E-2 Visa: Getting an EIN and Opening a U.S. Bank Account for Your Business

A U.S. business bank account cannot be opened without an Employer Identification Number. The EIN is the entity's federal tax identifier — the equivalent of a Social Security Number for a company — and virtually every U.S. financial institution requires it as part of their know-your-customer process before opening a business deposit account.

The IRS issues EINs under 26 U.S.C. § 6109 and the regulations at 26 CFR 301.6109-1. The EIN identifies the entity for federal payroll tax deposits, income tax returns, excise taxes, and withholding obligations. Even an entity that has not yet hired a single employee needs an EIN to open a bank account, sign certain contracts, and register with state tax authorities.

For E-2 purposes, the EIN is also part of the investment documentation. An entity that has an active EIN, a commercial bank account, and documented deposits has taken concrete steps to establish the enterprise — evidence that supports the at-risk and irrevocability requirements under 9 FAM 402.9-7(B) and 8 CFR 214.2(e)(12).

The IRS provides three methods for obtaining an EIN: online application, fax, and telephone. The method available to a particular applicant depends on whether the responsible party — the individual who controls, manages, or directs the entity — has a U.S. Social Security Number or Individual Taxpayer Identification Number.

Online: The IRS online EIN application at irs.gov is the fastest method, typically providing an EIN within minutes. However, it is available only to applicants who have a valid SSN or ITIN and who are accessing the application from within the United States. E-2 investors who are still abroad, or who do not yet have an SSN or ITIN, cannot use the online portal.

Fax (Form SS-4): An investor without an SSN or ITIN can obtain an EIN by completing IRS Form SS-4 and faxing it to the appropriate IRS fax number. The fax number for international applicants (those without a U.S. address) is (855) 215-1627. The IRS typically responds by fax within four business days. The responsible party listed on line 7a of the SS-4 must be an individual, not a company — a rule codified in IRS Rev. Proc. 2012-13, which restricted EIN applications to individual responsible parties.

Telephone: International applicants can also call the IRS Business and Specialty Tax Line at (267) 941-1099 (not a toll-free number). An IRS representative will ask the information on the SS-4 and issue the EIN during the call. This method is often faster than the fax route when the SS-4 is prepared in advance.

• Complete Form SS-4 before calling or faxing — the IRS representative will ask for every field
• Line 1: legal name of the entity exactly as formed in the state of organization
• Line 7a: full legal name of the responsible party (the investor, not the LLC)
• Line 7b: SSN, ITIN, or 'FOREIGN' if the responsible party has no U.S. tax ID
• Line 8a: check the applicable entity type (LLC, corporation, partnership)
• Line 10: reason for applying — select 'Started new business'
• Line 11: date the entity was formed or expects to first pay wages

Banks in the United States operate under the Bank Secrecy Act, 31 U.S.C. §§ 5311–5336, and must comply with the Financial Crimes Enforcement Network's Customer Due Diligence (CDD) rule, 31 CFR § 1010.230. For entities with foreign beneficial owners, this means banks must collect and verify the identity of each individual who owns 25 percent or more of the entity and of any individual who controls the entity.

For an E-2 investor who is the sole owner and manager of an LLC, this requirement is straightforward: the bank will collect the investor's passport, visa documentation (if the investor is in the United States), and proof of address. For investors still abroad at the time of account opening, requirements vary considerably by bank.

Some national banks and many regional banks require the account-opening signatory to appear in person at a U.S. branch. Others accept notarized documents, apostilled corporate records, or video-verified identity procedures introduced under post-pandemic policies. A small number of fintech business banking platforms accept remote account openings for foreign-owned U.S. entities, though these accounts often have transaction and wire transfer limitations that matter for E-2 investment funding purposes.

Mercury, Relay, and similar fintech business accounts are frequently used by early-stage E-2 entities because they can be opened remotely before the investor enters the United States. However, many consular officers and adjudicators expect to see an account at a traditional bank in the business plan's working capital documentation — investors using fintech accounts should be prepared to explain this choice and demonstrate that the account holds the committed investment funds.

The optimal sequence for most E-2 applicants is: (1) form the U.S. entity in the chosen state; (2) obtain the EIN via fax or telephone; (3) open the business bank account; (4) transfer or deposit the investment funds; and (5) use escrow or the business account to fund qualifying pre-opening expenses before or at the time of the visa interview.

State formation documents — the articles of organization for an LLC or articles of incorporation for a corporation — are required by banks alongside the EIN. Most states issue these electronically within one to three business days for online filings, though formation timelines vary. Delaware and Wyoming have consistently fast processing, which explains their popularity among E-2 applicants setting up entities before they have a permanent U.S. address.

Investment funds deposited into the business bank account satisfy the at-risk requirement more directly than funds held in personal savings, because the funds are committed to the enterprise. The deposit also starts the clock on the investment being actively deployed — an important consideration when the consular officer or USCIS adjudicator evaluates whether the investment is more than merely contemplated. Under 9 FAM 402.9-7(B)(1), funds must be 'irrevocably committed to the enterprise.' A business bank account in the entity's name, holding the investor's deposited capital, is strong evidence of that commitment.

If pre-opening expenses have already been paid — rent deposits, equipment purchases, inventory, leasehold improvements, professional fees — the bank account records and invoices documenting those expenditures become core exhibits in the investment documentation package. The E-2 case is strongest when the bank account shows a history of investment activity rather than a single lump deposit made the week before the interview.

In addition to the federal EIN, most states require separately registered employer accounts for state withholding and unemployment taxes once the business begins paying wages. State employer account numbers are distinct from the federal EIN and are obtained from the state's department of revenue or labor agency. E-2 investors who plan to hire employees should register with the state employer agency before the first payroll is processed.

Some states, including California, require new employers to register within 15 days of paying the first wage. Others allow registration at the time of the first quarterly filing. Failure to register as a state employer does not affect the E-2 petition itself, but it creates compliance problems once employees are hired — and the E-2 business plan's staffing projections represent a commitment the investor is expected to follow through on.

The business registration process — separate from the employer tax registrations — typically includes obtaining a state business license, a local business license or certificate of occupancy, and any professional or industry-specific licenses required for the type of business. None of these are strictly prerequisites to obtaining the EIN or opening a bank account, but they must be in place before the business opens to the public.

Using the wrong responsible party on Form SS-4 is the most common EIN error. The responsible party must be an individual with control over the entity — typically the investor. Naming the LLC itself, a registered agent, or an attorney as the responsible party on line 7a will cause the IRS to reject the application or, worse, issue an EIN tied to the wrong individual, which complicates future tax filings.

Opening a personal account instead of a business account is a structurally significant mistake. E-2 investment funds must flow through the entity, not through the investor's personal account, to demonstrate that the investment is committed to the enterprise rather than remaining under the investor's personal control. A personal account deposit does not satisfy the irrevocability requirement. The bank account must be in the name of the U.S. entity — the LLC or corporation that holds the E-2 investment.

Failing to use the entity name consistently across all formation documents, the EIN, and the bank account can create problems with both the consular documentation review and downstream tax compliance. The entity name on the bank account must match the EIN exactly, and both should match the state formation document. Even punctuation differences (e.g., 'ABC Ventures LLC' vs. 'ABC Ventures, LLC') can require correction letters from the state or IRS.

Attempting to open the bank account before the EIN is issued is a sequencing error that delays account opening with no benefit. Banks cannot open a business account without the EIN, so the EIN must come first. Investors who are in a hurry sometimes try to use the EIN application confirmation as a substitute, but most banks require the actual EIN assignment letter (Form CP-575 or Form 147C) before proceeding.

Document requirements vary by bank, but the following are standard across national and regional institutions for a foreign-owned single-member LLC:

• Articles of Organization (stamped by the state of formation) or equivalent formation document
• Operating Agreement (signed by the member/investor)
• IRS EIN assignment letter (Form CP-575 or Form 147C)
• Government-issued photo ID for each signer — passport is the most universally accepted document
• Proof of U.S. address for the business (commercial lease, utility bill, or registered agent address in the formation state)
• Initial deposit — minimum requirements range from $0 (many fintech platforms) to $500–$2,500 at traditional banks
• Beneficial ownership certification — required under 31 CFR § 1010.230 for any entity with multiple owners or where the account signer is not the sole beneficial owner

Bank statements from the business account become exhibits in the E-2 investment documentation package. Investors should request paper or PDF statements from the first month of account activity, not only the current month. A statement history showing the initial capital contribution, any subsequent investment deposits, and payments for pre-opening expenses tells a coherent chronological story of investment activity.

If the investment is funded from a source-of-funds chain — for example, a wire from a foreign personal account to a U.S. personal account to the business account — each leg of that transfer should be documented with bank confirmation letters or wire receipts. Adjudicators and consular officers evaluating source-of-funds trace the investment from its origin. A business bank account statement that shows a wire from an unexplained domestic account, with no documentation of where the funds originated, is a common source of RFEs and administrative processing delays under 9 FAM 402.9-7(B)(2).

Investors who obtain an EIN and open a bank account well in advance of their E-2 interview are in a better position than those who complete these steps at the last minute. The account history demonstrates commitment, the bank statements serve as ready-made exhibits, and the investor can document actual business expenses — not merely projected ones — in the business plan financials.