What You Need to Open a Business Bank Account in 2025

Opening a business bank account is a critical step in establishing your company's financial foundation. While the process can seem daunting, being prepared with the right documentation can make it significantly smoother. Here's what you'll need to open a business bank account in today's banking environment.

Essential Documentation

Personal Identification

• Government-issued ID such as a driver's license, state-issued ID card, or passport

• For non-US citizens, a Permanent Resident Alien Card (Green Card) or passport may be required

• Some banks require two forms of ID for agents opening accounts on behalf of the business

Business Information

• Your business's legal name and physical address

• Business phone number

• Date business was established

• Number of business locations and employees

• Nature of your business and annual sales

Tax Identification

• Employer Identification Number (EIN) or Tax ID Number1

• For sole proprietors, your Social Security Number (SSN) may be acceptable if you don't have an EIN

• Non-US citizens may use an Individual Taxpayer Identification Number (ITIN)

Business Formation Documents

Depending on your business structure, you'll need specific documentation:

Sole Proprietor:

• Social Security Number or EIN

• DBA (Doing Business As) certificate if operating under a different name

LLC:

• EIN and business registration

• Filed copy of Articles of Organization

• Operating Agreement

Corporation:

• Articles of Incorporation, Certificate of Formation, or similar document

• Corporate Resolution or Bylaws

• Certificate of Good Standing (some banks will obtain this for you)

Partnership:

• Partnership Agreement showing all partners' names

• EIN for the partnership

Additional Requirements

For Businesses Using a Different Name (DBA):

• Business License, Trade Name Certificate, or Fictitious Name Certificate

• Note: Some states like Kansas, New Mexico, and South Carolina don't require DBA documents

For Authorized Users:

• Information for all beneficial owners (those owning 25% or more)

• Details for individuals with significant management responsibility

• For employee cards: full name, residential address, and date of birth

Initial Deposit

Most banks require an initial deposit to activate your account. For example, U.S. Bank requires a minimum opening deposit of $100. The amount varies by institution and account type.

The Holdings Advantage

Holdings offers a streamlined approach to business banking with:

1. High-Yield Interest Structure with tiered rates up to 3% APY on balances over $1 million1

2. Fee-Free Business Banking with unlimited free ACH and wire transactions

3. Integrated Accounting and Automation that reduces manual work

4. A simplified application process that takes approximately 15 minutes to complete

Unlike traditional banks that often require in-person visits and extensive paperwork, Holdings uses technology to verify your identity and business details efficiently, often without requiring additional documentation. This risk-based approach tailors the process to your specific business type, whether you're a tech startup or a local service provider.

By combining high-yield banking, free money movement tools, and integrated accounting solutions, Holdings provides a complete financial operating system that allows businesses to earn more on deposits while managing finances seamlessly in one place.