Massachusetts corporate banking services in 2021
Healy Consultants Group PLC efficiently assists our Clients to open a corporate bank account in Massachusetts. Our experienced banking team will i) contact multiple banks to secure their confirmation of interest for our Client’s business; ii) organize a meeting at the bank’s branch and iii) assist our Client to prepare a quality corporate bank account opening application.
Four weeks following the commencement of engagement commencement, we will provide a corporate bank account number and activate internet banking services on behalf of our Client.
Massachusetts corporate banking options
- We recommend our multinational Clients to open their business bank account with a United States-based bank with which they already have a bank account in another country, as this will reduce i) the time required to get the Massachusetts LLC bank account and ii) the bank’s Know Your Customer (KYC) requirements;
- Amongst the reputable international banks present in Massachusetts, we recommend i) Citibank ii) Bank of America iii) JP Morgan and iv) State Street since our Clients in the United States and elsewhere in the world have expressed their satisfaction with the services offered by these institutions;
- In addition, it is also possible to open accounts with local Massachusetts or regional banks that offer attractive banking facilities and a good branch coverage, including i) Eastern Bank and ii) Avidia Bank. The list of all licensed banks existing in Massachusetts can be found on the regulator’s website.
Main requirements to open a Massachusetts corporate bank account
Before opening a Massachusetts corporate bank account, our Clients should be aware of the following:
- it is difficult 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. Most banks will also require a proof of business registration in Massachusetts;
- Healy Consultants Group PLC also assists our Clients with i) business banking for personal asset protection; ii) opening a business checking account and iii) opening smart DBA accounts;
- In Massachusetts, all banks will require to meet face to face with the directors and signatories of the entity, before approving the corporate bank account application. Henceforth, travel is usually required.
Other services provided by us
- Healy Consultants Group PLC assists our Clients with obtaining corporate finance in Massachusetts in the form of a loan, overdraft or simply preferential credit terms;
- The United States banks will loan funds to finance investment projects in Massachusetts, if they are 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) proof of availability of collateral assets iii) qualifications of business owners and the 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 solutions, our in-house consultants may also assist our Clients 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 does not implement any foreign exchange controls;
- The United States implemented FATCA regulations, requiring the mandatory disclosure of the beneficial ownership of each corporate bank account opened in the United States.