By Mukund Srinivas | Business Head, NYBACS · Updated · Version 1.2
Confirm fit before collecting the full pack
A US entity and EIN do not guarantee an account. Each institution or financial platform sets its eligibility criteria, document standards and review process. Use this kit to prepare an accurate application and identify gaps before submission.
| Ask the provider | Record the answer |
|---|---|
| Applicant eligibility | Does it support this legal structure, ownership chain, residence countries and business activity? |
| Application route | Can the application be completed remotely? Who must attend, verify identity or sign? |
| Address requirements | Which operating, mailing and residential addresses are accepted? What evidence is required? |
| Payment requirements | Does the product support the needed ACH, wire, international payment and payroll functions? |
| Product and account structure | Who is the account provider and, if different, the underlying bank? Review fees, limits and applicable deposit terms. |
Provider examples: requirements differ
Mercury: its published eligibility guidance permits eligible international founders, requires US formation and existing or planned US operations, and excludes registered-agent addresses, PO boxes and UPS Store addresses as principal business addresses. Country and activity restrictions also apply. [1]
Chase: its business-account guide describes identity, registration and business-operations information, including transaction types and expected volumes. Confirm the route and requirements for the specific ownership structure directly. [2]
The document pack
| Folder | Typical preparation items |
|---|---|
| 01 / Legal entity | Formation certificate/articles; amendments; business registration or licence where applicable; good standing if requested. |
| 02 / Tax identity | IRS EIN confirmation or other provider-accepted EIN evidence. The submitted SS-4 is an application, not proof that an EIN was assigned. [3] |
| 03 / Ownership and authority | Current ownership chart; share/member register; parent/intermediate entity documents; account-opening resolution and signer authority where required. |
| 04 / Individuals | Valid identification and requested personal details for beneficial owners, control person and signers; address evidence in the provider-required format. [4, 5] |
| 05 / Business activity | Clear business description; website; genuine contracts, invoices, purchase orders or other evidence appropriate to the stage of the business. |
| 06 / Funds and flows | Initial funding source, amounts, currencies, expected transaction volumes and counterparties; supporting records where requested. |
Ownership transparency
Under the general CDD ownership test, identify individuals with 25% or more ownership, directly or indirectly, plus a control person, subject to applicable exceptions. Providers may ask for more information. [4, 5]
US-created entities currently have a federal BOI reporting exemption. This is separate from the ownership information a bank requests for due diligence. [6]
Pre-submission checks
- Names, dates, ownership totals and addresses agree across records.
- Documents are complete, legible and current; translations or certification follow provider instructions.
- The designated signer has authority and can complete identity checks.
- Sensitive documents will be submitted through a secure provider-approved channel, with access limited to those who need it.
Worked example: explain the ownership chain
Ownership scenario. USCo is owned 100% by ParentCo, a non-US company. Owner A owns 60% of ParentCo and Owner B owns 40%. With no other ownership layers or special arrangements, their indirect interests in USCo are:
| Individual | Calculation | Indirect ownership |
|---|---|---|
| Owner A | 60% x 100% | 60% |
| Owner B | 40% x 100% | 40% |
Both meet the general 25% ownership test. Identify a qualifying control person as well; that person may also be an owner. Provide the complete chain and authority records rather than listing only the corporate parent. [4]
Business activity profile: illustrative completion
| Field | Sample response |
|---|---|
| Activity and customers | USCo sells B2B software implementation services to US businesses. ParentCo supplies contracted delivery support. |
| Initial funding | USD 50,000 equity from ParentCo, supported by corporate approvals and transfer records. |
| Expected monthly inflows | USD 30,000 from approximately three US business customers; ACH and wires. These are forecasts. |
| Expected monthly outflows | USD 18,000 to ParentCo for services and USD 4,000 to US vendors. No cash activity anticipated. |
| Evidence available | Signed customer contract, intercompany services agreement, ownership register and funding approvals. |
Consistency check: expected monthly net cash movement is $30,000 - $18,000 - $4,000 = $8,000 before any other payments. If actual activity later differs materially, update the provider when required.
Your profile: business activity __________ funding source __________
Monthly inflows __________ outflows __________ countries __________
Evidence gaps __________ responsible person __________ target date __________
Authoritative sources
[1] Mercury - Eligibility and requirements
https://support.mercury.com/hc/en-us/articles/28770467511060-Eligibility-and-requirements-for-opening-a-Mercury-account
[2] Chase - Business bank account information
https://www.chase.com/business/resources/business-bank-account-information
[3] IRS - Instructions for Form SS-4
https://www.irs.gov/instructions/iss4
[4] eCFR - 31 CFR 1010.230, beneficial ownership
https://www.ecfr.gov/current/title-31/subtitle-B/chapter-X/part-1010/subpart-B/section-1010.230
[5] FinCEN - Customer due diligence rule
https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule
[6] FinCEN - Current BOI reporting guidance
https://www.fincen.gov/boi
Sources accessed 25 October 2026. Recheck provider eligibility immediately before applying. The checklist is a preparation framework, not a universal bank document list.
After the account is opened
Verify account details and authorised users, enable strong authentication, configure approval limits, connect bookkeeping, and retain statements. Respond promptly to legitimate periodic information requests through verified channels.
By Mukund Srinivas, Business Head, NYBACS. General educational guidance. NYBACS can support preparation and coordination; the provider independently decides eligibility, account opening and ongoing access. No banking approval or completion time is guaranteed.
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