New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
We are a foreign corporation based in Hong Kong that are in need of a US business bank account. We will transfer money from our Hong Kong Paypal account to the US bank account, and then send it to our bank account in Hong Kong. Are there any tax implications by simply having a US bank account? Do we need to obtain an EIN, and would this give us any tax filing obligations? The director of the company can come to US in person to open the account.
Nicholas,
The company would probably need to obtain an EIN to be able to open a bank account on behalf of the business. If one of the directors can physically come to the U.S. to apply in person, usually you would have no problem opening the account.
As far as taxes go, it is always a good idea to consult a licensed accountant prior to making any filing steps.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
