One question comes up again and again around the zero-tax LLC: can you open an account for your Limited Liability Company in the US without living there, and ideally without having to travel there first?
Opening a US business account as a non-resident
If you do not live in the US, you can of course still open a business account for your zero-tax LLC. With traditional banks, though, this has become harder and harder over time, and your application may well simply be declined. So it pays to think early about an alternative and about how you can open an account in the US anyway.
Does my Limited Liability Company need a US account?
One of the conditions of the zero-tax LLC is that it has no permanent establishment in the US. It still needs a business account, and it is genuinely practical for that account to be at a US bank, for example when you pay service providers. Fortunately, there are alternatives to traditional US banks like Bank of America that let you open an account without a permanent establishment or residence in the US.
Your options for a US bank account
Modern neobanks make opening a business account not only possible but particularly easy. A neobank is also an option for a perpetual traveller's bank account.
What are neobanks?
Neobanks are simply banks that operate only online. That keeps both the administrative burden and the costs down, since there are no branches in dozens of locations. The leaner set-up shows in lower account fees. The biggest plus is location independence: with a neobank's modern online banking, your US bank is within reach wherever you are.
With your US account at a neobank, you receive a credit card, a Visa debit card or a Mastercard and can make payments conveniently online.
Requirements and costs of opening an account
At a neobank like Mercury, Wise or Payoneer, you are listed on the account yourself as the owner. You do not need a US-resident person to open an account with these online banks. You still have to meet a few basic requirements for a current account with an online bank abroad.
A web presence: essential for your image and for the account
One of the requirements for the online account is that your company has a website that represents it convincingly.
It should show an email address and company details that make clear the business is the real thing. The same goes for a LinkedIn profile, which makes you and your company credible not only to clients but also to the bank.
No need to travel to open the account
So yes, as an entrepreneur you need to show a certain presence even at a neobank. But you do not have to travel to the US for it. You also do not need a US residence for your LLC's account at a neobank, and you still get your business account.
An alternative to the multi-currency account
When you open an account with a US neobank, payments run in US dollars.
If you also need an account for euro payments, providers like Wise are a good choice. They also let you set up a multi-currency account.
Advice on forming your LLC and opening a bank account
With us, opening a US business account for your LLC is part of the all-inclusive package. That makes opening the account even easier, and you get access to a bank account quickly without having to travel to the US first. As you can see, there are plenty of reasons to bank online. The best next step is to get in touch with us and clarify everything you need to open the account.
Of course, we also advise you on every other aspect of your zero-tax LLC, well beyond the bank account, in consultations held in English. So do not hesitate to contact us!