US Bank Account Services with NCP

Bank Alternative for Non-U.S. Residents

Attention non-resident business owners! If you’ve formed a Delaware corporation or U.S. company with Silicon Valley Bank as your only banking partner, we have important news for you.

Due to recent regulatory actions by California authorities, Silicon Valley Bank has been closed. It is scheduled to reopen Monday, March 13th.  In business, the number one can be your worst enemy.

Depending on a single joint venture partner, relying on a solitary source for leads, or working with only one supplier or vendor can leave you vulnerable to a single point of failure.

But perhaps the most crucial area where you should avoid being a “one” is banking. Having just ONE BANK ACCOUNT can be a recipe for disaster.

If that account is closed, frozen, or otherwise inaccessible, your business could be brought to its knees.

That’s why it’s crucial to diversify your banking relationships and work with multiple partners. Doing so will ensure that your funds are protected, and your business can continue to operate even if one bank account is compromised.

So, if you rely on just one bank account, it’s time to diversify. Don’t let the worst number in business bring you down – instead, take control of your financial future by working with multiple banking partners.

This means that you’ll need to find an alternative U.S. bank account to continue operating your business. Fortunately, our team is here to help. We specialize in assisting non-resident business owners like you to set up an alternative banking solution quickly and efficiently.

If you do not have a U.S. company formation, first gain clarity on your best U.S. banking options BEFORE forming a U.S. entity. You want to avoid what so many do: to find a low-priced option only to form the LLC and realize either during the process or after opening a U.S. bank account (even without travel) is not possible.

At NCP, our experience since 1997, with thousands of companies formed and working with dozens of banks, brokerage accounts, and online banking platforms.  We have the experience to help you fit all the pieces of the puzzle in the correct sequence to help you accomplish this task.

As we can’t control the banks and their policy changes, we can control how best to form your U.S. company to lead to your best option to establish the bank account. This may involve how the LLC is formed and managed, to a lease agreement without an expensive lease, to match documents and state records to streamline the experience.

Most important is our relationships with our bankers and that we do things right and attract successful entrepreneurs that the banks prefer to work with over time. Let us share our current U.S. banking options and recommendations for 2023.

If you or someone you know needs support going into 2023, we can help set up your U.S. entity correctly and have all the resources from sales tax to tax returns.

Here is our link to our U.S. LLC formation packages, with details and what’s included.

Before we get to the banking details, you must know this ONLY works on a U.S. entity, not a foreign entity.

As you know, we do a lot of work in the e-commerce space, and there are “banking” accounts, such as Payoneer and others.

The challenge is that moving money from one currency to another is great, but they are not fully functioning bank accounts. They do not allow for an ACH pull, which is required to automate the payment of sales taxes.

Non-travel option. Fee: $197.00 for NCP Clients*. We work with a tech company with a banking platform linked to a real Midwestern U.S. bank. It is a fully functioning bank. It is not Payoneer or other online banking options.

Our banking package includes up to 20 different accounts per entity. Plus, you can set up bank accounts for multiple entities after we set up your first account for you. The managed structure must be the same. 

*Our banking service at $197 is ONLY available to U.S. entities formed by NCP. 

Non-travel option. Fee: $397.00 for Non-NCP Clients*. If you formed your LLC with another company, our fee includes our time to review your articles, address used, and provide our banking service. Our banking package includes up to 20 different accounts per entity.

Our 100% money-back guarantee is simple.

If you submit all the correct forms below and submit them, and your bank account is not opened, we will refund your money within 48 hours that our bank has confirmed they cannot open your account. At this point, we would let the bank know to close out your account as you cannot complete the setup process.

If you don’t have the correct documents, we have separate services and a fee to obtain them for you.

By the way, this is not Payoneer. They provide an excellent service, and we would recommend for foreign sellers that they have BOTH a Payoneer account and a U.S. bank account. The Payoneer account will save you money on foreign currency transfers. A U.S. bank account has the ability for an ACH pull, which is essential in remitting sales tax automatically, and a debit card.

Here are the details…

We have been introduced to a new tech company with a banking platform that has found a Midwestern U.S. bank looking for more clients, both in and outside the U.S., and is not requiring that you go to the bank in person.

The bank location is key for e-commerce sellers who are not sure if they are in compliance with past sales tax. California, for example, is freezing bank accounts for sellers with past sales tax due. Learn more here.

Requirements to open our NEW U.S. Bank Account without Travel:

  • U.S. Entity and EIN (any of the 50 states). If you do not have either set up (correctly), we provide those services on our website on this page.
  • The owner must be a foreign individual (not a foreign company).
  • U.S. Entity Operating Agreement for an LLC or Bylaws for a Corporation.
  • IRS Letter with your EIN. If you do not have it, we will provide you the steps to call the IRS to have them fax it to you. The challenge now is with COVID-19; you cannot call, so you would need to fax, but this may take 2-3 weeks to receive the letter you need.
  • U.S. business address is a real address: a CMRA address (Commercial Mail Receiving Agency), think UPS store, or P.O. box. If you do not have an address, we provide one for $397 for a year. We only offer the year in full address with the bank account (not our month-to-month option for $37.00 per month for 12 months). Learn more here.
  • U.S. phone number. A skype number will work. Go to this link to set up.
  • Personal information on all owners that are more than 25% of the U.S. company.
  • A Government-issued passport in COLOR
  • A business website, any URL related to your business, such as a Facebook page or Instagram page, will be accepted.
  • Your U.S. entity must be formed by NCP.

Important Note: Is anyone else a “co-signer” on your account in the U.S.? No. We are aware of other options where someone will become a signer on your account, and that is how they open the account. We are not on your account and have no access after it is set up. All the confirmation details will go to your e-mail.

Time Frame to Open U.S. Account:

  • After payment and completing our web form with all your details for the U.S. bank account, we will create your account within 72 hours. You will receive a welcome email with the steps to fund your account. You may add signers later.
  • The debit card will be mailed separately to your business address. You will receive that within 15 business days after your account is opened.
  • Postage to mail your debit card with tracking is separate.

How to Fund the Account once Opened:

We recommend you fund your account with $100 to start and test out your account. To fund your account (outside the U.S.), you will send money from your foreign source account (via Wire, TransferWise, etc.) to fund your account. International cards can be linked. There is an additional $1 charge beyond the base fee per transaction.

Non-Disclosure to be Signed. Why?

Our non-disclosure agreement says you will NOT disclose the bank URL to other sellers. If you have someone interested, please send them to us first. We are working with clients first, and, as the process is verified for everyone, we will open the option to more sellers.

We have lost banking options in the past because sellers would share the resource and create issues with the bank. These issues caused the bank to shut down our banking options.

Process After Payment:

  • We will send you an email 24-48 hours with a Non-disclosure to sign as the first step.
  • We will send you an email with an online web form to be completed with the details required to open an account.
  • We will complete the online process through our link, and you will receive an email.
  • Once the bank account is set up, the debit card and bank details will also be emailed.
  • The debit card will be mailed to your U.S. address provided on our application. If you use NCP’s virtual address, postage to mail your debit card with tracking is separate.
  • Once your account is opened, you will have access to the bank’s customer online support, which is very responsive.

After you get started, you will receive a welcome e-mail with a link to fill out your details for your new bank account, and our team will set up the account on your behalf.

Go to one of the links below to get started.