Get a US Bank Account and Credit Rating

To open a business bank account in the US, you must have your entity formation documents, operating agreement, and EIN ready. Additionally, you will need to furnish the ITINs for all owners with a 25% or greater stake. Certain banks may allow for a temporary account opening if you have applied for the ITIN and commit to providing it within 90 days. Moreover, most US banks mandate that you visit a branch in person to initiate the account opening process. Therefore, it is strongly recommended that you contact your chosen bank in advance to inquire about their specific requirements before traveling to the US for this purpose.

US Banks

Consequently, many Australian entrepreneurs use digital banks and money transfer services. 

• Mercury Bank - www.mercury.com (FDIC insured)

• Wise - www.wise.com

• Airwallex - https://www.airwallex.com/au

In terms of operation, these accounts provide US routing numbers and function similarly to a bank account on a daily basis. But they still require the following business information on the accounts that you are establishing.

Once you've opened a bank account, it's worth considering establishing a credit rating. Credit rating agencies like TransUnion and Equifax are in charge of assigning credit ratings to individuals. To be recognized by them, you must have a US residential address verified by a utility bill, driver's license, or another US contract, such as a cell phone service agreement. After that, you should aim to prove that you have good credit. This can be achieved by getting a debit card or initiating a credit account with your bank and making timely repayments. Additionally, obtaining a store credit card that reports to the agency, like those offered by J.C. Penney, Lowe's, or Walmart, can be beneficial. Properly utilizing these cards will contribute to building a strong credit score.

For businesses, the credit rating agency is known as Dun and Bradstreet (DnB). DnB will assess your business's size, structure, and payment history to assign a rating to your DnB number, which will influence the interest rate for business credit applications.