How To Create Virtual Bank Account?

How do I create business bank account from INDIA in US?

• I have contacted Silicon valley bank but they want Investor backed startup else they won't open account. So can anyone assist or suggest something else. We have EIN number that is necessary to create Bank account in US. Edit: Actually silicon bank replied that they want support of institutional investors behind a company. Also SSIN is only available to us residents not foreigners, So i am stuck what to do. Its not possible to visit US for only bank account. Thanks

• Answer:

  It is not impossible to do this, but it has become progressively more difficult to do this since 2010. And you will most definitely have to be present in person at the bank's local branch to open an account (you cannot do this sitting in India). If you have obtained an EIN, it is safe to assume you have incorporated a legal business entity in the US. Depending on what kind of business entity you have chosen, there must be some share capital in the business. The investor backed start up argument is thus completely invalid (even if you invest $10 in your own company, it technically has an investor). Unless you are looking to raise any kind of debt or apply for a mortgage, I am afraid you have either been misinformed or have misunderstood. Please note though that some banks now require the authorized signatory in the bank to have a social security number. This was not a requirement back in 2011 when I opened my account (I have since gotten a SSIN) but now even my bank asks for this before opening an account. The problem that you might be facing is that most banks will need a reference to be provided by an existing customer. In my case I had hired someone locally and was able to use him as a reference. I would advise before opening a bank account and doing any foreign exchange transaction you keep in mind compliance with Indian laws and RBI guidelines. I assure you, there are a TON of them! Hope this helps.