If you are looking for the right online banking option for your LLC, you may already have come across Relay. It is an online banking platform built especially for entrepreneurs, and it offers more than just a bank account.
Relay stresses that it is not a bank but a financial technology business. Unlike many traditional banks, Bank of America for example, Relay advertises that it does not charge the usual fees for opening and running a business account. Another advantage, as with other neobanks, is that the account is run entirely online. No time-consuming branch visits, and you do not need to travel to the US to open a business account for your zero-tax LLC.
More than a bank account
Another difference from traditional banks: once the account is open, Relay offers more than plain online banking for your LLC. The app integrates a range of other features, such as syncing the account with accounting software like Xero or FreshBooks.
Thanks to that connection, your company's account data is available directly in your accounting software and entered correctly. Payroll is also easier to keep running this way.
Opening an account with Relay
The first step is to download the mobile app.
Social Security Number and other details for opening the account
You then need to provide the following information:
- name
- address
- date of birth
- Social Security Number or taxpayer identification number
- and any further information requested
Relay also points out that US law requires it to reliably identify anyone who wants to open a bank account. You may therefore need to submit identification documents (for example a copy of your ID card or driver's licence). If other users access the account (officers or similar), their identification may be required as well.
The big advantage of neobanks like Relay is that you do not have to appear at a bank to sign the contracts. That makes opening an account much simpler.
Banking for your US LLC: how we help
Whether you choose Relay or another financial provider, we support you with opening the account. It is part of our all-inclusive service.
One of the things that matters is that you can not only identify yourself to the bank: your LLC also needs a professional website, for example. That matters for how potential clients and business partners see your company, and a proper legal notice, privacy policy and the like are also an important signal of credibility to the bank.