LLC as a non resident but bank account in home country

[AtlasShrugged]

Is there anyone here who runs an LLC that managed to open a bank account in their home country with it? Or what type of solutions do you usually use?

 

[Sols]

Yes. Having a good relationship with a local bank and doing things correctly (i.e. pay local tax) will go a long way.

Most LLCs you see discussed here probably bank with Mercury, Wise, and other online banks/EMIs.

 

[AtlasShrugged]

Yes. Having a good relationship with a local bank and doing things correctly (i.e. pay local tax) will go a long way.

Most LLCs you see discussed here probably bank with Mercury, Wise, and other online banks/EMIs.

What's the benefits of doing it with EMIs?

Will my local bank reject me because it's a foreign entity?

 

[bigdaddyleon]

Will my local bank reject me because it's a foreign entity?

Nobody can tell you that here, you have to discuss it with your bank advisor.
If you've been a customer there for years, it's usually not a problem.

 

[BalnearioCamboriu]

If a local bank accepts it, will it have to be a business account? Or will a personal do to?

 

[fshore]

It depend on your country. They probably have requirements for a business account, like having a local registration number for the foreign company, etc. You could use your personal account for it if your customers accepts it and if you don't need liability protection.

 

[AtlasShrugged]

If a local bank accepts it, will it have to be a business account? Or will a personal do to?

I already have a personal bank account. I'm mainly looking for business account.

It depend on your country. They probably have requirements for a business account, like having a local registration number for the foreign company, etc. You could use your personal account for it if your customers accepts it and if you don't need liability protection.

I'll email them and ask. I'm surprised there weren't more answers here. It's after all called offshorecorptalk

 

[Sols]

I'm surprised there weren't more answers here. It's after all called offshorecorptalk

You asked about how to not have an offshore bank account, so I'm not sure what you were expecting.

Most people who form foreign companies bank them abroad, as you can see in the hundreds/thousands of other threads about non-resident/offshore/foreign bank accounts.

What's the benefits of doing it with EMIs?

Sometimes it's easier to open accounts with EMIs than with traditional banks.

Will my local bank reject me because it's a foreign entity?

If everything else about the entity is fine and if it's not incorporated in a prohibited territory, there's a reasonable chance it will be approved if you have a strong relationship with the bank already.

 

[MichelRippon989]

CBIBank allows you to open a corporate bank account. Although there is a $200 account opening charge, CBIBank is an American bank that is fairly simple for non-residents to open.

 

[Sols]

CBIBank

I know technically it's US territory, but Puerto Rico isn't even a US state. It's so pathetic, desperate, and disingenuous to call a Puerto Rican international financial entity (which is not a bank license) an American bank. It offers practically none of the stability and safety of an actual US bank.

CBI Bank's website defaults to Chinese and they offer RMB accounts and CUP cards (no Visa, Mastercard, Amex). It's pretty clear who their target audience is: Chinese people looking to hide money from China, because FATCA doesn't apply in Puerto Rico.

 

[FDS ADS]

Is there anyone here who runs an LLC that managed to open a bank account in their home country with it? Or what type of solutions do you usually use?

What is your nationality?
What is your country of residence?
Where is your LLC incorporated?

 

[jafo]

CBI Bank's website defaults to Chinese and they offer RMB accounts and CUP cards (no Visa, Mastercard, Amex). It's pretty clear who their target audience is: Chinese people looking to hide money from China, because FATCA doesn't apply in Puerto Rico.

I went to verify this, and you are RIGHT on the money

G*ddamn! I would think these people would do a better job than this. I'm flabbergasted at this amateurish setup.
I don't have a problem with the bank, but by now, the CCP and its enforcers already know the existence of this bank and when they put their hands on them (i.e. Foxhunt), it's an automatic execution.
The problem for those with money at that bank is that the responsible people are going to be executed and frankly, although I am ballsy, suing the CCP is NOT conducive to my self-preservation.

Thanks for the heads up, @Sols

 

[AtlasShrugged]

You asked about how to not have an offshore bank account, so I'm not sure what you were expecting.

Most people who form foreign companies bank them abroad, as you can see in the hundreds/thousands of other threads about non-resident/offshore/foreign bank accounts.


Sometimes it's easier to open accounts with EMIs than with traditional banks.


If everything else about the entity is fine and if it's not incorporated in a prohibited territory, there's a reasonable chance it will be approved if you have a strong relationship with the bank already.

I asked about an offshore company which I would consider to be highly relevant to this forum. I have checked many threads and all of them mention EMIs.

What is your nationality?
What is your country of residence?
Where is your LLC incorporated?

EU passport and live in Romania. It'll most likely be incorporated in New Mexico. I'm planning a trip to the US in February, so if it will be possible to open a bank account if I go there personally that will be great too, but I've read that even that's difficult.

Do people usually use the registered agent's address as a business address and has that worked out in order to open EMIs/bank account?

 

[Sols]

Do people usually use the registered agent's address as a business address and has that worked out in order to open EMIs/bank account?

Some accept it, some don't. Can depend on what the company does and the structure of the company.

If it's a single-person type company, many just note down your place of residence as the place of business — separately from the registered address of the company.

 

[FDS ADS]

I asked about an offshore company which I would consider to be highly relevant to this forum. I have checked many threads and all of them mention EMIs.

EU passport and live in Romania. It'll most likely be incorporated in New Mexico. I'm planning a trip to the US in February, so if it will be possible to open a bank account if I go there personally that will be great too, but I've read that even that's difficult.

Do people usually use the registered agent's address as a business address and has that worked out in order to open EMIs/bank account?

Mostly you EIN, do you have company already or not?

Some accept it, some don't. Can depend on what the company does and the structure of the company.

If it's a single-person type company, many just note down your place of residence as the place of business — separately from the registered address of the company.

Anyways you can manage totally online and you need around month for this.

 

[AtlasShrugged]

Mostly you EIN, do you have company already or not?


Anyways you can manage totally online and you need around month for this.

No, I'm currently looking at different companies to help with incorporation. NEW MEXICO REGISTERED AGENT | $35 A YEAR is the cheapest, but they barely have any reviews at all. Incfile has plenty of reviews but those on Yelp, they are horrendous, but those on trustpilot are good. That doesn't make any sense to me. northwestregisteredagent have some reviews here and there, averaging at around 4 stars.

No idea if I'm overthinking it, but I found another thread on this forum that talked about how Incfile messed up the EIN and caused him headache, so I would like to have this properly done. US LLC FORM but no EIN ???

Some accept it, some don't. Can depend on what the company does and the structure of the company.

If it's a single-person type company, many just note down your place of residence as the place of business — separately from the registered address of the company.

So long my address won't be available to the buyer, I wouldn't mind doing that.

 

[BalnearioCamboriu]

I already have a personal bank account. I'm mainly looking for business account.

I didn't ask about you but about a general case.

You could use your personal account for it if your customers accepts it and if you don't need liability protection.

Protection of the liability - yes, I'll need it. So a personal one won't work.

Does it matter for the customers whether they'd send money to a personal or business account, though?

 

[bonox]

Mercury has been working very well for my purposes. I have a Wyoming LLC and Mercury bank account. Not US citizen.

 

[AtlasShrugged]

Mercury has been working very well for my purposes. I have a Wyoming LLC and Mercury bank account. Not US citizen.

Can you recommend a formation company, and was it enough to use the registered agent's address when applying for a Mercury bank account?

 

[sinos]

Mercury no longer accepts registered agent address.

Customers must have some type of existing or planned operations in the U.S. and a U.S. or international address for their principal place of business. This can be a residential address, but may not be a registered agent, PO box, or UPS box address.