Why does my business need an American bank account?

An international business trading in the USA should have an American bank account.
This is because it will enable you to trade with US customers in a way that’s convenient, avoiding delays, the hassle of foreign currencies and dealing with exchange rates. Ask your lawyer to help you set up a business bank account in America.

If you’re expanding your business into America, it’s well worth setting up a business bank account. This will make doing business with US customers far more convenient, as you’ll avoid the hassle of delays, foreign currency and exchange rates. Setting up a bank account for your business entity is also the best way of ensuring you’re complying with the Internal Revenue Services’ requirements, and will help you to keep a strong handle on your business’s finances. For example, it will:

  • ensure that you’re only deducting business expenses on your tax returns
  • will speed up the process of completing your tax returns
  • will ensure that you’ve a solid audit trail to refer to

Similar questions about 'Establishing a presence'

What do I need to open a US bank account? Who can help me set up an American bank account? What happens if my US employee signs off the sale of goods or services? How do tax levels vary from state to state? What are the time differences between the UK and USA? What is the cheapest way to explore the US market? How easily can I withdraw from the US if I change my mind? Is the USA the largest importer of UK goods and services? Is it easy for a British business to expand into the USA? Is now a good time for a UK business to expand into America? How long does it take to start trading in the US? What are the tax implications of setting up a business in the USA? Do foreign corporations have to report profits if they are operating in America? Has Foothold America helped UK-based businesses to expand into the US before? Why does it take so long to set up a subsidiary in America? Why do I need a Federal Tax ID number? Where can I get support and advice if I am considering expanding to the US? Are my US employees allowed to sign off on sales of goods and services? How do I set up a company in the US? How do I expand my business to the USA? Why should I explore the US market? What is a subsidiary? Why do I need a subsidiary? What is a C corporation? Should I set up a C corporation or an LLC? How is an LLC taxed? How is a C corporation taxed? Why do I need an EIN? What is a Federal Tax ID number? What level do I pay tax at in the US? How do I open an American bank account? What is the easiest way to explore the US market? Is there a low risk way to explore the US market? Is my business ready to explore America? Can a British business explore the US market? What should I consider when choosing a location for my expanding business? Who can help me to set up a subsidiary in the USA? Will my US employees expose my business to US corporation tax on sales they generate? What can the US market offer my business? How do I form a subsidiary? Which states should I set up my subsidiary in? How much does it cost to set up a subsidiary? How long does it take to set up a subsidiary? What is an LLC? What is an EIN? What is the IRS?

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