Markstone492

Hi, apologies if this needs to be moved to the general USA page, but can anyone share their experiences of setting up a business bank account for an E2 venture?

Specifically:

1. Who did they go with?
2. Why? What was wrong with the others?
3. How long did it take to setup?
4. What documents did they need to do so? (cert. of incorporation is one i guess)
5. What credit limit, if any, they were given?
6. Did they do it in person, or remotely? (from the UK, pre-visa award)
7. Any pitfalls etc to watch out for?

Any help would be greatly appreciated, as we are getting to that point of no return...

Many thanks, Mark

scrubbedexpat099

Unlike the UK many banks are local. A credit line would be tricky

Michael

Without an established business, it will be very difficult to get a line of credit or any credit for the business. Generally most that startup a business will have to personally sign for almost everything.

When my son started his business, the only thing that he didn't have to personally sign for was the office lease (was a run down area with plenty of vacancies) and his internet connection.

And like most startup businesses, the business became insolvent but he was personally loaded with debt except for the contract on the office space and the internet connection.

Markstone492

Thanks for the replies. Just a bit of info, the business i'm buying is 7 years old, with full books and records. So, hopefully this will make a difference.

Nutmegger

What exactly do you mean by credit limit -- overdraft protection? If you want to have money to draw against, you will need to take out a line of credit, it won't come as a bundle with your bank account. As others have said, obtaining one will initially be extremely difficult.

Markstone492

Apologies for not specifying Nutmegger....i was more referring to a Business Credit Card.

Nutmegger

That sounds a lot more doable! But I don't think we can speculate what kind of limit they will offer you for the card. Perhaps if you continue a relationship with the bank the business has been with previously, so that they are aware of it as a successful going concern, you might get the best response?

Markstone492

Great minds Nutmegger...

I've already been in contact with the current owner, who's used Centrestate for 13 years personally and 7 years for the business. So that's my first port of call.

I don't need / want anything huge, just $1500 maybe? As the business already has a line of credit with the key supplier and they have said they will continue this for me.

Thanks again for your help.

scrubbedexpat099

Will not the Business accounts continue?