Delaware corporate banking services

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 to open their business bank account in the United States of America (USA) with a bank with which they already have a bank account in another country, as 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 by these institutions;
• Alternatively, the following local Delaware or 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 setup. If the account fails to meet this monthly balance requirement then, a fall-below fee will be charged.

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 of the following:

• It is close to impossible to open a corporate bank account in the USA for a foreign company without registering a branch or a subsidiary in the USA;
• If the business is registered in the USA but in a State other than Delaware then, most banks will also require registration of a branch office in Delaware;
• In Delaware, all banks have made it compulsory to conduct a face to face meeting with the directors and signatories of the entity, before approving the business bank account application for their Delaware companies. Henceforth, travel is usually required;
• To open a corporate bank account, it is required to secure an EIN for the business, that is to say a tax identification number issued by the IRS;
• 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.

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.

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.