Before you apply
A US business account belongs to the company, so the company must exist first. Make sure you have:
- A formed US entity — LLC or C-Corp. (Not sure which? C-Corp vs LLC.)
- The company’s EIN — usually the slowest step for founders without an SSN or ITIN, who apply by Form SS-4.
- A clear, consistent description of what the business does and where its customers are.
Documents you’ll typically need
- Formation documents — Certificate of Incorporation or Formation, bylaws or operating agreement.
- EIN confirmation — the IRS letter confirming the company’s EIN.
- Ownership details — everyone owning 25% or more, and a controlling person, with passports.
- Addresses — a business address and the owners’ residential addresses, often with proof.
- Evidence of business activity — a live website, client contracts or invoices, or a pitch deck for a new startup.
Consistency beats volume. The company name, address, ownership percentages and business description should match exactly across your formation documents, EIN letter and application.
Fintech platforms vs traditional banks
| Fintech banking platforms | Traditional US banks | |
|---|---|---|
| Opening | Usually fully online, no SSN required | Often need an in-person branch visit |
| Best for | Early-stage startups, SaaS, service businesses | Larger companies needing credit lines or complex treasury |
| Watch-outs | Eligibility rules for foreign owners change; accounts may be reviewed | Travel and stricter documentation |
Founders commonly use fintech platforms such as Mercury, Relay or Wise Business, which partner with FDIC-insured banks. Their eligibility criteria for non-resident owners change from time to time, so check each provider’s current policy before applying.
Why applications get rejected
- Mismatched names, addresses or ownership between documents.
- No evidence the business is real — no website, contracts or clear model.
- Business types the provider doesn’t support (for example, some financial services, crypto or regulated products).
- Using a virtual address the provider doesn’t accept.
- Applying before the EIN has been issued.
Funding the account from India — the FEMA part
If you live in India, the money you put into your US company is an overseas investment, not a personal transfer:
- Remit through your Indian AD bank as ODI against shares or membership interest, with the proper purpose code — not by card, gift or a friend’s US account.
- Remittances for investment above ₹10 lakh in a financial year attract 20% TCS, creditable against your income tax.
- Report the investment in Form FC and file the Annual Performance Report by 31 December each year.
- Disclose the shareholding in Schedule FA of your income-tax return.
Full detail: FEMA, ODI & tax rules when Indians own a US company.
After the account opens
- Keep company and personal money strictly separate — no personal spending from the company account.
- Record every transfer between you and the company; for a foreign-owned LLC these feed Form 5472.
- Money earned by the US company belongs to the company. Bringing it to India is a dividend, salary, or payment for services — each with its own tax treatment.
Setting up from scratch? See US company registration from India.
Frequently asked questions
Can I open a US business bank account without visiting the US?
Yes. Several fintech banking platforms onboard foreign-owned US LLCs and C-Corps fully online without an SSN. Traditional banks more often require an in-person visit.
What documents do I need to open a US business bank account from India?
Typically the company's formation documents, EIN confirmation letter, passports of owners with 25% or more and of a controlling person, business and residential addresses, and evidence of business activity such as a website or contracts.
How long does it take?
The application itself often takes days, but the whole process — including getting an EIN without an SSN or ITIN — commonly takes several weeks.
How do I send money from India to my US company's account?
As an overseas investment through your Indian AD bank under the Overseas Investment Rules, 2022, reported in Form FC. Investment remittances above ₹10 lakh in a financial year attract 20% TCS, which is adjustable against your tax.
Please note: this guide is general information based on the rules as they stood on the review date above. Regulations and RBI/CBDT procedures change often — please get advice on your specific facts before acting.