The LLC’s US account. What institutions want to see.

In brief

For an LLC’s account, US institutions require the formation document, the IRS confirmation of the EIN, the operating agreement, the passports of all shareholders holding 25 per cent or more and of the person who controls the company, proof of address, and a clear description of the business with the expected payment flows. Institutions must collect this information under US law; they decide for themselves whether, and on what terms, they open an account.

Why institutions ask so many questions

Every US institution must verify the identity of its customer before opening an account (Customer Identification Program, 31 CFR 1020.220): name, address and an identification number. For people without US citizenship this is, for example, the passport number together with the country of issuance; for companies, the EIN and a physical place of business. Then there are the beneficial owners (31 CFR 1010.230): every person who holds at least 25 per cent, and one person who exercises significant control over the company. Since February 2026, institutions no longer have to re-verify this information each time a further account is opened; they verify it at the first account opening and whenever doubts arise — the initial verification remains.

The seven documents

Some institutions additionally require a Certificate of Good Standing, a website or first contracts.

• Document: Articles of Organization · Purpose: Proof that the company exists · What matters: the version registered by the state, name exactly as in the application
• Document: EIN confirmation (CP 575 or Letter 147C) · Purpose: The company’s tax number · What matters: name and address as in the formation document
• Document: Operating agreement · Purpose: Who holds interests and who may act · What matters: signed, interests total 100%
• Document: Passports · Purpose: Identity of shareholders holding 25% or more and of the controlling person · What matters: valid, clearly legible, names as in the operating agreement
• Document: Proof of address · Purpose: Residential address of those involved · What matters: current and in the person’s name
• Document: Business description · Purpose: What the company does · What matters: customers, products, countries, expected revenue and payment channels
• Document: Source of the first deposit · Purpose: Where the first money comes from · What matters: bank statement or proof of the deposit

Why applications fail

• Reason — A business nobody understands: A vague “services” label with no clients, no website, no contracts: the institution cannot assess the risk and declines.
• Reason — Addresses that do not match: Residence, business address and the address on the EIN letter differ from one another — or the business address is that of a registered agent.
• Reason — Gaps in the operating agreement: No signature, interests that do not add up, a shareholder missing: the information on the owners cannot be verified.
• Reason — Higher-risk industries: Institutions scrutinise some activities more strictly or will not consider them at all — that is their decision, not a question of the documents.
• Reason — Links to sanctioned countries: Payments or persons involved with links to sanctioned countries almost always lead to refusal.
• Reason — Contradictions in the interview: Anyone who writes one thing in the application and says another in the interview loses the institution’s trust — often for good.

Bank or financial platform?

General overview; each institution sets its own services and terms.

• Opening · Bank: sometimes only with an in-person appointment · Financial platform: usually entirely online
• Who holds the account · Bank: the bank itself · Financial platform: usually a partner bank in the background
• Deposit insurance · Bank: through the FDIC, if the bank is insured · Financial platform: only through the partner bank and only under its conditions
• Later: cards and loans · Bank: often from a single source · Financial platform: often cards only

What deposit insurance covers

US deposit insurance through the FDIC protects US$250,000 per depositor, per insured institution and per ownership category. An LLC or corporation with its own business forms a separate category — its balance is not added to your personal accounts at the same institution. The insurance applies only if an insured institution fails. A financial platform is not itself a bank; whether and how balances held there are protected depends on the partner bank and on the platform’s terms.

How a well-prepared application works

• 1. Gather the documents: All seven documents, with identical names and addresses, in one file.
• 2. Describe the business: Two paragraphs a stranger can understand: what, for whom, in which countries, with what revenue and which payment channels.
• 3. Choose the institution: Based on your business, currencies, online opening and later cards — not on advertising.
• 4. Application and follow-up questions: Follow-up questions almost always come. Those who answer them quickly and consistently have the best prospects.
• 5. Opening and first deposit: Once the account is approved, the first deposit follows — with proof of where the money comes from. For an LLC with a foreign shareholder (member), it is also a reportable transaction for Form 5472.

How FIAON Global gets your account under way

At FIAON Global, the account application does not begin with a form but with your business. We write the business description with you, compile all documents with identical details, choose the institution to suit your plans and prepare the application in full. We support you through the institution’s follow-up questions; if an institution requires an in-person appointment, our team in Miami goes with you. The account is the start of the card ladder: with Global Banking, we then plan the sequence of further issuers and prepare every application. FIAON coordinates, prepares, files and attends appointments on the ground. FIAON is neither a law firm nor a bank.

Account and card ladder in one package

From the first account application to a planned sequence of further issuers — Global Banking.

What you need to know

• The institution alone decides on every account — even when the documents are complete.
• If your US company holds accounts outside the US totalling more than US$10,000, it must report them to FinCEN every year (FBAR).
• Annual filing duties apply in the United States even without revenue (Form 5472 with Form 1120), along with state fees and the cost of the registered agent.

Frequently asked questions

Can I open a US bank account for my LLC without travelling to the US?

Often, yes. Many institutions open accounts online for companies whose shareholders are abroad; some require an in-person appointment. Each institution sets which routes it offers.

What documents do I need for a US business bank account?

The formation document, the EIN confirmation, the operating agreement, the passports of all shareholders holding 25 per cent or more and of the controlling person, proof of address, a business description and proof of the source of the first deposit.

Do I need an SSN or ITIN for my LLC’s bank account?

The company needs its EIN. For shareholders without an SSN, the passport is sufficient for many institutions; some ask for an ITIN.

Why was my US bank account application rejected?

Usually because of an unclearly described business, contradictory information or an address the institution does not accept. Institutions often do not give their reasons — which is why a complete first application matters.

Are deposits in a US business bank account insured?

At an FDIC-insured institution, deposits are protected in the amount of US$250,000 per depositor, institution and ownership category. With financial platforms, protection depends on the partner bank.