Which offshore jurisdiction allowed to open bank account for USA LLC ?

troubled soul · Jun 10, 2023

If non resident register USA LLC......and Do not want to deal with USA bank....
which is the best offshore jurisdiction for USA LLC ?
Do anyone try any reputable bank ?
I am not looking for some Cloudbank like wise , revoult etc.......Looking for the tradition bank account...
Do anybody have any Idea about this ?

Thanks

AnonymousCryptoOTC · Jun 10, 2023

How much money are you willing to deposit on the bank account?

troubled soul · Jun 10, 2023

AnonymousCryptoOTC said:
How much money are you willing to deposit on the bank account?

What is minimum requirement ?

12345 · Jun 10, 2023

I opened a bank account in Poland for USA LLC but it was 5-6 years ago, It's surely doable in many jurisdictions but it's good if you have some reasoning why did you choose Usa LLC as non us citizen. In general should be much easier than with a company from Panama, Seychelles, BVI etc

fshore · Jun 10, 2023

You don't want a offshore account for a US llc, as you'd have to file more paperwork with IRS for offshore accounts.

troubled soul · Jun 10, 2023

fshore said:
You don't want a offshore account for a US llc, as you'd have to file more paperwork with IRS for offshore accounts.

As far as I know there is not requirement of this.....Can you explain it more ? which form should i fill up.....Sorry for ignorance ....I am still learning

12345 · Jun 10, 2023

azb1 said:
As far as I know there is not requirement of this.....Can you explain it more ? which form should i fill up.....Sorry for ignorance ....I am still learning

If I remember well there shouldn't be any complicated paperwork, just fill one form confirming that you are not a us citizen (fatca purpose) and that's it

Forester · Jun 11, 2023

Just my 2 cents:

12345 said:
I opened a bank account in Poland for USA LLC but it was 5-6 years ago,

Things changed (also) in Poland remarkably since then. Nevertheless, if you have some ties to Poland, e.g. customers or suppliers there, it can be doable.

12345 said:
It's surely doable in many jurisdictions but it's good if you have some reasoning why did you choose Usa LLC as non us citizen.

Yes. IMO, even more important than the ability to explain why I have the US LLC as a non-resident are ties to the respective country – customers or suppliers there.

12345 said:
In general should be much easier than with a company from Panama, Seychelles, BVI etc

Yes, perhaps. Nevertheless I do not think it's an easy task (if we are talking about a brick-and-mortar reputable bank), with the exception of the above (clear ties to the respective country)...

fshore · Jun 11, 2023

azb1 said:
As far as I know there is not requirement of this.....Can you explain it more ? which form should i fill up.....Sorry for ignorance ....I am still learning

It's called fbar.

Simon4466 · Jun 11, 2023

fshore said:
It's called fbar.

Isn't that only for US residents/citizens tho? Please correct me if I am wrong but I am unsure that this would be a problem for OP

troubled soul · Jun 11, 2023

Simon4466 said:
Isn't that only for US residents/citizens tho? Please correct me if I am wrong but I am unsure that this would be a problem for OP

Yes He is right.......No tax but you have to file three form every year.....

Taxation Compliances for Non-US Citizens/Non-US Residents

Single Member LLC/ Multi-Member LLC - Online business in the US (Not having any physical presence/physical office/employees/dependent agents in the US)

The income and expenses of your LLC will flow onto your personal income tax return in your home country.

You have to file Form 5472 with the US IRS. Not filing Form 5472 or even filing it incorrectly has huge negative consequences such as the IRS imposing a $25,000 fine.

You may also have to file Form FBAR (Report of Foreign Bank and Financial Accounts), if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. The penalty for failure to file is $100,000 or 50% of the balance of the account at the time of the violation, whichever is higher.

Simon4466 · Jun 11, 2023

Ahh okay, from what I read (Report Foreign Bank and Financial Accounts | FinCEN.gov) they only specify US persons (for the fbar)

troubled soul · Jun 11, 2023

Simon4466 said:
Ahh okay, from what I read (Report Foreign Bank and Financial Accounts | FinCEN.gov) they only specify US persons (for the fbar)

May they consider USA llc as "A United States person "......Not sure....

fshore · Jun 11, 2023

Simon4466 said:
Ahh okay, from what I read (Report Foreign Bank and Financial Accounts | FinCEN.gov) they only specify US persons (for the fbar)

A US llc is a US person in regards to the fbar filing requirements.

Which offshore jurisdiction allowed to open bank account for USA LLC ?

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