No; an in-person visit is not necessary. While most other accounts require you to physically walk into a bank, Stern Corporate Services helps you overcome that barrier to entry.
No; registration as a US entity is not necessary. However, we do recommend first becoming a US entity since it speeds up compliance at the bank.
No; a US tax ID number isn't necessary.
We have partnered with Signature Bank of New York® (NASDAQ: SBNY), to create this initiative. Signature Bank ranked on Forbes' Best Banks in America list for the seventh consecutive year in 2017 and was recently named Best Business Bank for the third consecutive year by the New York Law Journal in the publication's seventh annual reader survey. We are managers on the Signature Bank account you set up, acting as de facto compliance officers. Because we serve as the conduit between you and the bank, you therefore don't need to come to the US, set up a US entity, or obtain a US tax ID number.
Each time you initiate a transfer, we get an automatic email alert that prompts us to approve the transfer.
It generally takes 1-3 months to compile your documents, conduct due diligence, ensure compliance, and onboard your company.
Because we strive to meet the needs of various company profiles, we do not hew to one set of fees. Our model takes into account, among other things, the client's customers, monthly turnover, and growth trajectory.
Yes. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
No. However, accounts from countries that fall under a higher than average risk factor, might have limits other than the standard. Also we do not do business with countries under UN trading embargo or OFAC sanctions (Cuba, Iran, Iraq, Libya, N. Korea, Burma (Myanmar), Liberia, Sudan, Syria, Zimbabwe, Rwanda, etc).
Yes. The conversion rate will be set by our bank based on the FOREX exchange rates.
You can deposit funds via wire transfer and check deposit through an online system and/or mobile app.
You can deposit checks by scanning them on your mobile app. Alternatively, you can send checks to our office and have us deposit them for you.
Yes. We do welcome personal accounts for foreign nationals seeking US bank accounts with a certain amount of monthly turnover.
Because every business has its unique set of questions, upon request we provide a consultation with an attorney to discuss any tax implications and IRS reporting requirements.
No. In the event you decide to terminate the account, we will remit all funds back to you immediately.
Stern Corporate Services is the management division of Express Trade Capital (www.expresstradecapital.com), an international trade finance firm headquartered in New York City and active around the globe for over the past 30 years.
Express Trade Capital was started by Peter Stern. Peter was initially a customs broker and went on to develop a full-on freight forwarding service. Eventually, in response to his clients' needs, he began to finance their small- and medium-sized businesses. For more than a decade now, Express Trade Capital has become a leader in accounts receivable financing, purchase order funding, inventory lending, and letters of credit -- all while it's continued to excel in shipping and logistics. Currently Express Trade Capital has a $200 million in turnover per annum and retained earnings of approximately $20 million.
Recently, Express Trade Capital's clients have begun to sell directly to consumers, and more and more so on e-commerce platforms such as Amazon, Etsy, and Shopify. While new opportunities have emerged for them, non-US clients have experienced significant pain points in managing their payments. Indeed, foreign companies have faced exorbitantly high forced conversion rates or have been boxed out of certain platforms entirely.
As a result, Express Trade Capital -- through Stern Corporate Services -- has listened to its clients' needs and responded by offering US bank accounts for non-US companies. This offering includes incorporation and accounting add-on services as well as shipping and logistical support. With this new initiative, Express Trade Capital continues to learn, adapt, and meet the needs of its loyal client base.