Delaware corporate bank accounts in 2021

Since 2003, Healy Consultants Group PLC helps multinational Clients open multicurrency corporate bank accounts in the USA, both for local and overseas companies.

During the engagement, our team will project manage the corporate bank account opening process, including i) contacting multiple banking institutions to secure their confirmation of interest for our Client’s business ii) organise a meeting at the branch office of the bank, if required and iii) prepare a quality corporate bank account opening application package for our Client’s review and signature.

Within three months of engagement start, we will provide our Client with a corporate bank account number and, if required, assist our Client activate internet banking.

• Delaware/ USA banking problems and solutions

  No	USA banking problems	Solutions
  1.	Most USA banks are suspicious of overseas customers. Banks’ in-house Legal and Compliance Departments need evidence of local business including physical office premises, employees and customers.	Two large USA banks welcome overseas customers, including Citibank and JP Morgan. There are a handful of online banks which welcome corporate bank account opening applications from our multinational Clients.
  2.	Bizarrely, it is difficult to find a USA bank that allows foreign currencies including € and £. Within the USA, our multinational Clients can only avail of US$ corporate bank accounts.	If our multinational Clients need a multicurrency corporate bank account, Healy Consultants Group PLC will open a bank account in the EU or Asia.
  3.	US banks are extremely selective about the customers they onboard. Top tier banks increasingly focus on large, profitable, low risk corporate Clients. Generally, USA banks are not too interested in small companies.	Since 2003, Healy Consultants Group PLC has built quality banking relationships with USA banks. Local banks trust and welcome our multinational Clients. A quality business plan is a big help. Healy Consultants Group PLC has a guaranteed corporate bank account approval policy.
  4.	Except for two or three banks, bank signatories must travel to the USA for a one-hour interview before corporate bank account numbers are issued.	Healy Consultants Group PLC works with a few USA bank branches that provide a travel exemption to our multinational Clients. As always, we will relentlessly negotiate with the bank to secure a travel waiver. If travel is inevitable, Healy Consultants Group PLC’s Client travel policy will apply. Our staff will organise the meeting in the bank branch and assist our Client during the bank interview(s).
  5.	Bank refuses to onboard a foreign company which does not have a physical office in the USA, or USA customers or suppliers.	If an active Virtual Office is not sufficient for the USA bank, Healy Consultants Group PLC will open an international corporate bank account with a top tier bank outside USA. Healy Consultants Group PLC has a guaranteed corporate bank account approval policy.
  6.	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 bank account approval to take a minimum of six weeks. Furthermore, banks now require evidence of proof of business in the country where the company bank account will be, including sales contracts or lease agreement.	At the start of an engagement, Healy Consultants Group PLC prepares a quality business plan tailored to our Client’s business and organises the Client’s KYC documents, making the bank’s verification process timelier. If our Client requires a bank account at short notice, we recommend an immediate US solution (Delaware company plus already-approved US corporate bank account).
  7.	The majority of US banks only provide telephone support during USA business hours. This is inconvenient for multinational Clients in the Middle East & Asia Pacific.	Healy Consultants Group PLC staff assist our multinational Clients with bank communication, regardless of time zones. If required, Healy Consultants Group PLC can also provide Bank Signatory and Treasury services to our Clients to facilitate transactions. Additionally, Healy Consultants Group PLC can provide our Client with Paymaster Services.

• The USA banking sector

  Healy Consultants Group PLC’s summary view

  • If you know how, USA corporate bank account opening is easy. USA bank officers are courteous and friendly and have a high standard of professional service 24-7-365. Realistically, there are only a handful of USA retail banks interested in doing business with overseas customers.
  • USA’s sovereign credit rating in March 2021 is i) AAA (Fitch), ii) AAA (Moody’s) and iii) AA+ (Standard & Poors). As a result, investors see USA as a stable and comfortable global financial centre in which to place funds. The country is the world largest financial center and has a secure banking and finance system, with New York, San Francisco, Los Angeles and Chicago being in the top 20 global financial cities.
  • Because banks are looking to cut costs, we expect many branches of traditional ‘high street’ banks to close across USA, and for more services to be transferred online.
  • The USA implements FATCA regulations, requiring the disclosure of the beneficial ownership of each corporate bank account opened in the USA.
  • USA is a non-participating jurisdiction for Common Reporting Standard and does not participate in the automatic exchange of financial account information amongst jurisdictions.
  • There are no foreign exchange controls in USA. There is an easy flow of funds for remittances of profits, dividends, debt service, capital, capital gains, branch profits, royalties and returns on intellectual property or imports.
  • Overall, Healy Consultants Group PLC recommends USA banks as a solution for local and international companies doing business globally.

• Key information on the USA banking sector

  • The Federal Reserve System is one of several banking regulatory authorities in the USA. The Federal Reserve regulates i) state-chartered member banks, ii) bank holding companies, iii) foreign branches of USA national and state member banks, iv) Edge Act Corporations and v) state-chartered USA branches and agencies of foreign banks. National banks must be members of the Federal Reserve System. However, they are regulated by the Office of the Comptroller of the Currency (OCC).
  • There are 74 national banks located in the USA. National Banks are those who comply with policies drafted by the government to serve throughout the country. As of Q3 2020, there are more than 4,000 commercial banks in the USA.
  • Top banks in the USA include, JP Morgan Chase Bank, ii) Bank of America, iii) Wells Fargo Bank, iv) Citibank, v) US Bank National Association, vi) Truist Bank and vii) PNC Bank. Branches of foreign banks in USA include i) HSBC, ii) Barclays Bank, iii) Deutsche Bank, iv) BNP Paribas and v) Santander. Our relationships with these banks simplify the process of opening new accounts as your business grows in USA and worldwide.
  • Many USA banks are reluctant to onboard small businesses. For example, one bank in USA requests businesses to have a minimum annual turnover of US$50 million to be onboarded.
  • Other reasons why USA banks may reject opening new accounts include i) their compliance team are unable to verify new Clients based overseas, ii) all new Clients must attend the USA bank branch for verification, iii) only opening accounts for wholly-owned by USA companies (i e they will not onboard a company which is beneficially owned by companies not registered in USA) and iv) need operations in USA.
  • On average, USA banks take two months to issue account numbers and e-banking access.
  • Federal Deposit Insurance Corporation (FDIC) was designed to protect customers’ bank investments. In the scenario of bank robbery, financial insolvency and even natural disasters, the FDIC will cover any losses up to US$250,000. Today over 5,000 institutions in the US are members of FDIC.
  • All USA bank branch staff speak English and correspondence and online banking etc is also in English.
  • It is important that our Clients are aware of their corporate and legal obligations in USA and that they timely fulfil the same. Let us know if you require Healy Consultants Group PLC’s assistance to timely and efficiently complete your legal and corporate responsibilities.

• Healy Consultants Group PLC fees to help open a corporate bank account in USA

  • For a fee of US$6,950 and without bank signatory travel, our staff will secure USA corporate bank account approval for a local and overseas an overseas LLC. For example, a UAE LLC and USA multicurrency corporate bank account or a Singapore LLC and USA multicurrency corporate bank account.
  • For a fee of US$5,950, and without bank signatory travel, our staff will secure multicurrency corporate bank account approval for a USA LLC.
  • Our multicurrency corporate bank account opening fees cover the following support services:
    • Creating a quality business plan for the USA banks, explaining the purpose of the business and future banking transactions.
    • Securing welcome emails from multiple USA banks, inviting our Client to submit a corporate bank account application.
    • Healy Consultants Group PLC’s banking team completing, on our Client’s behalf, the corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
    • Over the following weeks, the bank officer reverting to our team multiple times to prepare an accurate, complete multicurrency corporate bank account opening file. When the USA bank officer is ready, our Client will convene a Skype video call with the bank.
    • Following successful completion of the above, the bank officer submits a complete potential customer file to the bank’s Legal and Compliance Department.
    • After several weeks, e-mailing multicurrency corporate bank account numbers to our Client.
    • Within three weeks, arranging our Client to receive e-banking log in details, including corporate Visa debit cards and cheque books.

Conclusion

Contact Healy Consultants Group PLC for assistance with opening an USA corporate bank account.