Non-US founders can open a US business bank account without a Social Security number (SSN). The hard part is finding a provider that accepts a foreign business owner, accepts an Employer Identification Number (EIN) instead of an SSN, and has fully online identity verification. Many founders form a Delaware limited liability company (LLC) in a few days, then stall for weeks on bank applications that ask for an SSN, a branch visit, or a US address they don’t have.

Below, we’ll explore why banks scrutinize foreign-owned companies, what they typically require to open a US business bank account without an SSN, and how to respond if your application gets rejected.

Key takeaways

• Federal rules let banks verify foreign business owners with passports, so the barrier to opening an account is often each bank’s policy. Application forms that require a Social Security number (SSN), mandatory branch visits, and extra Anti-Money Laundering (AML) scrutiny can stop an application that federal rules would allow.

• You’ll want to get your company’s Employer Identification Number (EIN) before applying for a bank account. Founders without a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN) can apply by fax, mail, or phone. Check that your name and address match across your formation filing, EIN notice, and proof of address to prevent delays.

• Fintech and startup-focused providers are usually a practical option because many of them onboard nonresident founders entirely online. They frequently partner with chartered banks and verify identity with a passport and selfie, so decisions can come within days. However, scope can be limited: some don’t support cash deposits, checks, or credit products.

Why is it harder for non-US founders to open a US business bank account?

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, or USA PATRIOT Act, was signed into law to deter international money laundering and the financing of terrorism. The Act’s Customer Identification Program rule requires banks to collect a name, date of birth, address, and ID number for each person they verify. Non-US individuals can use a passport number and country of issuance to qualify. Many banks also add their own policies.

Three sources of friction tend to come up for nonresident applicants:

• Identity assumptions: Application forms and verification software often expect a nine-digit SSN or Individual Taxpayer Identification Number (ITIN). If the field can’t be left blank, the application ends there—even if the bank’s policy accepts a passport.

• In-person verification: Some banks serve only US residents. Others accept foreign business owners but require the signer to appear in person at a branch with original documents, which can exclude a founder in, say, Lagos who formed a Delaware LLC online.

• AML scrutiny: The Financial Crimes Enforcement Network (FinCEN) requires banks to identify foreigners who own 25% or more of a non-US company, screen them against sanctions lists, and monitor the account.

What do banks typically require to open a US business bank account without an SSN?

The requirements for opening a US business bank account without an SSN vary by bank. However, applications from foreign-owned US entities generally use the same core checklist.

Here’s what you’ll need:

• Formation documents: Articles of organization for an LLC or certificate of incorporation for a corporation. Some banks also want a recent certificate of good standing, and corporations sometimes need a board resolution that authorizes the account.

• EIN confirmation: The CP575 notice issued with your EIN or a 147C letter, if you’ve lost the original. The number alone, or a screenshot of it, won’t always satisfy a bank.

• Operating agreement or bylaws: These documents show who owns what share of the company and who can sign for it.

• Passports: A valid passport for the account opener and another for the person who controls the company, often the managing member or chief executive officer (CEO). Many providers also run a live selfie check against the passport photo.

• Proof of residential address: A utility bill, bank statement, or government letter in your name, usually dated within the last three months. The name must match the one on your passport exactly, and non-English documents might require a certified translation.

• A US address: Some banks require a physical US business address and reject registered agent addresses and virtual mailboxes. Others accept a foreign home address for the owner and a US mailing address for the company.

• Business information: A website link, what you sell and to whom, projected monthly deposits, and the countries where your customers and suppliers are based.

• Tax forms: Some banks ask each foreign owner for Internal Revenue Service (IRS) Form W-8BEN, which certifies foreign tax status. They might request it at sign-up or after the account opens.

What are your options for a US business bank account?

As a non-US founder, you have four main options for a US business bank account. Approval odds, onboarding speed, and how much of the process happens online all depend on the type of provider you pick.

Traditional banks

Large national and regional banks have the widest range of services, including lending, merchant accounts, and branch networks. As a foreign business owner, many of these banks will require you to visit a branch in order to open an account and some won’t open one if you can’t provide an SSN.

Fintech and startup-focused providers

These companies typically partner with chartered banks, which hold deposits and manage the regulated parts of the account. Onboarding uses online passport verification so many accept nonresident owners without SSNs or ITINs. And decisions can come within days. The trade-off is limited scope because some companies don’t support cash or check deposits or credit products, and their lists of ineligible countries can change.

Formation services with banking partners

Stripe Atlas can form a Delaware C corporation or LLC; it files the EIN application with the IRS; and it connects founders with banking partners that work with foreign-owned companies. Because the formation documents and EIN come from one source, the paperwork a bank reviews will be consistent from the start.

Financial accounts embedded in software platforms

Stripe Treasury lets platforms built on Stripe provide financial accounts to the businesses that use them. If your platform supports it, you can hold funds, pay bills, and receive payouts inside software you already use. And the platform will handle onboarding.

How do you prepare and apply for a US business bank account remotely?

When you apply for a US business bank account remotely, you have to follow steps in an exact order. Many delays result from applying before the prerequisites are in place, and banks could interpret inconsistent documents as a warning sign.

Here’s the process for applying.

1. Form the entity

Choose an LLC or corporation and a state of formation. Delaware is a common choice if you plan to raise venture capital. Keep ownership simple. Layered holding companies mean a new set of documents for every entity in the chain.

2. Get the EIN

The IRS online application requires an SSN or ITIN. Foreign founders without one file Form SS-4 by fax or mail, or apply by phone through the IRS international line. Faxed applications receive a response within four business days, while mailed ones can take about four to five weeks.

3. Gather documents

Collect everything on the core checklist before you start any application. Check that your name, company name, and address are spelled identically on your formation filing, EIN notice, and operating agreement or bylaws.

4. Choose the provider

Confirm that the provider accepts owners from both your country of citizenship and your country of residence. Also check that it doesn’t require a branch visit.

5. Prepare your online presence

Ensure your website is live with contact details, products, and terms. It needs to match how you describe your business in the application.

6. Apply

Finish the application and identity check in one sitting if you can. Describe your business specifically. For example, write “project management software sold to design agencies in Germany and the United Kingdom” rather than “software services.” Apply from an email address on your company’s domain.

7. Fund the account

Send the opening deposit by international wire transfer from an account in your name or your company’s name. Because banks compare the first incoming funds with the source of funds on your application, a third-party wire can be flagged for review.

How should you handle common rejection reasons for a nonresident bank account?

Banks aren’t required to explain a rejection and many won’t. Declines for foreign-owned companies often trace back to a few causes:

• Mismatched documents: An outdated proof of address, a passport name that differs from the one on the operating agreement or bylaws, or an EIN letter with a slightly different company name can stop an application.

• Country restrictions: Banks won’t approve owners from countries under Office of Foreign Assets Control (OFAC) sanctions, and many restrict jurisdictions on the Financial Action Task Force’s high-risk lists. Each provider maintains its own list so one decline doesn’t necessarily mean you’ll be declined everywhere.

• Unclear business model: If a reviewer can’t tell what you sell, who pays you, and where the money comes from, they’ll likely reject you. It’s worth rewriting your description in plain terms, and ensuring your website matches it.

• Restricted industries: Cryptocurrency, cannabis-related products, firearms, adult content, and some financial services are considered high-risk industries and fall outside many providers’ risk policies. Consider applying to providers that publicly accept your industry.

• Address problems: A registered agent’s address or virtual mailbox listed as your business address can fail verification. You can use your residential address abroad if the provider allows it.

How Stripe Treasury can help

Stripe Treasury brings payments and finances together on Stripe, so businesses can receive, store, send, and spend funds in one place. It’s built for startups and growing businesses that want to move money faster and spend less time managing financial operations. Platforms, marketplaces, and fintechs can also offer financial services to their users with Treasury for platforms.

Treasury can help you:

• Simplify your financial operations: Manage money, payments, card spend, payouts, and more from the Stripe Dashboard.

• Move money faster: Access settled Stripe earnings right away and send instant transfers to other businesses on Stripe without cost.

• Get more from your money: Earn cashback on card spend and Stripe fee credits on qualifying balances.

• Operate globally with ease: Hold balances in multiple currencies, convert only when needed, and send payouts to recipients in 160+ countries.

• Automate financial operations: Use agents to analyze cash flow and automate tasks such as paying invoices, moving money, and converting currencies within limits you set.

Learn more about how Stripe Treasury can help you manage your finances and payments in one place, or get started today.

Stripe Treasury includes various distinct Stripe products. See applicable product terms. Stripe is not a bank. Checking accounts are provided exclusively by Fifth Third Bank, National Association, Member FDIC. Deposits are insured through Fifth Third Bank.

FAQs about non-US founders opening a US business bank account