Hot answers tagged bank
10
You are missing an important big-picture issue:
To the extent that you fail to segregate corporate funds in a corporate bank account, separate from your personal bank account, you are opening yourself up for "alter ego" personal liability, i.e., you are inviting a court to disregard the corporation - making you personally liable - because you failed to ...
7
ING Direct is an amazing online bank.
They have a business savings account, CD account, and investment account. But they don't offer business checking, unfortunately.
Their user interface/experience is the best. And they try to make you do everything online (which in your case is desirable).
HSBC Direct is another great online bank.
They have a ...
7
In addition to Tim's answer, just be aware that: 1) You need a lot of money in liquid funds, since you have to put the funds in escrow accounts to guarantee solvency; 2) The rules are set by both the federal government and the individual states; and 3) You usually need to be a corporation, and the corporation usually needs to have multiple shareholders. ...
7
You'll have no issues using the money in the UK, because you will already have been required to declare it on your UK tax return and pay tax on it in the UK, unless you wish to evade UK tax and thus become a criminal. Only registered non-doms can legally avoid paying tax on their overseas earnings, and you're clearly not a non-dom because you say you're ...
5
Is it worth setting up a corporate bank account or finding an accountant?
Set up your business bank account now. It costs you nothing and keeps your personal and business finances separate. Right now you are basically operating as a sole-proprietor (assuming you're the only owner). Not only will this cause you to lose your liability protection, but the ...
5
It is possible and we have just completed this (although it did take a while)
The easiest way to do this is to open a business bank account in YOUR country with a bank that has a strong presence both in your country AND in the US. In our case we used HSBC.
Once we did this, we contacted their international commercial department and initiated the process.
...
3
To open your bank account:
Try Citibank's International Personal Banking at 1-813-604-3000. You might need to fax/scan/mail the required documents. It's not easy since 9-11 but it's possible since the US does have a pro-business framework.
To incorporate:
I would incorporate in Delaware as an LLC. Delaware don't have any minimum taxes (unlike California's ...
3
+1 @Mike Scott
Also, don't think you can just waltz into Dubai and start a business. Not sure of the actual percentage, but you have to give at least 40%-50% ownership to an Emirati. You cannot own 100% of your business. The profits have to end up in the pockets of its citizens. You may as well pay tax in your own country.
If you want an alternate ...
3
From a Programming View this sounds complicated. However, as you like to use a Merchant Account and a Payment Gateway, you need to review the abilities they have and what they allow you to do.
If you are allowed to make batch payments to the suppliers from your Merchant Account, you need to setup a Database which handles all Buyer and Seller Transaction ...
3
Personal accounts:
Option 1: You can open a personal account easily with many banks if you come to the US
Option 2: It is theoretically possible to open personal accounts remotely without visiting the US but it's difficult. You can try with a bank that has a branch in your city in India and don't take no for an answer.
Business accounts:
For a US ...
2
Our company's bank offers free accounts for all founders at no cost (but totally independent from the company's account). Personally, I'm keeping my current personal account as well as the new one, just in case.
Surely, transferring money between accounts in the same bank is faster, but I'd also like to have some money totally "isolated" from the company.
2
Aside from the good suggestions about looking for a bank that specializes in small businesses and transfering money between accounts, the more money you have at a given bank, the more power you have there.
We use the same small bank for both personal and business accounts. Everyone at that bank knows me by name. When I need a personal loan it's easy to get ...
2
Yes, I've used them as my banker in one of my past businesses and now work with them on behalf of several clients who use their services. It depends on what you are looking for.
Strengths: Business banking security, international transactions, startup friendly offering fee free checking with no minimums for first year. They are hoping you get funded in ...
2
Strongly consider opening a bank account for your business with a local Small business bank. I use wells fargo, bofa, and chase for my personal bank accounts, but none of them are geared towards business, and could care less about your small operation.
A smaller business bank, or credit union might have a little higher in fees, but overall you are likely ...
2
What's the point of opening a bank account in Delaware? You don't need one to have a corp, you just need a registered agent.
If the point is to have an American bank to solidify the trust of American clients making deposits, you can use the Bank of America (has their name on it ;) ). BoA has branches in Mumbai, Bangalore, New Delhi, Kolkata, Chennai, ...
2
I can answer half of your question, quite easily:
To register a limited company in England you go to Companies House. Their web site explains all the options, including how to do it online. http://www.companieshouse.gov.uk/infoAndGuide/companyRegistration.shtml
2
There's a huge amount of banks you can choose from. You should probably check with the larger ones (like Bank of America, Chase, Citi, Wells Fargo) and see if they have a branch in Russia. Some international banks (HSBC for example) have presence both in the US and Russia, which may be of convenience for you.
All the banks will provide you the services you ...
2
I think that Bank is pulling your leg. You can be located in one place and all your mail being sent to a PO Box. So I don't see how it's possible that they won't do it. If they are pretty adamant about it I'd consider a different bank.
Additionally in NEPA you may not be able to receive mail at your physical address.
For question 2 I'd talk to your ...
2
Unfortunately, the money laundering regulations make it very difficult to open an account from overseas. You need to show proof of identity and proof of address for the company officers (usually Directors).
One option might be to choose a global bank, e.g. HSBC, and open a local account with them, then talk to them about your plans and see if they can open ...
2
Choosing a payment gateway and merchant account, and possibly a recurring billing system for subscriptions, is a complex technical + business decision, and you may well need all three. If your requirements fit a specific 'modern' payment gateway such as Stripe or Braintree you might be able to get away without the recurring billing system.
First you need ...
1
IANAL, but you should consider the relevant state and federal documents to determine whether "financial transactions" would pass the test of "doing business". A good example of a how New York determines how it defines foreign corporation "doing business" is here.
However there are some differences of opinions regarding taxation: from delawarecorp.com (not ...
1
An IPO is an Initial Public Offering, in which shares are registered with the SEC. Regulation D is a set of exemptions from registration that allow private offerings. The two are not the same thing.
It sounds like your company is trying to go through an investment bank to raise funds, and the investment bank is creating a private placement offering. If ...
1
It all depends on what you actually do, but to keep your business status as a sole trader in the UK, you would need an English address. If you have one and you for example sell on-line services you could stay registered only in the UK. However, this wouldn't be totally legal, but nobody would track you to check how much time you spend in German and how much ...
1
When you sell something you set the price of that item or service. If someone wants to pay you in a way that incurs fees, they should pay those fees. But you need to specify that to your customer up front.
Both the sending and receiving banks will usually charge a fee to process a wire transfer. In addition, they may also be a currency conversion fee ...
1
Actually, what your bank is doing is quite common. When you've registered your LLC, you're providing a legal address. If you're using the registered agent services, then that means that any official documents have to be delivered to that address.
Given the concerns around money laundering, and making sure people pay taxes and are held accountable, Banks ...
1
http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-from-outs
Plz go thru above link Girish does a fantastic job of explaining all steps involved in starting a business in US without going to US
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There is quite a bit of case law behind the entire issue of internet taxation. Generally, in order to be taxed in a particular state, a business must have a “substantial nexus” to the state. This depends on the existence of 1) Headquarters, 2) Employees, 3) Bank Accounts, 4) Servers, and/or 5) Return stores (Non-employee founders are not on this list...). If ...
1
I established Donohoe Digital LLC in Colorado and have moved two different times, now living in Illinois. I do not pay taxes in Colorado simply because my LLC is registered there. However, the laws vary from state to state. In cases like this, it is best to consult a professional (fortunately my brother is a CPA specializing in state and local tax laws).
...
1
Your mileage may vary, but since I've been dealing with banks for a while now, here is how I look at this issue:
I would pick a local bank with an ATM right next to the office or at least free (or comped) remote check deposit capability. Dealing with any kind of branch is a waste of time. My hours are 24X7. I am not dragging my behind with a stack of ...
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