LLC business account for Canadians

[Iryna D.]

Good day Biggerpockets community!

We are investors from Canada and just starting out in US market as well. We have registered an LLC in US, and I am looking to open a business account for it (we have an account for personal name in the US already). After researching online, seems like all of the banks want you to come in the branch, however I would prefer to do it online and submit all the required documents electronically.

Did anyone investing in the US but not living there had a success opening business checking account online? And if so, which bank did you use? Thanks everyone for their answers.

[Chad U.]

Originally posted by @Iryna D.:

Thanks everyone for the answers! I will need to research more on the issue with the double taxation for LLC and talk to my CPA about it.

@Account Closed thank you for the advice, can you please PM me contact information of the CPA?

I concur with Omar, you do not want to use an LLC even if it is owned by your Can Corp. If you do not repatriate all of your earnings in the same year they occur then you lose the Foreign tax credit and hence doubly taxed. DO NOT ever take advice from US based companies selling real estate to foreigners, they are not up to speed on the nuances of investing broadly in the US and it's not an one size fits all solution.

You can try BMO Harris to set up your account online or over the phone.  Not sure they still allow you to do it without being there in person.  

BTW Elliott is a great guy.  We are going to start using him for our X border taxes, as he is both a CPA, CA and invests state-side himself so knows his way around the CRA and IRS.