It is hard to open a business bank account for your LLC in the US, but not impossible. With simple steps and basic information, you will be able to open your business account in the US and seller account with Amazon.
But Banks require your LLC to be registered first with a confirmation of your EIN, or Taxpayer Identification Number in general.
A Taxpayer Identification Number (TIN) is a number used in tax laws administered by Internal Revenue Service (IRS) in the US or the Social Security Administration (SSA). It is issued for the identification of taxpayers in tax laws administration.
Taxpayer Identification Number is of five different domains.
- Social Security number (SSN)
- Employer Identification Number (EIN)
- Individual Taxpayer Identification Number (ITIN)
- Taxpayer Identification Number for Pending U.S. Adoptions (ATIN)
- Preparer Taxpayer Identification Number (PTIN)
A taxpayer Identification Number must be created on tax-related documents. It must be created when filing your tax returns or when claiming treaty benefits. It is created for certain situations under certain conditions.
For businesses, however, that too for a non-resident’s start-up the Employer Identification Number is required along with other formalities. Visit the EIN blog of US Legal Formations.
For more 3D businesses, there is a need for an Amazon Seller account. It doesn’t matter whether you are an entrepreneur or you have a well-run business, in current and modern trends Amazon Seller Account or Amazon Seller central can help to reach the business levels and rate you on top of online sales.
The US taxpayers’ regulation act named the US Patriot Act and Internal Revenue Service demands Amazon payments to collect information of the sellers when you open a business or other account types. It does ask for a Taxpayer Identification number especially (SSN, EIN), legal name, physical address & date of birth. They use the information for your identification as a taxpayer and an account holder. No matter how many accounts you hold, you are always going to provide information to the Internal Revenue Service.
Amazon requires all the sellers and buyers to submit their taxpayer identification information before any transaction. Valid taxpayer information is required for Amazon transactions and payments for its sellers. Any unauthentic or incorrect information in the application or interview can cost you in the verification process.
Similarly, it might be a less complicated task for Pakistanis to open a personal bank account in the US but the process is far more complicated for business accounts. You will need an LLC registered there first then you can have a US company formation with a US bank account.
You can not have a US company formation or LLC until you are issued a Taxpayer Identification Number or Employer Identification Number EIN by IRS then you will be able to open a bank account in the US.
Most banks in the US do allow non-residents to open bank accounts. The documentation process can vary but generally, you will need the following documents to have a US Company Formation with a US bank account.
- LLC approval documents
- Employer Identification Number EIN or a mere confirmation proof from IRS
- Your Passport & driving license of the home country
- LLC operating agreement
- Proof of LLC address
- A US phone number for LLC (in most cases)
For non-residents of the United States, several banks are viable options. JPMorgan Chase, Citibank, Bank of America, and Wells Fargo, etc. are viable options to open a US bank account for Pakistan & other residents.
It is a less complicated process when you are a non-resident but still living in the US. On the other hand, it is quite impossible for a person living abroad & wants to have a US company formation with a US bank account from Pakistan or somewhere else.
Here is the catch. You will need an agency or outlet to carry out this complicated process. US Legal formation, however, can be a great help to help you in the US company formation with a US bank account from Pakistan.