Delaware corporate banking services

Healy Consultants 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 bank branch and iii) prepare a quality corporate bank account opening set for review and signature by our Client.

Four weeks following engagement commencement, we will provide a corporate bank account number and 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 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 requirements;
• We recommend i) Citibank ii) Bank of America and iii) HSBC, as our Clients in the United States 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 holders of a valid banking license can be found on the regulator’s website;
• The bank setup deposit starts at a minimum of US$1,500. If the account does not meet this monthly balance, fall below fees will apply.

Main requirements to open a Delaware corporate bank account

Before opening a corporate 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 United States for a foreign company without a branch or a subsidiary registered in the United States;
• If the business is registered in America but only in another State than Delaware, most banks will also require registration of a branch in Delaware;
• In Delaware, all banks will require to meet face to face with the directors and signatories of the entity, before approving the corporate bank account application. Travel is henceforth usually required;
• To open a corporate bank account, it is required to secure a EIN for the business, that is to say a tax identification number issued by the IRS;
• Other documents required will 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 can supply

• Healy Consultants assists our Clients with obtaining corporate finance in Delaware in the form of a loan, overdraft or simply preferential credit terms;
• United States 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) last 3 years audited financial statements 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 finance services 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

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