setting up a corporate bank account in the US

Filed in archive Global Economy on September 12, 2004

Globalization is happening and it has become much easier to do business in a different country. But still some gatekeepers remain - banks, customs, and bureaucracy. Coming over from Europe the level of bureaucracy in the US seems much less and much easier to conquer then the German "Gewerbeaemter". Doing business in cyberspace does not really require any involvement of customs which eases up the pain (try importing hardware into Indian for a nervous breakdown).

Alas banks are still after you. Without a bank account a business is not much trustworthy. This is understandable but as banks are hardly global today the trust you have created with paying bank fees for ages ion one country is not visible in other countries banks. Even Citibank hardly reviews Citibank Germany credit history wit you. Banks in the US have new restrictions due to the Patriot Act but while you can set up incorporation with one fax a bank account is a different story. It's like consulting lawyers -ask 3 and get 100 different opinions. Strangely Citibank opens private accounts for non-US residents but does not even offer corporate accounts with no US-citizen as director. Wachovia bank does in general open such accounts but puts you into an inferior paper war. But the story had a happy end. JPMorganChaseManhattan had mercy with us and gave us the best bank experience ever - walking through the whole procedure of opening a checking account in 15 minutes and waiving all fees for a year. If you look for a recommendation try JPMorganChaseManhattan.