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.