Research Your Investments Carefully
Opening a foreign bank account either for yourself or your company is not difficult, but must follow several steps required by the laws of the United States or the foreign country in order to ensure there is no illegal conduct intended. Use local branches of foreign banks to get firsthand guidance in opening a foreign account.
Instructions
1. Research the best banks in the country in which you wish to open an account. Choose the bank most suited to your business and individual needs. Understand fee and deposit requirements, and whether you will be able to bank online. Get an individual tax number or employee identification number from the Internal Revenue Service, as you will be required to provide such information to the bank.
2. Call the bank that your research indicates best meets your needs. Request the appropriate documents to open the account. Find out what other documents may be needed to verify corporate identity, proof of personal identity, and verified proof of signature.
3. Complete the documents required and submit any additional information needed to prove that the corporation is in good standing, or that you are who you say you are. Decide in what currency the account will be denominated, and leave your initial deposit.
4. Contact your tax professional and notify her that you have opened a foreign-based bank account. You will have to report such information on your tax return and pay taxes on any dividends earned. Know that opening a foreign bank account may make you more likely to be audited.
5. Open the account and conduct business. Use the account both domestically and overseas. Understand that if you opened an account denominated in United States dollars, there will be fees for depositing checks in other currencies. Use the new account in any country in which the bank has branches.
