US Company Account Opening Guide: How to Open a US Company Account?

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After completing company registration, you can refer to the US Company Account Opening Guide to start the account opening process. You need to choose a suitable bank, prepare documents such as the company’s articles of incorporation, business license, proof of identity for directors and shareholders, and a business plan. After submitting the application, the bank will review the documents, and upon approval, you will need to deposit initial funds to activate the account. Remote and in-person account opening differ in process, time required, and initial deposit requirements, so it’s recommended to choose a bank and account type based on your company’s business needs.

Key Highlights

• Before opening a US company account, you must first apply for an EIN tax number, which is the foundation for account opening and tax filing.
• Prepare complete and authentic company registration documents and identity proofs to ensure compliance with bank requirements and avoid delays in account opening.
• Choose a suitable bank and account type based on your company’s business needs; a checking account is suitable for daily transactions, while a savings account is ideal for preserving funds.
• Remote account opening is convenient and flexible but requires strict compliance with the bank’s due diligence process to ensure document completeness and authenticity.
• Maintain compliant account operations, regularly check account status, and keep a reasonable balance to prevent account freezing.

US Company Account Opening Guide Process

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Obtaining an EIN Tax Number

When opening a US company account, you first need to apply for an EIN tax number. The EIN is the Employer Identification Number issued by the US Internal Revenue Service (IRS). You can apply online through the IRS website or submit the application form by mail or fax. The EIN is a prerequisite for opening a bank account, filing taxes, and hiring employees in the US. When preparing the US Company Account Opening Guide, you must prioritize completing the EIN application.

Preparing Company Registration Documents

You need to prepare a series of company registration documents in advance. The US Company Account Opening Guide recommends organizing the following documents according to bank requirements:

1. Company registration documents, including articles of incorporation, certificate of registration, and amended articles.
2. Shareholder and director information, such as identity proof, passport copies, and proof of residential address.
3. Copy of the company’s business license.
4. Proof of the company’s registered address, such as a lease agreement or property deed.
5. Proof of the company’s bank account.
6. Tax-related documents, including tax registration certificate, tax return forms, tax agent authorization letter, and tax application form.
7. Bank account opening documents, such as original articles of incorporation, original certificate of registration, original identity proofs for shareholders and directors, original business license, original proof of registered address, original bank account proof, business plan, financial statements, and operating license (if applicable).
8. Other potentially required documents, such as trademark registration proof, patent proof, notarized documents, authorization letters, and power of attorney.

When preparing these documents, you must ensure all files are authentic, valid, and complete. Different banks may have slightly different document requirements. You can contact the target bank in advance to avoid delays due to incomplete documents.

Filling Out the Account Opening Application Form

You need to obtain and fill out the account opening application form from the bank. The US Company Account Opening Guide recommends carefully reading the form instructions to ensure the information is accurate. You need to truthfully fill in the company’s basic information, business scope, main shareholders and directors’ information, and expected account fund flow. Some banks may also require you to provide a business plan and financial forecast. If you encounter uncertainties during the process, you can consult the bank’s customer service manager or a professional advisor.

Identity Verification and Due Diligence

After receiving your account opening application, the bank will conduct identity verification and due diligence on the company and related individuals. You need to cooperate with the bank to complete the following processes:

• Provide original or notarized identity proof documents for all shareholders and directors.
• Provide the company’s actual operating address and contact information.
• Answer the bank’s questions about the company’s business model, funding sources, and customer types.

Some banks require an in-person interview, while others support remote video interviews. When cooperating with due diligence, you must ensure all information is consistent and authentic. The bank will strictly review your documents in accordance with US anti-money laundering regulations and compliance requirements.

Account Activation

After the bank approves your application, you need to deposit the initial activation funds as required by the bank. Different banks have varying requirements for the initial deposit. For example, some banks require an initial deposit of USD 2,500 (USD 1 ≈ CNY 7.2, subject to the exchange rate on the day). After depositing the initial funds, the bank will complete account activation within 7-14 working days and send online banking login information via email. Overall, the activation of a US company bank account typically takes 1-3 weeks, depending on the bank type and document completeness.

Tip: When choosing remote account opening, you usually need to conduct a video interview and mail signed documents, making the process more flexible but with stricter requirements for document completeness and authenticity. In-person account opening requires you or a company representative to visit the bank in person. Some banks, such as Hong Kong banks, also support Chinese companies opening accounts in Hong Kong. Remote and in-person account opening differ slightly in time required, initial deposit requirements, and review processes. You can choose the most suitable account opening method based on your company’s actual situation and business needs.

Bank Selection and Account Types

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Mainstream Bank Comparison

When choosing a US company bank account, you can consider mainstream banks such as JPMorgan Chase, Bank of America, and Wells Fargo. These banks have distinct characteristics, and their account opening processes and document requirements vary slightly. The table below summarizes the main advantages and account opening processes of three banks:

You can also consider Hong Kong banks as an option for Chinese companies, as some Hong Kong banks support remote account opening for Chinese companies, with relatively flexible processes.

Checking Account vs. Savings Account

When opening a US company account, you usually need to choose between a Checking Account and a Savings Account. A checking account is suitable for daily business transactions, facilitating transfers and payments. A savings account is better for holding reserve funds, offering higher interest but with limited withdrawal frequency. You can choose a single account or open both types based on your company’s business needs.

Tip: If you need frequent transactions, prioritize a checking account. If you want to preserve and grow company funds, consider opening a savings account as well.

Fees and Service Areas

Different banks have varying account management fees, transfer handling fees, and minimum deposit requirements. For example, JPMorgan Chase and Bank of America typically require a minimum opening deposit of USD 100-500 (USD 1 ≈ CNY 7.2, subject to the exchange rate on the day). Some banks offer fee waivers for monthly maintenance fees if you maintain a certain account balance. You also need to consider the bank’s service areas; JPMorgan Chase, Bank of America, and Wells Fargo have branches across the US and major global cities. Hong Kong banks provide additional convenience for Chinese companies with remote account opening and cross-border settlement services.

When selecting a bank and account type, you can refer to the US Company Account Opening Guide and choose the most suitable bank and account type based on your company’s business scale, fund flow needs, and international settlement requirements.

Account Opening Tips and Precautions

Improving Account Opening Success Rate

When opening a US company account, you may encounter issues such as incomplete documents or failed identity verification. To improve your success rate, consider the following methods:

1. Choose a bank suitable for your business type. For example, Mercury Bank is suitable for cross-border e-commerce, SaaS companies, remote teams, and startups. If you are in China, you can also consider Hong Kong banks, which support flexible remote account opening.
2. Prepare legitimate and valid company documents, ensuring the EIN is officially issued by the IRS. Incomplete or inconsistent documents will directly lead to account opening failure.
3. Plan and file US company taxes promptly, such as Form 5472 and Annual Franchise Tax, to avoid account freezing due to tax issues.
4. Understand and comply with the US Anti-Money Laundering Act and Bank Secrecy Act to ensure compliant account operations.
5. If delegating account opening to a third party, ensure you choose a professional agency with US licensing to safeguard information security.

You also need to stay updated on the latest account opening policies. Starting in 2025, banks have stricter reviews of funding sources and beneficial owner structures, making document authenticity critical. You should continuously monitor policy changes in the US Company Account Opening Guide and adjust your account opening strategy accordingly.

Compliance and Document Accuracy

When preparing account opening documents, you must ensure all files are authentic and valid. Falsified documents may result in the bank blacklisting you, affecting your company’s reputation. The US Company Account Opening Guide recommends prioritizing US local address proof; if using a Chinese address, it must be notarized and translated. For fund compliance, you should retain proof documents such as contracts and invoices to avoid large irregular transfers. After account activation, it’s recommended to log in to online banking regularly to keep the account active, with a suggested account balance of USD 5,000-10,000 (USD 1 ≈ CNY 7.2, subject to the exchange rate on the day) to prevent risk control measures due to low balances.

Tip: If you encounter account freezing or transaction restrictions, promptly contact bank customer service and cooperate with identity verification to typically resolve the issue. Compliant operations are the foundation for long-term secure account management.

Remote Account Opening Practical Tips

Remote account opening offers convenience for Chinese companies, but you should also pay attention to practical details:

• You can authorize an agent to sign company registration documents on your behalf, eliminating the need to travel to the US.
• For account opening, you need to prepare company registration documents, EIN, and company information disclosure forms. Most banks require a passport, while only a few online banks like Wise allow ID cards for account opening.
• Banks suitable for remote account opening include Hong Kong banks, Bank of the West, JPMorgan Chase, Bank of America, and Citibank. These banks support online and mobile banking apps for convenient account management.
• During remote account opening, language and cultural differences may cause communication barriers. You can learn basic terminology in advance or hire a professional advisor to improve communication efficiency.
• US banks have strict due diligence for remote account opening. You should actively cooperate, promptly provide additional documents, and patiently await review results.

When choosing remote account opening, you must confirm the bank’s specific conditions and restrictions in advance to ensure all prerequisites are met, avoiding failure due to unmet conditions.

After completing the US company account opening, you should regularly check the account status to ensure document compliance. You can choose Hong Kong banks or US local banks based on your business needs, appropriately combining checking and savings accounts. Keep all account opening documents for future management. Flexibly addressing actual needs will make your company operations smoother. (USD 1 ≈ CNY 7.2)

FAQ

What are the main documents required for US company account opening?

You need to prepare the company registration certificate, EIN tax number, articles of incorporation, identity proofs for directors and shareholders, and proof of company address. Some banks also require a business plan and financial statements.

Can Chinese companies open a US account remotely?

You can choose remote account opening. Hong Kong banks and some US banks support video interviews and mailing documents. You must ensure all documents are authentic and valid, making the process more flexible.

What is the minimum deposit amount for account opening?

You typically need to deposit USD 100-500 (USD 1 ≈ CNY 7.2). Requirements vary by bank. Hong Kong banks and major US banks have minimum deposit standards.

What are common reasons for account opening failure?

You may fail due to incomplete documents, failed identity verification, or non-compliant address proof. You should verify all documents in advance to ensure consistency.

How to manage a US company account after activation?

You can manage the account via online or mobile banking. It’s recommended to maintain an account balance of USD 5,000-10,000 (USD 1 ≈ CNY 7.2), regularly check the account status, and avoid freezing.

You now have a comprehensive guide to opening a U.S. company bank account. However, after the account is set up, a key challenge remains: how to efficiently manage your company’s global financial transactions, especially transferring funds from China to your new U.S. account at a low cost and high speed. Traditional bank wire transfers are often expensive, have opaque exchange rates, and long processing times, all of which can impact your company’s cash flow and profitability.

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