Who can help me set up an American bank account?
If you would like to set up an American bank account for your UK-based business, talk to your UK banking provider - they may have a relationship with a US bank. The IRS can also provide you with guidance. Your US shareholders may also be to help you.
If you know you’d like to do business in the US, setting up an American bank account is a good idea. It will help you to keep track of expenditure and profits, making it easier to report to the Internal Revenue Service (if indeed that’s something you’ll be required to do).
However, setting up an American bank account isn’t particularly straightforward as a UK company based overseas. Therefore, it’s a good idea talk to the people who may be able to help you open a US bank account. These may be:
- Your current banking provider
- The Internal Revenue Service
- Any US shareholders your company has
Firstly, your current banking provider in the UK may have a relationship with a US bank. They can help to process your application for a bank account, and it’s often the most straightforward way for UK businesses to open an account overseas – issues regarding identification and anti-fraud measures can be readily handled.
Secondly, the Internal Revenue Service may be able to offer you guidance about the forms you need to fill in and why you need to fill them in to obtain a bank account in the US.
Finally, if you have US shareholders, they may be able to assist you to open a US bank account. Some US banks require an individual to open a business bank account in person, and provider additional identification too, so it’s a good idea to enlist your shareholders to help you open an account if possible.
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