Delaware corporate banking services in 2021

Healy Consultants Group PLC will assist our Clients to open a corporate bank account in Delaware, United States of America. During the engagement, our Firm will i) contact multiple banking institutions to secure their confirmation of interest for our Client’s business; ii) organize a meeting at the branch office of the bank; and iii) prepare a quality corporate bank account opening application package for our Client’s review and signature.

Four weeks following engagement commencement, we will provide our Client with a corporate bank account number and if required, even assist activate internet banking on behalf of our Client.

• Delaware corporate banking options

  • We recommend our foreign Clients open their business bank account in the USA with a bank with which they already have a bank account in another country. This will reduce i) time required to open the account and ii) the bank’s Know Your Client (KYC) requirements;
  • We recommend i) Citibank ii) Bank of America and iii) HSBC, as our Clients in the USA and elsewhere in the world have expressed their satisfaction with the services offered;
  • Alternatively, the following local Delaware/regional banks offer quality banking services: i) WSFS Bank and ii) Applied Bank. The list of all the valid banking license holders can be found on the regulator’s website;
  • A minimum deposit starting from US$1,500 is required for Delaware bank account setup. If the account fails to meet this monthly balance requirement, a fall-below fee is applied.

• Main requirements to open a Delaware corporate bank account

  Before setting up a bank account in Delaware or in another State, our Clients should be aware that:

  • It is almost impossible to open a corporate bank account in the USA for a foreign company without registering a branch or a subsidiary in the country;
  • If the business is registered in a State other than Delaware, most banks will also require registration of a branch office in Delaware;
  • In Delaware, all banks require a face-to-face meeting with directors and signatories of the entity before approving the business bank account application for their Delaware companies. Travel is, therefore, usually required;
  • However, some US banks will not review the initial set of due diligence documents before our Client travels to the US. Instead, during the face-to-face meeting (above), all required documents will be presented by the directors and signatories;
  • Before the face-to-face meeting, the bank may ask our client to purchase a pre-paid SIM card for a US telephone number, to enable the bank to send security verification messages. If required, Healy Consultants Group will assist our client to purchase a SIM card before our Client’s arrival. Alternatively, our Client can purchase a US number via one TextPlus or Hushed;
  • To open a corporate bank account, it is necessary to obtain a tax identification number, issued by the IRS, for the business;
  • Other documents required include i) the corporate documents of the entity; and ii) passport copies and proof of address for all shareholders, UBOs, directors and bank signatories;
  • Some US banks may also require additional documents such as an Operating Agreement for our Client’s Delaware LLC. If required, Healy Consultants Group PLC can prepare a basic Operating Agreement for an additional fee of US$950 (our supplier fee is $590);
  • Banks will take three weeks, from receipt of bank signatory transfer forms, to generate a new online banking token.

• Other services we provide

  • Healy Consultants Group PLC assists our Clients with obtaining corporate finance in Delaware in the form of a loan, overdraft or simply preferential credit terms;
  • USA banks will loan funds to finance investment projects in Delaware, if provided with sufficient information on the project’s feasibility and expected earnings. Documents requested include i) a well-prepared business-plan, inclusive of a feasibility study; ii) availability of collateral assets; iii) qualifications of business owners and management; iv) audited financial statements of last 3 years; and v) a detailed review of the project’s strength, weaknesses, opportunities and threats (SWOT matrix);
  • In addition to corporate finance, our in-house consultants may also provide our Clients with assistance to secure trade finances including i) bank guarantees; ii) letters of credit; iii) finance against trust receipt (for imported goods); and iv) document against payment and against acceptance.
  • See this webpage to understand our guaranteed multi-currency corporate bank account solutions

• Exchange controls and other regulations

  • Both United States of America and Delaware do not implement foreign exchange controls;
  • The United States of America implements FATCA regulations, requiring the disclosure of the beneficial ownership of each corporate bank account opened in the USA.