Yes, foreign companies can open U.S. bank accounts, but the process is slower and requires more documentation than domestic businesses
A foreign company—whether incorporated abroad or a subsidiary of a foreign parent—can open a checking or savings account at a U.S. bank. The bank will not turn you away because you are foreign-owned. What will slow you down is that banks treat foreign entities as higher risk under U.S. anti-money-laundering rules, so they ask for more paperwork upfront and take longer to verify your identity and ownership structure.
The core requirement is that you have a U.S. tax identification number (EIN), which the IRS issues to foreign businesses that operate in the United States or have U.S. income. Without an EIN, most banks will not open an account. You will also need to prove who owns and controls the company, show where the money comes from, and often provide a U.S. address or agent.
The timeline is typically four to eight weeks from first contact to account opening, compared to one to three weeks for a domestic business. Some banks specialize in foreign clients and move faster; others decline foreign businesses altogether.
Key Takeaways
- You must obtain a U.S. EIN from the IRS before most banks will open an account, which takes one to two weeks by mail or same-day online.
- Banks will ask for articles of incorporation, proof of ownership, personal identification for all owners, and documentation of the company's business purpose and source of funds.
- Some banks specialize in foreign business accounts and have streamlined processes; others do not accept foreign entities at all, so call ahead before submitting documents.
- You may need to appoint a U.S. registered agent or provide a U.S. address, depending on the bank and your company structure.
- Account opening typically takes four to eight weeks once you submit a complete application, because banks conduct additional compliance checks on foreign-owned entities.
Getting a U.S. EIN before you approach a bank
The IRS issues an Employer Identification Number (EIN) to foreign businesses that need to file taxes, hire employees, or open a bank account in the United States. You do not need to be a U.S. resident or citizen to get one. A foreign company with no U.S. operations can still obtain an EIN if it plans to open a U.S. bank account.
You can apply online at irs.gov using Form SS-4 and receive your EIN the same day. The online application is available to foreign applicants, though you will need to provide a U.S. address (which can be your bank's address, a registered agent's address, or a mail forwarding service). If you apply by mail or fax, the IRS takes one to two weeks to issue the number.
Have your company's legal name, country of incorporation, and the name and passport number of the principal owner ready when you apply. The IRS will ask what type of entity you are (corporation, partnership, branch, etc.) and what business you conduct.
Documents banks will request from foreign companies
U.S. banks follow Know Your Customer (KYC) and Anti-Money Laundering (AML) rules that require them to verify the identity and ownership of all account holders. For a foreign company, this means more documents than a domestic business would provide.
| Document | What it proves | Notes |
|---|---|---|
| Articles of incorporation or certificate of formation | The company exists and is legally registered | Must be certified or notarized; some banks accept a certified copy from the foreign government registry |
| Certificate of good standing | The company is in good legal standing in its home country | Issued by the foreign government agency that oversees business registration |
| Ownership structure or cap table | Who owns the company and in what percentage | Banks need to identify all beneficial owners, especially those with 25% or more ownership |
| Passport or national ID for all owners | Personal identity verification | Required for every person with ownership stake; some banks also request a recent utility bill or government-issued address proof |
| Board resolution or authorization letter | That the signatory has authority to open the account | States who is authorized to sign checks and conduct transactions |
| Business plan or description of operations | What the company does and why it needs a U.S. account | Banks want to understand the source and nature of funds that will flow through the account |
| U.S. EIN letter from the IRS | Proof of tax identification number | Print the confirmation page from irs.gov or request a letter from the IRS |
Some banks also request a letter from your home country bank confirming your account history and that you are in good standing. This is less common but happens when the bank wants additional verification of your financial reliability.
All documents must be in English or accompanied by a certified English translation. Certification means a professional translator or notary public has verified the translation is accurate.
Which banks accept foreign companies and how to find them
Not all U.S. banks open accounts for foreign companies. Large national banks like Chase, Bank of America, and Wells Fargo have international business divisions and will open accounts for foreign entities, but the process is slower and the minimum balance requirements are often higher (sometimes $25,000 or more). Community banks and smaller regional banks often decline foreign businesses entirely because the compliance burden is too high for their size.
Banks that specialize in serving foreign clients or international business include Silicon Valley Bank (now part of First Citizens), Comerica, HSBC, and Citibank. These banks have dedicated international teams and move faster than generalist banks. Some online banks like Wise (formerly TransferWise) and Mercury also serve foreign businesses, though they may have restrictions on account types or transaction limits.
Before you gather documents, call the bank's business services line and ask directly: "Do you open accounts for foreign companies?" and "What is your timeline and what documents do you need?" This saves you weeks of preparation if the bank does not accept foreign entities.
The role of a U.S. registered agent or address
Some banks require a U.S. registered agent—a person or company authorized to receive legal documents on behalf of your foreign company in the United States. This is not always mandatory for a bank account, but it is common if your company does not have a physical U.S. office.
A registered agent can be an employee, a lawyer, an accountant, or a registered agent service (which costs $100 to $300 per year). The agent's address becomes your company's official U.S. address for legal and tax purposes. Some banks will accept a mail forwarding service address instead, but registered agents are more widely recognized and may speed up approval.
If you do not have a U.S. address, you can use the bank's address, a registered agent's address, or a commercial mail service like UPS Store or Regus. The bank will verify that the address is real and that mail sent there will reach you or your authorized representative.
What happens after you submit your application
Once you submit a complete application with all required documents, the bank's compliance team reviews your ownership structure, verifies your EIN with the IRS, and may contact your home country bank or government registry to confirm your company exists and is in good standing. This verification step is what takes time—it can take two to four weeks on its own.
The bank may also conduct a sanctions check to ensure your company, its owners, or its country of incorporation are not on any U.S. government restricted lists. If your company operates in or has ties to certain countries (Iran, North Korea, Syria, Crimea, or others under U.S. sanctions), the bank will likely decline the account.
Once verification is complete, the bank will contact you to confirm the account is open and provide login credentials and routing information. You can then deposit funds and begin using the account. Some banks mail a debit card and checks; others require you to order them separately online.
Common reasons banks deny foreign company accounts
Banks decline foreign business accounts most often because of incomplete documentation, unclear ownership, or high-risk jurisdictions. If your application is denied, the bank is required to tell you why, though the explanation is sometimes vague for compliance reasons.
The most common reasons are: the company is incorporated in a country known for financial secrecy or weak anti-money-laundering enforcement; the ownership structure is unclear or involves shell companies; the business purpose is vague or appears high-risk (such as money transfer, cryptocurrency, or gambling); or the owners have criminal records or appear on sanctions lists.
If you are denied, you can try a different bank, especially one that specializes in foreign clients. You can also work with a U.S. accountant or lawyer to clarify your ownership structure and business purpose in writing, which may help with a second application.
Frequently Asked Questions
Do I need to form a U.S. subsidiary or can I open an account as a foreign corporation?
You can open an account as a foreign corporation without forming a U.S. subsidiary. However, some banks prefer to work with a U.S. subsidiary (an LLC or corporation incorporated in a U.S. state) because it simplifies compliance and tax reporting. If you plan to hire employees or conduct significant business in the U.S., forming a subsidiary is often the better choice anyway.
How long does it take to get an EIN?
If you apply online at irs.gov, you receive your EIN the same day. If you apply by mail or fax using Form SS-4, the IRS takes one to two weeks. You do not need to wait for the EIN to arrive by mail; the online confirmation is sufficient for most banks.
What if my country does not issue a certificate of good standing?
Some countries do not issue certificates of good standing or have different names for the document. In that case, provide whatever official document your home country issues that proves your company is registered and in good legal standing. Include a letter from your accountant or lawyer explaining what the document is and why it serves the same purpose as a certificate of good standing.
Can I open an account if my company is not yet profitable?
Yes. Banks do not require a company to be profitable to open an account. They do want to understand where the money comes from—whether it is investor funding, a loan from a parent company, or personal funds from the owners. Be prepared to explain the source of funds that will flow through the account.
What is the minimum balance requirement for a foreign company account?
Minimum balance requirements vary by bank and account type. Large national banks often require $10,000 to $25,000 for a foreign business account. Smaller banks and online banks may have lower minimums or none at all. Ask the bank about minimum balance when you call to confirm they accept foreign entities.