Starting a US Company as a Non-US Resident (4): Opening a Mercury Account Online Without Going to the US

This is part 4 of the series "Starting a US Company as a Non-US Resident": opening a bank account.

I had the company and the EIN. Next I needed a US business account, so money from the App Store, Google Play and Stripe has somewhere to go.

Why Mercury

For a foreigner to open a US business account, traditional banks (like Chase or Bank of America) usually require you to visit a branch in the US. I chose Mercury:

• Fully online, no trip to the US
• No SSN or ITIN needed, a passport is enough
• No monthly fees and no minimum balance
• The account is a normal US bank account that can receive money from the App Store and Stripe

Mercury itself is not a bank. It's a fintech company. Accounts are provided by its partner banks and are FDIC insured.

Before you apply, check that the country you live in isn't on Mercury's prohibited list. The restriction is based on where you live, not your nationality. The list is in Mercury's help center.

Documents to prepare

• State formation document (Articles of Organization)
• EIN document: The CP 575 is best. Mine hadn't arrived yet, so I submitted the EIN notice the IRS faxed back, and Mercury accepted it
• Passport: Take a photo online, then do a selfie check
• Proof of address: A document that proves your own home address. I used a bank statement. If it isn't in English, add an English translation and merge it with the original into one PDF

Key points on the application

Get the addresses right

• Company registered address: Use the registered agent's address
• Physical operating address: Don't use the registered agent's address. Use where you really work, which is your own home address
• Personal home address: Your home address. It must match your proof of address

This is where applications most often get rejected. The agent's address only receives mail. The bank wants to know where the company actually operates.

Job title

The menu may not have "Member". Choose Founder or the closest option, and enter 100% for ownership.

Expected account activity

The form asks roughly how much money will move in and out each month, which countries you'll deal with, and what the money is for. Just answer honestly. Mine is a new company, so I picked the smallest range for every amount ($0–10K).

Where the first money comes from

The form asks for the source of the first deposit, and you need to attach a supporting document.

My company had no revenue yet, so I wrote a one-page letter in English: the company was just formed and has no income yet; future income will come from the App Store; it takes no money from investors; and for now I pay small expenses personally and record them as capital contributions. The automatic check flagged a few "document type doesn't match" warnings, but I could still submit. In the end, the reviewer accepted it.

Result

It was approved the day after I submitted, with no requests for more documents.

When it was approved, Mercury also opened an IO virtual credit card for me. Note: its limit equals your account balance. If the account is empty, the card won't work.

After opening the account

• Turn on two-factor authentication: I added a passkey
• First deposit: I used Wise to send a small amount from an account in my own name, and recorded it as a capital contribution. Keep a record of this. You'll need it for Form 5472 in part 5
• Don't write account numbers in documents: Keep the account number and routing number in a password manager or notes app, and look them up when needed
• Connect payouts: Set Mercury as Stripe's payout account. Once your Apple and Google developer accounts are approved, add Mercury as the bank there too

Also, if the account has no transactions for a long time, Mercury may ask you about it. Once you have income, pay the company's regular expenses with the company card, so the account shows normal activity.

If Mercury doesn't work

If you get rejected or stuck for too long, here are the alternatives I looked into:

• Airwallex: Accepts foreign members, verifies with a passport, and doesn't need a US address. The documents are about the same as Mercury
• Relay: The beneficial owners need a physical US address, so most foreigners won't qualify
• Wise Business: You can open one, but owners from some countries can't get USD account details, so they can't receive App Store money. Check Wise's help pages before applying

Next step

Now I have the company, the tax ID and the account, and I can start operating. But one thing matters more than all of these: the filings you must make every year. Missing one costs far more than forming the company. I cover them in the next post.

This series

1. Overview: why, how long, and how much
2. Forming the company: state, registered agent, operating agreement
3. Getting an EIN: how foreigners fill in Form SS-4
4. Opening a bank account: Mercury, fully online (this post)
5. Annual filings: the easiest to miss, the heaviest penalties