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Starting a U.S.-based business as a foreigner can be a long road, but the country makes it easy to register your company and open your business. Learning English is a basic requirement if you plan on doing business with Americans, but other aspects such as filing for your Employer Identification Number (EIN), and choosing which type of company you want to be, can make matters more confusing.

Choose Your Company Structure 

Most foreign nationals, says Schwartz International tax advisor and lawyer Richard Hartnig, choose to establish a C corporation, which can expand by offering unlimited stock and is typically more attractive to outside investors, even though its profits are taxed twice, first at the corporate level, and then as dividends to shareholders.

For corporate shareholders, the advantages are usually clear: Corporate shareholders typically qualify for a lower dividend rate. And so long as the U.S. company doesn’t primarily hold real estate, the corporate parent won’t pay capital gains when it sells the U.S. affiliate. Even individual foreign owners are probably best off with a C corporation, says Hartnig, since the structure will shield them from direct IRS scrutiny. “Foreign individuals are very, very hesitant to put their names on the U.S. tax rolls,” he says. 

Of course, C corporation owners pay more for that shield as a result of the double tax. But in many cases, tax planners can use salaries, pension costs, and other expenses to reduce corporate income and eliminate much of the double taxation.

All that said, in some cases–usually depending on the particulars of one’s native tax laws–a limited partnership may be the best business structure. In a limited partnership, partners without management control have limited liability, and profits are passed through to the members, who pay income tax on their individual tax return.

Choose a State to Register Your Company In

The company’s business should determine where it locates. If one state dominates its market, it’s best off incorporating there–there’s no way to avoid obligations of doing business in, say, California, a famously high-cost jurisdiction, by registering in Nevada or Delaware, two famously low-burden states. On the other hand, if the business will not be concentrated in any particular state, most advisors will probably recommend Delaware incorporation, followed by Nevada.

This is in part because of Delaware’s “flexible” corporate law that offers generous protections to shareholders and directors, and also due to its outsider-friendly rules. (Besides not requiring either a local physical address or bank account, Delaware makes its corporate law website available in 10 languages.) It’s also, at least in part, a matter of inertia: Tax advisors are so familiar with Delaware’s welcoming ways that many haven’t bothered to learn the requirements of more far-flung states.

Register

The forms and other requirements for forming a business entity vary somewhat by state. Here’s how incorporation works in Delaware, which serves as a simplified model for many states:

• The company principals choose a unique name.
• They select a registered agent that is able to receive legal documents for the company. (A company with a physical address in the state can serve as its own agent, but this is not true in other states, like California.)
• The company fills out a one-page certificate of incorporation that identifies the corporate name, the name and address of its registered agent, the total amount and par value of the shares the corporation is authorized to issue, and the name and mailing address of the incorporator. Fees start at $89 and increase principally based on the amount of stock issued or capital raised.

Once the business is incorporated, it must file a report ($50) and pay franchise tax (from $175) annually. Though many online services exist to help with entity formation for a separate fee that can reach several hundred dollars, the paperwork is generally fairly straightforward, and states (usually through their secretary of state) normally provide guidance online to help individuals file the proper paperwork.

Obtain an Employer Identification Number

An Employer Identification Number (EIN) is necessary not just to hire workers but to open a bank account, pay taxes, or often to get a business license. Apply for the EIN for free directly with the IRS, and avoid the many online services with government-sounding internet addresses that charge for this service. But unless the U.S. company’s principal officer (who the IRS calls the “responsible party”) has already obtained a separate Taxpayer Identification Number from the agency, it can’t apply for an EIN online–it must apply by mail or FAX, and where the form asks for the Taxpayer Identification Number, enter “foreign/none.”

Once you have obtained an EIN, you should consider comparison shopping to find a business bank account that fulfills your specific needs. Some key factors to review include rewards, access to brick-and-mortar and online services, the convenience of making cash deposits, and the ability to earn attractive interest rates on your deposits.

The Bottom Line

In most cases, foreigners with business or investments in the United States should set up a domestic corporation. Consult with experts on tax law in both your home country and the U.S. before taking the plunge, as the rules for foreign nationals can be more complex than if you were a citizen.

Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened or service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Please contact an M&T representative for full details.

​Wilmington Trust is a registered service mark. Wilmington Trust Corporation is a wholly owned subsidiary of M&T Bank Corporation. Wilmington Trust Company, operating in Delaware only, Wilmington Trust, N.A., M&T Bank and certain other affiliates, provide various fiduciary and non-fiduciary services, including trustee, custodial, agency, investment management and other services. International corporate and institutional services are offered through Wilmington Trust Corporation's international affiliates. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC. 

M&T Bank Merchant Services® are available subject to completion of a Merchant Services application and credit approval. Merchant Services are provided subject to the terms and conditions of M&T Bank's Merchant Services Agreement. Availability of funds is subject to M&T Bank's Funds Availability Policy. Additional terms and conditions apply.

How to Open a Bank Account for Non-U.S. Residents

We get asked all the time to help people set up a U.S. bank account in Delaware. If you are not a U.S. resident, it is possible to set up a bank account in America, but it is not easy. Most banks will want you to come to their branch in person. If at all possible, we recommend just setting up a PayPal account, Google checkout account, or bank account in your home country. There are banks that do this service for their clients, but you really have to get a good banker that is willing to work with you!

We recommend national banks like Wells Fargo, Chase, HSBC, or Citibank. Often we hear HSBC is the easiest for people because they have worldwide locations and you can go into a bank closer to where you are, instead of flying into America just to set up a US bank account for your Delaware LLC or Delaware corporation.

Please don’t get duped by services offering to set up a US bank account for you. There’s absolutely no way for some incorporation service to set up a Delaware LLC or Delaware corporation bank account for you, without you doing most the work! You will more than likely pay for their “Guidance” and they’ll just give you a whole bunch of crappy paperwork for you to fill out and let you deal with a banker that will want you to fly to America and meet with them in person.

When we form the company for you, we will have a filed certificate of formation or certificate of incorporation for you, initial resolutions, and an LLC operating agreement or corporate bylaws in your online account at all times. If the bank requires you to show a certificate of good standing, we can order that for you, or you can get it yourself at: Delaware Certificate of Good Standing.

If you are truly going to fly to the U.S. and open a U.S. bank account for your Delaware company, we recommend buying the optional certified copy and certificate of good standing on our incorporation order form, just in case you get a grumpy banker that is being difficult with you. Then you’re not calling us last minute and overpaying for us to get these documents for you last minute.

If you need to put down our address for the bank account address, that is fine, but we legally cannot forward you a physical debit or credit card without a physical mail forwarding option, such as the one we offer in our Delaware virtual office service for $50 a month. We really do not want to upsell you something…that’s not our goal. It is an option if you do need it, but most of our clients do not need to pay us anything else besides $45 a year to act as their Delaware registered agent.

Most of the best bank account promotions on the market right now cater exclusively to consumers. Indeed, many of the United States’ best online banks seem to favor personal account holders rather than business owners.

But not all banks give business owners short shrift. If you’re a small-business owner, solopreneur, or freelancer, you just need to know where to look to find potentially lucrative credit union and bank account bonuses and referral opportunities.

Let this list guide you to entrepreneur-friendly banks and credit unions hungry enough for your business to pay you for it.

Best Business Bank Account Bonuses (November 2021)

These are the best business bank promotions this month. Unless otherwise noted, all are available to businesses of all sizes, including sole proprietors and freelancers without formal incorporation.

However, business checking and savings accounts impose minimum balance requirements, monthly maintenance fees, and other requirements or restrictions that can impact their suitability.

And all accounts must be open and in good standing when the bonus is paid.

1. Chase Business Complete Banking (Chase Business Complete Checking) – $300 Bonus

A very attractive offer awaits Chase-curious entrepreneurs, including sole proprietors new to Chase Business Complete Banking: $300 for newChase Business Complete Checking customers who open an account online or in-person and complete qualifying activities. This offer is valid through Jan. 20, 2022.

It’s not difficult to qualify for this opportunity. All you need to do is open a new Chase Business Complete Checking account with qualifying activities (described at the link above).

No minimum opening deposit is required. Once your Chase business checking account is open, you’ll have multiple ways to waive the $15 monthly service fee.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and Puerto Rico.

Apply Now

2. Axos Bank Basic Business Checking — $100 Cash Bonus

Open a newAxos Bank Basic Business Checking account by the offer end date using the promo code “EARN100” to earn a $100 welcome bonus. Here’s how it works:

• Apply for your new Axos Bank Basic Business Checking account by the offer end date with a minimum opening deposit of $1,000.
• Maintain an average daily balance of at least $5,000 during the first three months (new funds only).
• You’ll receive your $100 cash bonus in your new checking account within five business days of your third statement cycle date.

This is a truly free business checking account with great perks for account holders.

For more information, read our Axos Bank review.

Learn More

3. Brex Cash — Up to 50,000 Bonus Points

Open a newBrex Cash account and spend $3,500 in purchases within 30 days to earn 30,000 bonus points. Or spend $9,000 in purchases within 30 days to earn 50,000 bonus points — it’s up to you.

This is a truly fee-free business account that earns cash back on eligible purchases. So, you can look forward to no account fees or minimum daily balance requirements, a generous ongoing rewards program, and value-added perks worth $150,000.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.

4. NorthOne Business Banking (NorthOne Deposit Account)

Open a newNorthOne Business Banking account (NorthOne deposit account) to take advantage of a limited-time bonus opportunity available exclusively to Money Crashers readers: one month of free business banking.

That’s a $10 value — NorthOne’s customary monthly maintenance fee for business banking customers. To get the bonus, simply open your account using the link above or below.

This offer expires April 26, 2022. It’s valid only for new customers who haven’t been approved for a NorthOne deposit account in the past 48 months. The account maintenance fee waiver doesn’t apply to other fees NorthOne may charge, such as overdraft, insufficient funds fees, and wire transfer fees.

Learn More

5. Huntington Unlimited Plus Business Checking — $750 Bonus Cash

Through March 7, 2022, you can earn a bonus worth $750 when you open a new Huntington Bank Unlimited Plus Business Checking account and complete qualifying activities. Here’s how it works: 

• Open a new Unlimited Plus Business Checking account between Nov. 1, 2021, and March 7, 2022
• Make cumulative new money deposits of at least $20,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

After completing these qualifying activities, you should receive your $750 bonus in your account within 14 business days.

Moving forward, enjoy these great Unlimited Plus Business Checking benefits:

• Unlimited transactions^§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
• Waived monthly maintenance fee with $50,000 in combined deposit relationship balances (otherwise, $40/month)^#
• Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

Apply Now

Disclosures:

o To be eligible for the $750 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $20,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $750 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking accountwhen the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.

6. Huntington Unlimited Business Checking — $400 Bonus Cash

Now through March 7, 2022, you can earn a bonus worth $400 when you open a new Huntington Bank Unlimited Business Checking account and complete qualifying activities. Here’s how it works: 

• Open a new Unlimited Business Checking account between Nov. 1, 2021, and March 7, 2022
• Make cumulative new money deposits of at least $5,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

After completing these qualifying activities, you should receive your $400 bonus in your account within 14 business days.

Moving forward, enjoy these great Unlimited Business Checking benefits:

• Unlimited transactions^§ and up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
• Waived monthly maintenance fee with $10,000 in combined deposit relationship balances (otherwise, $20/month)^#
• Your choice of one additional bonus service, such as two incoming domestic wire transfers per month

Apply Now

Disclosures:

o To be eligible for the $400 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $5,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $400 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking accountwhen the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.

7. Huntington Business Checking 100 — $100 Bonus Cash

For a limited time, take advantage of this opportunity to earn a $100 bonus when you open a Huntington Bank Business Checking 100 account and complete qualifying activities. Here’s how it works:

• Open a new Business Checking 100 account between Nov. 1, 2021, and March 7, 2022
• Make cumulative new money deposits of at least $2,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

Complete these qualifying activities and you should receive your $100 bonus in your account within 14 business days.

Moving forward, enjoy these great Business Checking 100 benefits:

• 100 monthly transactions^§
• Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM^#
• Free 120-day trial of a fraud tool: Reverse Positive Pay
• No monthly maintenance fee

Apply Now

Disclosures:

o To be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $100 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after.

8. PNC Bank Business Checking — Up to $500 Cash Bonus

Open an eligible new PNC Bank business checking account (Business Checking or Business Checking Plus) by Dec. 31, 2021, for the opportunity to earn a $200 cash bonus. Here’s how the bonus offer works:

• Open an eligible account by Dec. 31, 2021.
• Maintain an average cycle balance (account balance) of $5,000 or more for each of the first three statement cycles.
• Complete at least 20 total qualifying debit card transactions within the first three statement cycles.

Once you’ve completed the qualifying activities, you’ll receive a $200 cash bonus in your account within 90 days.

See the respective application pages for Business Checking and Business Checking Plus for more details on avoiding the monthly maintenance fees.

Alternatively, open a new Treasury Enterprise Plan or Analysis Business Checking account by Dec. 31, 2021, for the opportunity to earn a $500 bonus. All you need to do is maintain a minimum average balance of $30,000 throughout the first three statement cycles, and you’ll receive your bonus.

These offers are available nationwide. Limit one offer per customer.

Apply Now

Final Word

Most of the banks mentioned here do not cater to small-business owners exclusively.

They also offer consumer accounts — in some cases, generous and expansive lineups that include free checking accounts, rewards checking accounts, CDs with above-average rates, money market accounts, and high-yield savings accounts that might just keep your emergency fund on pace with inflation.

Others offer cash-back credit cards, among other types of rewards-laden spending aids for individuals.

This matters. After all, every business owner is a person too — one with personal money management needs. That means every business owner needs a personal checking account, among other key personal banking relationships.

If you’d like that relationship to involve the same bank you choose for your business banking needs, perhaps one of these promotions will seal the deal.

Starting a U.S.-based business as a foreigner can be a long road, but the country makes it easy to register your company and open your business. Learning English is a basic requirement if you plan on doing business with Americans, but other aspects such as filing for your Employer Identification Number (EIN), and choosing which type of company you want to be, can make matters more confusing.

Choose Your Company Structure 

Most foreign nationals, says Schwartz International tax advisor and lawyer Richard Hartnig, choose to establish a C corporation, which can expand by offering unlimited stock and is typically more attractive to outside investors, even though its profits are taxed twice, first at the corporate level, and then as open a business bank account in delaware online to shareholders.

For corporate shareholders, the advantages are usually clear: Corporate shareholders typically qualify for a lower dividend rate. And so long as the U.S. company doesn’t primarily hold real estate, the corporate parent won’t pay capital gains when it sells the U.S. affiliate. Even individual foreign owners are probably best off with a C corporation, says Hartnig, since the structure will shield them from direct IRS scrutiny. “Foreign individuals are very, very open a business bank account in delaware online to put their names on the U.S. tax rolls,” he says. 

Of course, C corporation owners pay more for that shield as a result of the double tax. But in many cases, tax planners can use salaries, pension costs, and other expenses to reduce corporate income and eliminate much of the double taxation.

All that said, in some cases–usually depending on the particulars of one’s native tax laws–a limited partnership may be the best business structure. In a limited partnership, partners without management control have limited liability, and profits are passed through to the members, who pay income tax on their individual tax return.

Choose a State to Register Your Company In

The company’s business should determine where it locates. If one state dominates its market, it’s best off incorporating there–there’s no way to avoid obligations of doing business in, say, California, a famously high-cost jurisdiction, by registering in Nevada or Delaware, two famously low-burden states. On the other hand, if the business will not be concentrated in any particular state, most advisors will probably recommend Delaware incorporation, followed by Nevada.

This is in part because of Delaware’s “flexible” corporate law that offers generous protections to shareholders and directors, and also due to its outsider-friendly rules. (Besides not requiring either a local physical address or bank account, Delaware makes its corporate law website available in 10 languages.) It’s also, at least in part, a matter of inertia: Tax advisors are so familiar with Delaware’s welcoming ways that many haven’t bothered to learn the requirements of more far-flung states.

Register

The forms and other requirements for forming a business entity vary somewhat by state. Here’s how incorporation works in Delaware, which serves as a simplified model for many states:

• The company principals choose a unique name.
• They select a registered agent that is able to receive legal documents for the company. (A company with a physical address in the state can serve as its own agent, but this is not true in other states, like California.)
• The company fills out a one-page certificate of incorporation that identifies the corporate name, the name and address of its registered agent, the total amount and par value of the shares the corporation is authorized to issue, and the name and mailing address of the incorporator. Fees start at $89 and increase principally based on the amount of stock issued or capital raised.

Once the business is incorporated, it must file a report ($50) and pay franchise tax (from $175) annually. Though many online services exist to help with entity formation for a separate fee that can reach several hundred dollars, the paperwork is generally fairly straightforward, and states (usually through their secretary of state) normally provide guidance online to help individuals file the proper paperwork.

Obtain an Employer Identification Number

An Employer Identification Number (EIN) is necessary not just to hire workers but to open a bank account, pay taxes, or often to get a business license. Apply for the EIN for free directly with the IRS, and avoid the many online services with government-sounding internet addresses that charge for this service. But unless the U.S. company’s principal officer (who the IRS calls the “responsible party”) has already obtained a separate Taxpayer Identification Number from the agency, it can’t apply for an EIN online–it must apply by mail or FAX, and where the form asks for the Taxpayer Identification Number, enter “foreign/none.”

Once you have obtained an EIN, you should consider comparison shopping to find a business bank account that fulfills your specific needs. Some key factors to review include rewards, access to brick-and-mortar and online services, the convenience of making cash deposits, and the ability to earn attractive interest rates on your deposits.

The Bottom Line

In most cases, foreigners with business or investments in the United States should set up a domestic corporation. Consult with experts on tax law in both your home country and the U.S. before taking the plunge, as the rules for foreign nationals can be more complex than if you were a citizen.

How to Open a Bank Account for Non-U.S. Residents

We get asked all the time to help people set up a U.S. bank account in Delaware. If you are not a U.S. resident, it is possible to set up a bank account in America, but it is not easy. Most banks will want you to come to their branch in person. If at all possible, we recommend just setting up a PayPal account, Google checkout account, or bank account in your home country. There are banks that do this service for their clients, but you really have to get a good banker that is willing to work with you!

We recommend national banks like Wells Fargo, Chase, HSBC, or Citibank. Often we hear HSBC is the easiest for people because they have worldwide locations and you can go into a bank closer to where you are, instead of flying into America just to set up a US bank account for your Delaware LLC or Delaware corporation.

Please don’t get duped by services offering to set up a US bank account for you. There’s absolutely no way for some incorporation service to set up a Delaware LLC or Delaware corporation bank account for you, without you doing most the work! You will more than likely pay for their “Guidance” and they’ll just give you a whole bunch of crappy paperwork for you to fill out and let you deal with a banker that will want you to fly to America and meet with them in person.

When we form the company for you, we will have a filed certificate of formation or certificate of incorporation for you, initial resolutions, and an LLC operating agreement or corporate bylaws in your online account at all times. If the bank requires you to show a certificate of good standing, we can order that for you, or you can get it yourself at: Delaware Certificate of Good Standing.

If you are truly going to fly to the U.S. and open a U.S. bank account for your Delaware company, we recommend buying the optional certified copy and certificate of good standing on our incorporation order form, just in case you get a grumpy banker that is being difficult with you. Then you’re not calling us last minute and overpaying for us to get these documents for you last minute.

If you need to put down our address for the bank account address, that is fine, but we legally cannot forward you a physical debit or credit card without a physical mail forwarding option, such as the one we offer in our Delaware virtual office service for $50 a month. We really do not want to upsell you something…that’s not our goal. It is an option if you do need it, but most of our clients do not need to pay us anything else besides $45 a year to act as their Delaware registered agent.

What are the benefits of the free business bank account from N26?

Do I need an online business bank account if I’m self-employed?

How do I open my free business bank account?

Should I open my free business bank account in my own name or in my company’s name?

How do I receive my cashback for purchases I made with my N26 Mastercard?

Can I have both a private and a business account with N26?

What happens if I use my online business bank account for private expenses?