All over the world, America is still the land of opportunities for many non-US entrepreneurs who want to incorporate a new business here. Whether it is a C corporation, an S Corporation or a Limited Liability Corporation, one of the major benefits of an offshore business is opening a U.S. bank account.
Here are 10 reasons why foreign investors are advantaged by opening a bank account in the United States of America.
- Owning a U.S. bank account gives credibility to your business
As in any other international country, setting up a new business makes local customers skeptical regarding foreign products and services. Therefore, you need to gain your customer’s trust. A bank account opened in the U.S. reinforces the presence of your company and makes it more reliable and creditable to its customers and/or future local business partners.
- U.S. citizenship is not required
Most foreigners that are setting up a business in the USA wonder if not being an American citizen is an issue when filing up the company paperwork or for opening a bank account. The legislature allows any resident outside the American states to open a bank account. Also, banks are not interested in your citizenship whilst you have the necessary funds for an account. All of this is made easier when opening the bank account in your company’s name.
- U.S. bank accounts ensure your privacy
Citizens from countries all over the world are frequently exposed to corrupt authorities and criminal elements which could manage to decimate their wealth. By shielding your financial identity with an account for non-residents you can experience total economic freedom and avoid predatory government practices.
- You can open a bank account
A few years ago, opening a bank account in the U.S. was purely fiction. Due to terrorist events from 9/11, financial laws were more restrictive to foreign residents. Now, opening a bank account in the USA is no longer a problem. International entrepreneurs are able to open a bank account. Applying online is easy, secure, fast and the completion takes a few minutes.
- Protected personal assets
When setting a business abroad, it is better to not link your personal assets accounts with those regarding your business. U.S. bank accounts ensure that your offshore wealth is secured. Physical distance and legal complexity discourage the attempting to seize such an account.
- Tax-free interest
Many U.S. bank accounts for international citizens do not imply interest taxed at source like most bank accounts from the country you come from. In addition, non-U.S. residents could benefit by taking advantage of the best investment opportunities the bank account opens for them.
- Swift easily between currencies
Owning a U.S. dollar account eliminates currency exchange fees. Online purchases with a Pay Pal, for example, trigger extra charges if the buyer and the seller use different currencies. Moreover, a cheque written on a U.S. dollar account is more widely and promptly accepted in the USA.
- Easy international transactions
When transferring amounts of money from your home account you may encounter with multiple security questions, but with a good U.S. account such transactions can be made online effortlessly.
- Your deposits are insured if the bank fails
Most banks in the USA are federally insured and protect their depositors to a certain amount of money in case the bank faces financial difficulties. The Federal Deposit Insurance Corporation ensures the bank’s depositors up to $100,000.
- Special packages and offers
Usually, U.S. banks dispose of a wide range of services and packages for new account users. Some, even offer welcome packages for opening a bank account.