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In the USA, every bank has separate requirements so you must check with the bank before opening an account for your Delaware LLC.
For a Delaware company, the requirement of a bank account is not compulsory.
All the businesses which are incorporated in Delaware, their headquarters are located in another state. If your company gets incorporated in Delaware then also you can open a bank account in any other state. Delaware corporations are required by the Delaware Secretary of State to file an annual report every year, but the annual report does not ask for any banking details. Moreover, the Delaware Code does not contain a requirement to have a bank account in Delaware or any other state.
Bank requires certain details to open a business account.
Federal law requires US banks to make sure that they can form a reasonable belief that they know the identity of all their customers applying to open a business account. To meet this requirement, banks should implement a Customer Identification Program (CIP). The minimum identifying information that a USA bank is required to obtain for a person, are the following:
- Name of individual or legal entity
- Date of birth of each individual
Individual Addresses, such as
- An individual, a residential or business street address, or for an individual who does not have a residential or business street address, a box number for both the Army Post Office or Fleet Post Office, or the next of kin or other contact person's residential or business street address.
- A person other than an individual (i.e. a corporation, LLC, trust, partnership,), a principal place of business, local office, or other physical location.
- Employee Identification Number (EIN), Social Security Number (SSN), or other government identification number (passport number or other similar information in the case of foreign persons).
For legal entity clients, banks will often demand the following details to verify the presence of the legal entity or ascertain the identity of the beneficial owners of the entity.
Certificate of Incorporation or Formation:
- LLC Operating Agreement.
- Corporate minutes, bylaws, and stock certificates.
US banks have to identify, check, and record the identities of the legal entity's beneficial holders. The concept of beneficial owners is as follows:
- An individual who is responsible for controlling, managing, or directing a legal entity customer, which includes an executive officer or senior manager (such as a Chief Financial Officer, Chief Operating Officer, Managing Member, Chief Executive Officer, General Partner, President, Vice President, or Treasurer), or any other individual who performs similar functions regularly.
At the time of opening the business bank account, the beneficial owners of legal entities are not required to be present. Anyone who is opening the account will be required to provide the financial institution with the information related to the beneficial owners of the legal entity.
