Checklist: Documents Required to Open a Business Bank Account in the USA

Banking the American Dream — But Paperwork Comes First

In 2025, over 5.6 million new business applications were filed in the U.S., a record-breaking number according to the U.S. Census Bureau. Yet, one of the first hurdles new founders—especially non-residents—face is opening a business bank account. Why? Because U.S. financial institutions have tightened compliance under the Bank Secrecy Act (BSA) and Know Your Customer (KYC) regulations. Missing even one document can delay account approval for weeks. For global entrepreneurs, especially those expanding through U.S. LLCs or C-Corps, knowing the exact document checklist is no longer optional—it's the gateway to credibility, payment processing, and cross-border growth.

Understanding Why Documentation Matters — The Compliance Core

Banks in the U.S. aren't just verifying your business; they're protecting the country's financial system from money laundering and tax evasion. Under FinCEN's 2024 Corporate Transparency Act (CTA), every entity must disclose its Beneficial Ownership Information (BOI).

According to the Federal Deposit Insurance Corporation (FDIC), 94% of banks reported an increase in enhanced due diligence for new business accounts post-CTA enforcement in 2024. This means that banks must verify:

• Business legitimacy: registration, ownership, and physical address.
• Identity validation: of each owner, manager, or authorized signer.
• Tax and reporting compliance: via Employer Identification Numbers (EIN).

Key Documents Commonly Required

1. Articles of Incorporation / Organization — proof your company legally exists.
2. EIN Confirmation Letter from the IRS (Form CP 575) — tax identification for your business.
3. Operating Agreement or Bylaws — defines management structure and authority.
4. Ownership Information & BOI Report — mandatory from 2024 under FinCEN.
5. Government-Issued Photo IDs — passport or U.S. driver's license of all owners.
6. Business License (if applicable) — especially for regulated industries.

Case Example: When a London-based eCommerce founder formed a Delaware LLC in 2024, she applied for a U.S. business bank account with Mercury. The bank requested her Certificate of Formation, EIN confirmation letter, Operating Agreement, and passport copy. However, because her registered agent address didn't match the business address on her EIN letter, her account verification was delayed by 10 business days.

This case illustrates how even a small documentation mismatch can slow down banking approvals — making accuracy and consistency essential for non-resident entrepreneurs.

The Step-by-Step Breakdown — From Documents to Deposit

Once your company formation documents are ready, banks follow a three-tier verification model before activation.

1. Business Identity Verification
Banks first check your Secretary of State registration, comparing your entity name and address with your Articles of Organization or Incorporation. Delaware, Wyoming, and Florida filings are often verified instantly via state APIs.

Documents needed: State registration certificate, Business address proof (utility bill, lease, or registered agent letter)

2. Tax & Ownership Verification
The IRS EIN is mandatory—even for single-member LLCs. For foreign owners, an ITIN (Individual Taxpayer Identification Number) may substitute, though banks like Mercury and Relay Financial allow EIN-only verification.

Documents needed: EIN confirmation from IRS, Beneficial Ownership report (FinCEN), Shareholder or ownership list

3. Identity & Access Verification
Banks perform KYC/KYB on all authorized signers.

Documents needed: Passport or government ID, Proof of address (bank statement, utility bill), Company operating agreement (showing authority to open the account)

Example: From Application to Approval — How Preparation Speeds Up the Process

A foreign entrepreneur registering a U.S. company in 2025 prepared all essential incorporation and banking documents before applying for a business account. Their document pack included the Certificate of Incorporation, EIN confirmation letter, Operating Agreement, passport copy, and proof of a U.S. business address.

Because these were verified and consistent across all filings, the bank completed KYC checks and opened the account within one week. Another applicant from the same region, who missed the BOI filing under the new FinCEN rule, faced a three-week delay due to incomplete verification.

This simple contrast highlights a powerful truth: in 2025, document accuracy and compliance readiness directly determine how fast your business goes from incorporation to transaction.

The Non-Resident Challenge — What Global Founders Must Know

For non-U.S. founders, the process can be more complex. Banks must comply with OFAC (Office of Foreign Assets Control) and FATCA (Foreign Account Tax Compliance Act) checks.

Additional Documents Often Required for Non-Residents:

• Valid foreign passport and visa
• U.S. mailing address (virtual office accepted by fintechs like Mercury)
• U.S. phone number or registered agent contact
• Certificate of Good Standing (if more than one year old)

Traditional banks (like Bank of America or Wells Fargo) usually require in-person verification. However, fintech banks (like Mercury, Brex, and Wise Business) allow remote onboarding for verified U.S. entities, provided all compliance documents are uploaded digitally.

Guide Section: Quick-Start Business Bank Account Checklist

Pro Tip: Always keep PDF copies of all documents—many digital banks use automated verification tools that require high-quality uploads.

FAQs

Q1: Can non-residents open a U.S. business bank account remotely?
Yes—fintech banks like Mercury and Wise allow verified U.S. entities to open accounts without physical presence.

Q2: Do I need an SSN to open a business bank account?
No. An EIN is sufficient for businesses, even if the owners are non-U.S. citizens.

Q3: How long does it take?
Typically 3–7 business days, depending on document completeness and bank type.

Recent Notifications & Updates

In January 2025, the FinCEN Beneficial Ownership Reporting deadline became enforceable for all entities formed before 2024. Additionally, FDIC's Digital Banking Regulation (DBR-2025) introduced faster verification frameworks for fintech-based bank openings. Entities failing to file BOI may face fines up to $500 per day, reinforcing why compliance documentation is now a must for every U.S. company.

Build Trust Before Banking — Documentation Is Your First Investment

Opening a U.S. business bank account isn't just administrative—it's foundational to your brand's trust and financial integrity. Every document—from your EIN letter to your BOI report—is a signal to banks and investors that you operate transparently, legally, and globally. In 2025, as U.S. banking compliance tightens, founders who prepare early gain faster access to capital, merchant processing, and cross-border payment networks. With the right documentation, your U.S. account isn't just open—it's your launchpad for sustainable, international growth.