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What documents I need to open a Business Account em BofA for SM Foreign Onwer Delaware LLC?

B

bauer340

New member
Jan 22, 2021
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#1
Hi,

Let's talk about a Single Member LLC in Delaware/US, which is a disregarded entity for tax purposes. Since it is a Foreign Owner Entity with no US Source of Income, the entity doesn't have to pay federal tax in US.

Besides that, the only document the company has is the Certificate of Fomation. The company also has an EIN.

So, this is a great setup! But the question is:

What will be required to open a business account in Bank Of America for this entity? Only the CoF and EIN will be enough? Will be required the passaport of the LLC Member? US Address? Business Plan?
 
#2
If is with an introducer you will need the EIN confirmation letter, the operating agreements, the articles of organization, a copy of your passport and a second ID.

Your company also needs to have a website and a phone number.

If you go there in person this will be much easier.

BTW, have you tried with TransferWise or Mercury? you can open an account with them without introducers
 
#3
In addition to what was said above, also note that lately it's been impossible to open if the individual representing the company (you) doesn't have an SSN, or at the very least, an ITIN. Many people I know have gone through this ordeal, turned away regardless of the state/branch they've visited, and resorted to other banks at the end. Citi and TD Bank both seem to be somewhat OK still - but YMMV and a lot will depend on the agent that's helping you, so visits to several different branches may be required.
 
#4
Traveler said:
In addition to what was said above, also note that lately it's been impossible to open if the individual representing the company (you) doesn't have an SSN, or at the very least, an ITIN. Many people I know have gone through this ordeal, turned away regardless of the state/branch they've visited, and resorted to other banks at the end. Citi and TD Bank both seem to be somewhat OK still - but YMMV and a lot will depend on the agent that's helping you, so visits to several different branches may be required.
Click to expand...
Is not impossible to open an account for an LLC without SSN or ITIN, difficult of course but not impossible
 
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#6
exprtadvisrdev said:
If is with an introducer you will need the EIN confirmation letter, the operating agreements, the articles of organization, a copy of your passport and a second ID.

Your company also needs to have a website and a phone number.

If you go there in person this will be much easier.

BTW, have you tried with TransferWise or Mercury? you can open an account with them without introducers
Click to expand...
BofA doesn’t have any introducers, no bank in the US has introducers (different from power of attorney, but in this case you leave your bank account being managed by a third person).
Bank accounts can be opened even w/o SSN and some banks like Wells Fargo even w/o ITIN, but you MUST visit them in person, no way they open you an account remotely.
If you can’t travel, try with Mercury, but you need all in place - web site, phone, business plan. If you fit their parameters, open your biz account in max 2 weeks.
 
#7
EuroKiss said:
BofA doesn’t have any introducers, no bank in the US has introducers (different from power of attorney, but in this case you leave your bank account being managed by a third person).
Bank accounts can be opened even w/o SSN and some banks like Wells Fargo even w/o ITIN, but you MUST visit them in person, no way they open you an account remotely.
If you can’t travel, try with Mercury, but you need all in place - web site, phone, business plan. If you fit their parameters, open your biz account in max 2 weeks.
Click to expand...
I wanted to open mercury but only when the EINE code arrives, the constitution is just finished, I got a mailbox address, a US phone number, and I finished the website. do you think i can start the opening process? when the pandemic ends I will be the first to travel to well fargo.
 
#8
hero said:
I wanted to open mercury but only when the EINE code arrives, the constitution is just finished, I got a mailbox address, a US phone number, and I finished the website. do you think i can start the opening process? when the pandemic ends I will be the first to travel to well fargo.
Click to expand...
Yes. Be sure your web page is professional, including a well written “about us” page.
 
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#10
EuroKiss said:
BofA doesn’t have any introducers, no bank in the US has introducers (different from power of attorney, but in this case you leave your bank account being managed by a third person).
Bank accounts can be opened even w/o SSN and some banks like Wells Fargo even w/o ITIN, but you MUST visit them in person, no way they open you an account remotely.
If you can’t travel, try with Mercury, but you need all in place - web site, phone, business plan. If you fit their parameters, open your biz account in max 2 weeks.
Click to expand...
I got my BofA account (both personal and for my business) without going to the US. I paid a service for it so that's why I think they were "introducers" because my accounts are under my control and they don't have access to them
 
#13
exprtadvisrdev said:
I got my BofA account (both personal and for my business) without going to the US. I paid a service for it so that's why I think they were "introducers" because my accounts are under my control and they don't have access to them
Click to expand...
First time I hear something like that with a “normal” US bank, at least in these last years! When did you open this account? How much did it cost to you this “introducing” job? Thanks for your answers.
 
#14
EuroKiss said:
First time I hear something like that with a “normal” US bank, at least in these last years! When did you open this account? How much did it cost to you this “introducing” job? Thanks for your answers.
Click to expand...
It was last year when I got the personal one (I paid on November and got the account in December) and paid the corporate one this year. Total spent was 5k plus $100 to send each debit card to where I was. So far it's been working OK but I still don't keep too much money there, I've been using them more like a transactional bank to move money to my TD Ameritrade accounts
 
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#15
EuroKiss said:
It’s a pleasure and good luck! ;)
Click to expand...
now i'm filling out the mercury registration, but i'm stuck here: Upload EIN verification letter
I can't go on because it tells me: It seems that some information is missing. Please check the following sections:

the only empty field is EIN.

how do i proceed?
 

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#16
hero said:
now i'm filling out the mercury registration, but i'm stuck here: Upload EIN verification letter
I can't go on because it tells me: It seems that some information is missing. Please check the following sections:

the only empty field is EIN.

how do i proceed?
Click to expand...
They want the letter sent to you registrar officer, the return fax from IRS is not enough. The mail should arrive to your registered address at the most a couple of weeks later after receiving the confirmation fax with the assigned EIN. (Are you Italian?;))
 
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