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Subject:
How does non-resident non-US citizen business person open a US bank account?
Category: Business and Money > Finance Asked by: 007workfromhome-ga List Price: $20.00 |
Posted:
10 Jun 2004 08:05 PDT
Expires: 10 Jul 2004 08:05 PDT Question ID: 359177 |
I am an Australian Internet marketer living in Japan. I pay $50 in bank fees to my Japan bank per US check I deposit. What do I need to do to open a US bank account so that I can bank my checks there? I have heard that it can be done by first forming a US company (e.g. LLC) but wonder if that means I pay US tax. Thanks, Murray | |
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There is no answer at this time. |
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Subject:
Re: How does non-resident non-US citizen business person open a US bank account?
From: corwin02-ga on 10 Jun 2004 10:04 PDT |
Find a branch of a US Trade bank in Japan (Bank of America is a good example) and open an account. If need be use a US PO box with forwarding to your bussiness address but usually the bank can take care of that |
Subject:
Re: How does non-resident non-US citizen business person open a US bank account?
From: muna_jp-ga on 15 Jun 2004 23:21 PDT |
Incorporating or LLC would be the safest way to go; you are in business anyway. I believe the State of Nevada does not have state tax that you have to worry about. You can also incorporate in the state of Delaware and you taxes if do properly will cost you roughly USD 25 per year plus another USD 25 for local agent. SO you are looking at about USD 50/ year. Suggest you open with large bank such as Citibank - that way you can withdrawal money here in Japan. |
Subject:
Re: How does non-resident non-US citizen business person open a US bank account?
From: mdevdatta-ga on 22 Jun 2004 00:50 PDT |
Look at http://www.valisinternational.com/ or http://www.ptclub.com/Usnonresident.html These companies offer services to open us bank account legally (I think). If you travel to US frequently or know someone in US. It might be be cheaper to find a bank that accepts non-resident account and complete it yourself. The tax in US is based on "source" for income which in your case most porbably outside US, so exempt for federal taxes. State tax laws vary state by state, but they usually follow the same logic. If you are tax exempt. you will submit W-8BEN while opening the bank account which declares that your income is tax exempt. See IRS website, specifically http://www.irs.gov/businesses/international/index.html for more details. Hope this answers your questions and saves you those $20 bucks :) |
Subject:
Re: How does non-resident non-US citizen business person open a US bank account?
From: valisint-ga on 12 Nov 2004 15:46 PST |
I am obviously biased, VALIS International is my company, but I would like to clarify something: Having a US Bank account has nothing to do with paying taxes in the USA. You don't need to form a US company just to cash US checks, just get a personal US Bank account and deposit them all you want, then withdraw the funds by Wire to yourself back in Japan or you can withdraw using the attached MasterCard at local ATMs or shop online or off with it. if you want to form a company in the USA too, then there are tax considerations, but still not likely any payments. Have a look at our FAQ: http://www2.valisinternational.com?pg=faq for company and tax issues. But the most relevent to your corporate question is this: A Single Member Delaware LLC does not have to even file a federal corporate income tax return since it is a disregarded entity, any profit would be shifted to your personal income for you to declare wherever you are supposed to declare your personal income. keep the $20, it wouldn't be fair for me to earn it... |
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