trix Posted June 5, 2013 Report Posted June 5, 2013 Hi, My friend in Thailand is planing to start the company in USA, he is non-USA citizen, he got a company who who can register the company for him in USA , so he can sell online in USA and get USA payment gateways, but he can't have USA bank account so he asked me to be his partner to open Bank account for business and thus the transactions go to my account, I am bit worried on this, as I will not be doing any of his business works, only giving my bank account as being partnet with that company, does it comes under investment? eventually will have to pay the taxes for that money coming anyway. So I am not sure this allowed or not. Please suggest me as I don't want to be in trouble. Cheers
t75 Posted June 5, 2013 Report Posted June 5, 2013 REALLY BAD IDEA. There could be tax issues. You may lose your savings by comingling funds or using your tax ID.
JoeF Posted June 5, 2013 Report Posted June 5, 2013 You can not do that. You can be a passive investor on H1, but opening a bank account for a company is active involvement in the company, and you can not do that on H1. You also can not file tax returns for the company.
trix Posted June 6, 2013 Author Report Posted June 6, 2013 Thanks for the suggestions guys, so better I will stay away from it.
GcLLC Posted June 6, 2013 Report Posted June 6, 2013 What prevents him from getting a US bank account? He should talk to a CPA in the US.
trix Posted June 7, 2013 Author Report Posted June 7, 2013 They said after 9/11 according to patroit act, person with with no US SSN can't open a bank account in US. If there is any CPA you can recommend, please let me know, I will forward the details to my friend so he can get US bank account
GcLLC Posted July 27, 2013 Report Posted July 27, 2013 They said after 9/11 according to patroit act, person with with no US SSN can't open a bank account in US. If there is any CPA you can recommend, please let me know, I will forward the details to my friend so he can get US bank account Sorry for the delay in replying. I am travelling and was not checking Murthy Forum. Depends on the bank. Ask him to talk to a US Multinational bank with presence in Thailand. My understanding is that for a person an ITIN would suffice. Anyway in your friend's case, his company in US is a US entity and hence should be able to open an account in USA. Most countries would insist on a KYC (Know Your Customer) protocol for opening of accounts. For a US Citizen or Resident, to open an account in US, an SSN will work. For others the procedure might be more involved. A word of warning though: For what your friend wants, the costs involved may render the business not worth pursuing.
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