One of the most crucial actions for everyone who wishes to efficiently manage their finances is opening a bank account. However, obtaining a bank account is not always simple, particularly for people who do not live in the US. It can be difficult for persons who lack these criteria to open an account because many banks need US citizenship or permanent residency.
The good news is that people who don’t live in the US can open bank accounts there. A valid passport and proof of address are usually required to create an account with some banks, while others may have more lenient rules that permit account opening without these. It’s crucial to remember that depending on the bank and the state in which you live, the prerequisites for creating a bank account can change.
Getting an Employer Identification Number (EIN), a special nine-digit number given to businesses by the Internal Revenue Service (IRS), is one of the prerequisites for opening a bank account in the US. An EIN is required in order for non-US citizens to create a bank account on behalf of a business entity, such as a 501c3 non-profit organization. Form SS-4 must be submitted to the IRS by the organization in order to get an EIN for a 501c3. You can submit this form electronically or by mail. An EIN, which can be used to open a bank account, will be issued to the organization once the IRS has approved the application.
A non-US resident may occasionally have a third party apply for an EIN on their behalf. When a person or business wants an EIN but is not qualified to apply for one on their own, this can happen. For instance, a non-US citizen who runs a US-based company might want an EIN yet lack a US residence or Social Security number. A third party, such as a lawyer or accountant, may apply for an EIN on their behalf in this situation.
It’s not always necessary to obtain an EIN in order to open a bank account for a single-member LLC. The owner’s Social Security number may be used by some banks to open an account for a single-member LLC even though it is advised to have an EIN for tax purposes. To learn more about the specific bank’s EIN requirements, it is advisable to contact them directly.
To sum up, non-US nationals are able to create bank accounts in the US, although the procedure could be trickier for them than it is for US citizens or legal permanent residents. When opening a bank account as a non-US resident, getting an EIN is frequently necessary, thus it’s crucial to follow the right steps. You can open a bank account as a non-US resident by doing your homework and being aware of the restrictions.