SEPA IBAN, try Paysera

 

[NewBiz3]

Use Wise, account opening is easy and fast for USA LLC

Wise is not US based and does not offer a fully fledged US bank account.

If you are fine with an EUR SEPA IBAN, try Paysera

Not US based. I have retail business in US, I need a normal, real bank account in US.

Wise can provide you with a USD account and local US bank account number.

Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?

 

[Cloudbanck]

Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?

Well, Wise isnt a Bank in the US, so like other EMIs they use an underlying bank, which for Wise is: COMMUNITY FEDERAL SAVINGS BANK in New York. You'll get an account number, routing number, and SWIFT code with this bank with a New York address. And yes you can make transfers in USD from your USD account.

 

[Sols]

Wait, WISE can give you a real US bank account with a real IBAN that you will be able to use as company account to pay partners and pay salaries in US?

Just to add to what @Cloudbanck wrote: the underlying bank may vary (it's not only Community Federal Savings Bank, IIRC) and you can't for example issue or clear checks on the account. But for all (other) intents and purposes, it functions like a normal US bank account.

 

[Forester]

And more to add, you will find various suitable options for a US LLC in discussions here US neo-banks List [For Non-Residents LLCs] and here Mercury, TryNovel, or something else?. (Generally, it's worth trying the Search button )

 

[floorens]

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