Delaware corporate banking options
Healy Consultants’ experienced banking team will expertly handle corporate bank account opening in Delaware for our Clients. We will prepare all the necessary documents and submit to the bank on behalf of the Client, and if needed, we also attend the bank account opening interview on your behalf.
- Healy Consultants will be pleased to open a Delaware corporate bank account without our Client needing to travel. It is a time consuming task, and Healy Consultants will shelter our Client from the associated administrative challenges. As you can appreciate, it is a difficult task to obtain bank account approval through a new Delaware company formation, when shareholders and directors and bank signatories reside overseas.
- Healy Consultants will prepare a business plan for the bank to optimize the probability of corporate bank account approval. There is a 10% probability the banks will request a bank signatory to travel for a one hour bank interview. Healy Consultants will try its best to negotiate with the bank for a travel exemption. If our Client must travel to Delaware for corporate bank account opening, Healy Consultants will refund our Client US$1,150;
- If our Client is not comfortable with a Delaware corporate bank account, Healy Consultants can open an international corporate bank account outside of Delaware. Examples include London, New York, Germany, Bulgaria, South Africa, Australia, or Dubai. Our fee for this service is US$ 3,950 without travel or US$ 2,550 with travel. All banks will be top tier banks in these countries with excellent internet banking services,
- The banks enjoys ultimate power of approval of corporate bank account applications. Consequently, guaranteed success is outside of Healy Consultants’ control. What is inside our control is the preparation and submission of a high quality bank application that maximizes the likelihood of approval. To date, we enjoy a 100% approval record because of our global banking relationships and determination.
- Local banks are also recommended especially where the company plans to deal exclusively with local Clients and suppliers. Some of the local banks in Delaware include JP Morgan Chase, Bank of America and US Bank among others;
- There is a US$1,500 initial deposit required for a corporate bank account in Delaware and it must be deposited into the account within 1 week of opening. To avoid monthly service charges of US$25 it is advisable to maintain this amount of US$1,500 in the corporate bank account.
- Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect the bank account approval period to take up to 4 weeks. Furthermore, global banks now require evidence of proof of business in the country where the corporate bank account will be, including sales contracts or lease agreement;
- Delaware is a major financial center in the USA due to the modernization of its banking laws as of 1981 by The Financial Center Development Act which offered tax breaks and eliminated consumer rate restrictions;
- Many of the major banks in USA such as JP Morgan Chase, Bank of America and Barclays Bank Delaware are headquartered here. The banking sector in Delaware enjoys low regressive tax rates as well as advantageous tax laws.
- Healy Consultants recommended banks in Delaware due to no restrictions on the inflow or outflow of funds for remittances of profits, payments to third parties, capital gains, debt service and imported inputs or returns on intellectual property
Opening a corporate bank account in Delaware
- Healy Consultants’ Compliance Team can open an international corporate bank account within 4 weeks of Delaware business setup to facilitate Delaware company incorporation;
- Healy Consultants will first incorporate the Client’s company as an LLC which is a requirement with most banks in Delaware;
- When the Delaware company formation is complete, Healy Consultants will apply for the Client’s business EIN which is a tax identification number issued by the IRS;
- Other documents required in order to open the account in Delaware are i) Articles of Incorporation written in English language, or a certified translation thereof ii) Passport of the person authorized to open the account iii) Employer Identification Number (EIN) iv) Certificate of Good Standing v) banking resolution and vi) proof of US registered business address or a signed office lease;
- After the approval of the corporate bank account, the preferred bank will promptly send by post or email our Client the corporate bank account details and correspondence.
- To support Delaware business establishment, Healy Consultants will assist Clients, where required, with trade finance engagements including and not limited to i) letters of credit ii) bank guarantees iii) documents against payment and against acceptance iv) finance against trust receipt.