Massachusetts corporate banking services
Whenever needed, Healy Consultants will assist 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 the business of our Client ii) organize a meeting at the bank branch and iii) assist our Client to prepare a quality corporate bank account opening set.
Four weeks following engagement commencement, we will provide a corporate bank account number and activate internet banking on behalf of our Client.
Massachusetts 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;
- Amongst the international/largest United States banks present in Massachusetts, 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;
- 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 Canada corporate bank account
Before opening a Massachusetts corporate bank account, 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. Most banks will also require registration in Massachusetts;
- 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. Travel is henceforth usually required.
Other services we can supply
- Healy Consultants assists our Clients with obtaining corporate finance in Canada in the form of a loan, overdraft or simply preferential credit terms;
- United States banks will loan funds to finance investment projects in Canada, 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 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.