Nevada corporate banking services in 2021
Since 2003 Healy Consultants Group PLC has been assisting our Clients to open business bank accounts for their Nevada companies by i) securing confirmation from multiple banks of their interest for the business of our Client; ii) organizing a meeting at the bank branch and iii) assisting our Client to prepare all the documents required for the application.
Nevada corporate banking options
- The financial sector in Nevada is regulated by the Financial Institutions Division (FID);
- There are 48 licensed banks in Nevada with most of them being predominantly USA-owned institutions with less than 4 branches;
- In 2018, the financial sector in Nevada experienced a growth with increased loan activity of up to 41% along with increased investments from businesses in the State;
- Banks in Nevada are well-capitalized with average of 10.79%, well above the industrial average;
- Amongst the international / largest United States based banks present in Nevada, Healy Consultants Group PLC would recommend i) Citibank and ii) Bank of America to our Clients;
- We can alternatively assist our Clients to open accounts with the regional banks in Nevada. A few corporate banking solutions include: i) the Greater Nevada Credit Union and ii) Valley Bank of Nevada.
Nevada corporate bank account opening
Before opening a business bank account in Nevada or in another State, our Clients should be aware of the following:
- Banks usually require non-US companies to register a branch in Nevada. However, If Client has existing relations or proven business needs in Nevada, then this requirement can be waived;
- Opening of a corporate bank account is a time-consuming process and Healy Consultants Group PLC will shelter our Clients from the associated administrative burdens;
- In Nevada and all other USA States, 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 corporate banking considerations
- Healy Consultants Group PLC assists our Clients with obtaining corporate finance in Nevada in the form of a loan, overdraft or simply preferential credit terms;
- United States’ banks will loan funds to finance investment projects in Nevada, if provided with sufficient information on the project’s feasibility and expected earnings;
- Documents requested to assess the above 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 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 the state of Nevada (inclusive), do not implement foreign exchange controls. After company formation and bank account opening, our Client will be able to easily remit funds to their home countries;
- The United States implement FATCA regulations, requiring the disclosure of the beneficial ownership of each corporate bank account opened in the United States.