Business accounts: USA

Published 6 August 2026 · Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A US business account is opened for a company registered in one of the states, most often an LLC or corporation in Delaware, Wyoming, Florida or New York. First the company is formed with the Secretary of State, then the IRS issues an Employer Identification Number. The EIN is free and every bank needs it. If the owner has no Social Security Number or ITIN, the online application is not available and the EIN is requested on a form sent by fax or mail, which usually takes from a few days to a few weeks.

Under federal customer due diligence rules the bank identifies every owner of 25% or more and one person who actually controls the company. Large banks almost always ask the director to visit a branch in person. Balances are insured by the Federal Deposit Insurance Corporation up to US$250,000 per depositor per bank for each ownership category, and a company has its own limit.

Company costs and mandatory filings

• Delaware: LLC formation - US$110, annual state tax - US$300.
• Wyoming: formation - about US$100, annual report - from US$60.
• Every state requires a registered agent with an in-state address.
• A foreign owner of a single-member LLC files an annual information return on transactions with the owner together with a pro forma return. The penalty for not filing is US$25,000 per form.
• Beneficial ownership: since March 2025 companies formed in the US are exempt from beneficial ownership reporting to FinCEN. Only foreign companies registered to do business in the US file it.

Documents for the bank

• Formation certificate, articles or operating agreement, EIN.
• Passports and proof of address of all owners of 25% or more and the controlling person.
• A US company address, not a PO box.
• Business description, website, contracts with clients and suppliers, expected turnover.

Taxes

• A single-member LLC with a foreign owner and no US trade or business usually pays no federal income tax, but the filings are mandatory.
• A corporation pays 21% federal tax plus state tax; dividends to a foreign owner bear 30% withholding unless a tax treaty reduces it.

Common reasons for refusal

• No US address, website or clear business.
• Owners from countries with elevated sanctions risk, above all Russia, without US status.
• Unclear source of the first inflows.
• The director cannot attend a branch.

What we do

We choose the state and entity type for your goal, form the company, obtain the EIN, find a bank that accepts foreign owners, prepare the pack and support the branch visit. We handle the annual filings so you avoid the US$25,000 penalty. We quote after a consultation.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · All country programs

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