Do You Need an ITIN to Open a US Business Bank Account?

Contrary to what many international entrepreneurs believe, you can open a US business bank account without an ITIN, as long as you have an EIN (Employer Identification Number) and your company is registered in the US

In this guide, we break down everything you need to know, so you’ll know exactly how to get started confidently.

We’ll cover what an ITIN is, when it’s actually required, do you need an ITIN to open a US business bank account and how you can open one without an ITIN through compliant, hassle-free methods.

By the end, you’ll know everything you need to confidently start banking for your US business, even if you live outside the US.

And if you want to skip the confusion, doola can help you form your US company and get your EIN or ITIN to start your expansion in the US market.

Let’s get started.

What Is an ITIN?

An ITIN is a tax processing number issued by the IRS (Internal Revenue Service) to people who are not eligible for a Social Security Number (SSN) but still need to file or report taxes in the United States.

In simple terms, it’s a tax identification number for non-US residents who earn income from US sources or are legally required to file a federal tax return.

You might need an ITIN if:

• You’re a non-US resident or foreign national required to file a US tax return.

• You receive US income personally, such as rental income, dividends, or freelance payments.

• You’re a dependent or spouse of a US taxpayer.

• You need to claim tax treaty benefits under IRS rules.

However, an ITIN is not required to open or operate a US business bank account. Its sole purpose is tax filing, not business banking or company registration.

While an ITIN helps individuals meet tax obligations, it’s not the same as other US identifiers:

• ITIN: This is for individuals who are not eligible for an SSN but need to file US taxes.

• EIN: For businesses, it is required to open a business bank account, hire employees, and file business taxes.

• SSN: For US citizens and permanent residents.

In a nutshell, an ITIN is purely linked to personal tax filing. Your business banking and compliance requirements are typically tied to your EIN instead.

ITIN vs. EIN vs. SSN: What’s the Difference?

ITIN, EIN, and SSN serve very different purposes. Understanding how they work will save you time and prevent costly paperwork mistakes.

Here’s a quick breakdown:

Identifier	Who It’s For	Issued By	Purpose	Required for Business Banking?
ITIN	Non-US individuals who need to file US taxes	IRS	Personal tax filing	❌ No
EIN	Businesses (LLCs, Corporations, etc.)	IRS	Business banking, taxes, and payroll	✅ Yes
SSN	US citizens and residents	SSA (Social Security Administration)	Personal ID and taxes	❌ No (if you have EIN)

An ITIN is needed for non-citizens and others who have a tax-related filing requirement but are ineligible for an SSN.

This includes: 

• Non-resident aliens who must file a US federal tax return.

• Resident aliens (based on days present in the US) who file a US tax return but cannot get an SSN.

• Dependents or spouses of US citizens or resident aliens who are not eligible for an SSN.

• Dependents or spouses of non-resident alien visa holders.

• International students, professors, and researchers who file a US tax return. 

While the primary use of an ITIN is to file and pay federal income taxes, it can also be used for: 

• Securing a state driver’s license or identification card (in some states)

• Providing proof of US residency to certain agencies 

If you’re forming a US LLC or corporation, the EIN, not the ITIN, is the key requirement for business banking.

EIN is a business tax ID issued by the IRS used for almost everything related to your US company, including:

✔️ Opening a US business bank account

✔️ Filing business taxes

✔️ Hiring employees

✔️ Managing payroll and reporting income

SSN is entirely different from the other two since US citizens and permanent residents use it for tax reporting, employment, and government benefits. 

It’s not available to non-US residents, and it’s not required for business formation or banking if you have an EIN.

Related Read: Get an EIN Without an SSN – An International Founder’s Ultimate Guide

Do You Need an ITIN to Open a US Business Bank Account?

No, you don’t need an ITIN to open a US business bank account. For the majority of US and international business owners, the key requirement is an EIN. 

Banks use your EIN to verify your business’s identity for tax and compliance purposes, while your ITIN only applies to personal tax filings. They will ask for:

• Your business formation documents (like your LLC’s Articles of Organization)

• Your EIN confirmation letter from the IRS

• A valid passport or government-issued ID

• Proof of business address (can be a registered agent’s address or a US business mailing address)

That’s it. No ITIN needed for most business structures like LLCs or corporations. However, there are only a few exceptions where an ITIN might come into play:

• Sole Proprietorships: If your business isn’t registered as an LLC or corporation and operates under your personal name, some banks may ask for an ITIN for tax reporting.

• Specific Banks’ Policies: Certain traditional banks may have stricter ID or residency requirements and could request an ITIN as part of their internal verification process.

Luckily, many online business banking platforms and fintech banks help non-US founders open US business accounts remotely with an EIN and business formation documents instead of an ITIN or SSN.

By contrast, traditional US banks like Chase or Bank of America often require in-person verification and may have additional identity requirements for non-residents.

How Non-US Residents Can Open a US Business Bank Account Without an ITIN

Today, global founders from over 150+ countries successfully open business accounts remotely using their LLC or C-Corp, EIN, and passport. No ITIN required.

The key is to follow the right sequence. Here’s a step-by-step breakdown of exactly how to do it, along with practical tips at each stage.

1. Form a US Company (LLC or C-Corp)

The first step is to establish your US business entity. You can do this by forming either a Limited Liability Company (LLC) or a Corporation (C-Corp) in a business-friendly state like Wyoming, Delaware, or Florida.

Why this matters: Banks require proof that your business is legally registered in the US before they’ll approve a business account. Your company formation documents (Articles of Organization or Incorporation) serve as that proof.

Tip: doola can take care of the formation process for you, starting from paperwork to annual compliance, so you can get your business up and running faster.

2. Obtain an EIN (Not an ITIN)

Once your business is formed, the next step is to get an EIN, which acts as your business’s tax ID. The IRS issues this number, which is required for banking, payroll, and tax reporting.

Why this matters: Your EIN is the identifier banks look for, not your ITIN. Without it, they can’t report income, verify your business, or comply with US financial regulations.

Tip: If you don’t have a Social Security Number (SSN), the IRS allows non-US residents to apply for an EIN via mail or fax.

3. Prepare the Required Documents

Once you have your company and EIN, gather the documents banks typically require to verify your identity and business legitimacy. These often include:

• Company formation documents (Articles of Organization/Incorporation)

• EIN confirmation letter from the IRS (CP-575 or EIN assignment notice)

• Operating Agreement (for LLCs) or Bylaws (for Corporations)

• Passport or government-issued ID for each owner/signatory

• Proof of business address in the US (can be virtual)

• Occasionally, proof of business activity, like a website, invoice, or client contract

Tip: If you don’t have a physical office in the US, you can use your registered agent address or a virtual mailing service to receive mail and official correspondence.

4. Choose a Bank That Supports Non-Resident Founders

Not all banks have the same policies when it comes to non-US founders. You’ll need to choose a bank that supports international business owners, either through remote verification or flexible identification requirements.

Here’s what to expect:

• Online banks and fintechs like Mercury are often the easiest options. They let you open accounts online, do online KYC, and start transacting globally, all without setting foot in the US.

• Traditional banks (like Chase or Bank of America) may require an in-person visit or additional verification steps, especially if you want to open an account under your personal name or use advanced features like credit facilities.

Tip: For remote founders, fintech banks are usually the best starting point. They integrate smoothly with payment platforms like Stripe, Shopify, and PayPal, and don’t require an ITIN.

You don’t need an ITIN to open a US business bank account. What matters most is having a properly formed US company, an EIN, and the correct supporting documents. 

Common Mistakes and Misconceptions About ITINs and Business Banking

Many international founders run into unnecessary complications because of common myths about ITIN. 

Understanding these misconceptions can save you weeks of delays and help you set up your US business faster. Let’s break down the most common mistakes and how to fix them.

Confusing the ITIN with the EIN

The ITIN is a personal tax number used for filing individual taxes, while the EIN is a business tax ID issued to your LLC or corporation. If your goal is to set up a business bank account, the EIN is what matters.

Quick Fix: Skip the ITIN application if your goal is business banking. Apply for an EIN directly through the IRS or let doola obtain an EIN for you without an SSN or ITIN.

Related Read: International Businesses and EIN: Navigating US Requirements

Assuming All Banks Require an ITIN

Traditional banks may have stricter requirements, which aren’t legal mandates but are internal policies.

However, many online banks and fintech platforms like Mercury allow you to open a business account using only your EIN, passport, and company documents.

Quick Fix: Form your business with doola to get connected with banking partners who accept non-US founders without requiring an ITIN or physical US presence.

Applying for an ITIN Unnecessarily (and Delaying Setup)

Applying for an ITIN when you don’t need one can slow everything down. During that time, your business formation and banking can’t move forward.

The IRS approval process for an ITIN can take 6–12 weeks or longer, especially if you’re filing internationally. 

Quick Fix: For business banking and company operations, your EIN is enough. Only apply for an ITIN if you personally earn US income or need to file individual tax returns.

Not Having Proper Formation or Tax Compliance

Even with the correct IDs, banks will reject your application if your business structure or tax documents aren’t in order. 

Missing formation papers, inconsistent business names, or expired registered agent details can all raise red flags during verification.

Quick Fix: Before applying for a bank account, ensure your business is registered in the US, your documents are consistent, and your EIN confirmation is in hand.

How to Get an ITIN (If You Actually Need One)

While most international founders don’t need an ITIN, there are situations where having one is necessary, especially when it comes to personal tax obligations. You may need an ITIN if you:

• Receive personal payments or income from US clients or investments.

• Own a single-member LLC that is disregarded for tax purposes (i.e., profits flow directly to you personally).

• Need to file personal US taxes but are not eligible for a Social Security Number (SSN).

• Required to comply with certain IRS forms, such as a W-8BEN or 1040-NR.

If you determine you do need an ITIN, you’ll need IRS Form W-7 to apply for an ITIN. Here’s what the process looks like:

Step 1: Complete IRS Form W-7

Download the Form W-7 from the IRS website and fill in your full legal name, mailing address, foreign address (if different), country of citizenship, and birth information.

You’ll also need to give a reason for requesting the ITIN, like “Nonresident alien required to obtain ITIN to claim tax treaty benefit” or “Nonresident alien filing a US tax return.”

Pro Tip: Make sure the name you use on Form W-7 matches exactly with your passport or other identification documents.

Step 2: Attach Supporting Documents

You must submit proof of identity and foreign status. The IRS only accepts original documents or certified copies from the issuing agency.

Acceptable documents include:

• Passport (the most common and easiest option).

• Or, two alternative forms such as a national ID card, driver’s license, or birth certificate.

Pro Tip: Never mail your original passport to the IRS. Use a certified copy issued by your home country’s passport authority or apply through a Certifying Acceptance Agent (CAA) who can verify your identity.

Step 3: Attach Your US Tax Return (If Required)

In most cases, the IRS requires your first ITIN application to include a US federal income tax return (Form 1040-NR) along with your W-7. However, there are exceptions, such as:

• If you qualify for a tax treaty exemption.

• If you’re only applying for information reporting (like being listed on another entity’s tax return).

Pro Tip: Work with a tax professional service like doola to determine whether your situation qualifies for an exception.

Step 4: Submit Your Application

You have three main options to submit your W-7 form and documents:

1. By Mail: Send your application and documents to IRS ITIN Operation, P.O. Box 149342, Austin, TX 78714-9342, USA.
2. Through an IRS-Certified Acceptance Agent (CAA): A CAA can verify your documents in person (or virtually) and send them to the IRS on your behalf without mailing originals.
3. At an IRS Taxpayer Assistance Center (TAC): If you’re in the US, you can apply in person at select IRS offices by appointment.

The IRS typically takes 6–12 weeks to issue an ITIN, though times can vary depending on the season or if documents need clarification. Once approved, you’ll receive your ITIN in the mail.

Pro Tip: Use your ITIN only for personal tax purposes, not for business registration, payroll, or banking. Banks and financial institutions will need your EIN to open a business bank account.

How doola Helps Non-US Founders Open a US Business Bank Account

From formation to banking, we handle the red tape so you can focus on building your business, not battling bureaucracy.

With doola’s all-in-one platform, you can:

✅ Incorporate your US LLC or C-Corp in any state, 100% online.

✅ Open a US business bank account remotely with our trusted banking partners.

✅ Stay compliant with ongoing US tax filings, bookkeeping, and reporting requirements.

At doola, we have you covered for everything, from opening a US LLC, getting your EIN fast, and streamlining your business banking setup. 

Our platform is built specifically for a frictionless experience from day one, with no US address, no Social Security Number, and no complicated paperwork required.

Launch your US business today with us and experience how effortless expanding to the US can be.

FAQs

Can I open a US business bank account with just an EIN?

Yes. Banks use your EIN to verify your business for tax and compliance purposes. You’ll also need to provide your LLC formation documents, passport, and proof of address. 

What’s the difference between an ITIN and an EIN for non-US business owners?

An EIN is your company’s tax ID issued by the IRS to businesses for tax reporting, payroll, and banking purposes.

An ITIN, on the other hand, is for individuals who don’t qualify for a Social Security Number but need to file personal US tax returns.

Can I open a business bank account online without visiting the US?

Yes, thanks to online-first fintech banks and partners, you can complete the process digitally. No in-person visit is required.

What documents do I need to open a US business bank account as a foreigner?

While requirements vary by bank, you’ll typically need:

• Your LLC or Corporation formation documents (Articles of Organization or Incorporation)

• Your EIN confirmation letter from the IRS

• A valid passport or government-issued ID

• Proof of business address (can be a registered agent or virtual address)

• Your Operating Agreement (for LLCs)

Can I get an ITIN without living in the US?

Yes, you can apply for an ITIN from outside the US by submitting IRS Form W-7 along with supporting documents (like a notarized passport copy). 

You can do this through an IRS-authorized Certifying Acceptance Agent (CAA) or via mail. 

Will I pay US taxes if I open a business bank account there?

Taxes depend on your business structure, where your operations take place, and whether you have US-sourced income. 

If you form a US business entity or file a US tax return, you may have certain reporting requirements.

How can doola help me get a US business bank account faster?

doola handles everything for you, from forming your LLC or C-Corp to getting your EIN (no ITIN required) and setting up your US business bank account remotely. 

Our streamlined process, trusted partners, and expert support make it easy to go from idea to fully banked US business in record time.