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EIN, bank accounts and tax registrationEIN, Banking and Tax Registration

Wang Law Firm, LLC · David Wang, Managing Attorney · Attorney-reviewed · Updated October 2026

Start here: ① Complete formation of the LLC or corporation with the Secretary of State first, then apply for the EIN; ② if the responsible party has no SSN or ITIN, the EIN cannot be applied for online, and Form SS-4 usually must be faxed or mailed; ③ the IRS charges no fee for an EIN, and what online “filing services” charge is not a government fee; ④ E-2 investment funds are best wired directly from an account in your own name to the company account, with documentation kept for every transfer; this chain of transfers is part of the visa materials; ⑤ a foreign-owned single-member LLC may have to file Form 5472 every year even if it has no income, and the penalties for failing to file are severe; ⑥ domestic U.S. companies currently no longer need to report beneficial ownership information (BOI) to FinCEN.

Once a company has been registered with the Secretary of State, it is still just an “empty shell.” To actually get it operating, three more things are needed: obtaining an Employer Identification Number (EIN) from the Internal Revenue Service (IRS); opening a U.S. bank account in the company’s name and capitalizing it; and completing state and local tax registration and business licenses as the business requires. For E-2 investors, the documents these steps produce (the EIN confirmation letter, bank account opening documents, wire records and tax registration certificates) are also the basic evidence later used to show the consular officer that “the business really exists and the funds have been invested.” This article uses Illinois and Chicago as examples; tax registration and licensing rules in other states differ and must be handled by a local lawyer or accountant. For company formation itself, see Forming an LLC in Illinois.

What an EIN is and when to apply

An EIN is a federal tax identification number, needed for almost everything: filing the company’s taxes, opening bank accounts, hiring employees and registering for state taxes. The IRS advises that LLCs and corporations should complete formation with the state first before applying for an EIN, or the application may be delayed; the company name must match the name registered with the Secretary of State. The application uses Form SS-4 (Application for Employer Identification Number), and the IRS charges no fee.

The “responsible party”

Form SS-4 requires you to name a responsible party, that is, the person who ultimately owns or controls the entity and directly or indirectly manages its funds and assets. Under the IRS’s current instructions:

The responsible party generally must be an individual, not another company (except for government entities);
A “nominee” may not serve as the responsible party: a person who only handles formation temporarily and has no actual control over the company’s assets should not be listed as the responsible party;
The E-2 investor is usually the responsible party. Asking a friend or a filing agent to apply using their SSN not only fails to comply with IRS rules but also makes the company’s control relationships on paper inconsistent with the E-2 application.

How foreign nationals without an SSN / ITIN apply

Method	When it applies (under current IRS instructions)	Key points
Online	The entity is formed in the United States, its principal place of business is in the United States, and the responsible party has an SSN, ITIN or EIN	A responsible party with only a foreign passport and no U.S. taxpayer number cannot apply online
Fax	Any applicant	Different fax numbers are used depending on whether the entity has a place of business in the United States; the EIN is faxed back to the number given on the application
Mail	Any applicant	Slowest; mail it as early as possible
Phone for international applicants	International applicants with no legal residence, principal place of business or principal office in the United States (the IRS Internal Revenue Manual describes this as an entity formed outside the United States)	Not a toll-free number; check the current SS-4 instructions; an LLC formed in Illinois generally uses fax or mail

If the responsible party does not have, and is not eligible for, an SSN or ITIN, line 7b of Form SS-4 is completed with “Foreign” or N/A as the instructions direct; it may not be left blank. For fax numbers, mailing addresses and processing times, rely on the current version of the Instructions for Form SS-4.

If you have a lawyer or accountant apply on your behalf, you can authorize them on Form SS-4 as a “Third Party Designee,” and the authorization is valid only if signed by the responsible party. Under the IRS instructions, the designee’s authority ends once the EIN has been assigned and released, and the official EIN notice is still sent to the company itself.

Form SS-4 options related to tax classification

Line 9a of Form SS-4 asks you to choose the type of entity. Under the SS-4 instructions, a single-member U.S. LLC is by default a “disregarded entity,” and one with two or more members is by default treated as a partnership; only if you want to change the default classification do you need to file Form 8832 (election to be taxed as a corporation) or Form 2553 (S corporation election) separately. The instructions provide a specific way to complete the form for a foreign-owned single-member LLC that must file Form 5472. The classification you choose affects your tax filings for years to come, so discuss it with an accountant first; for an introduction to the principles, see the tax section.

EIN confirmation letters: CP 575 and 147C

CP 575: The computer-generated notice the IRS issues when it assigns an EIN. If you apply online, you can view, print and save it at the end of the application; if you apply by fax or mail, rely on the notice the IRS faxes back or mails. Keep this original safe: you will need it for opening bank accounts, state tax registration and the E-2 materials.
147C: An EIN verification letter. If the CP 575 is lost, an authorized person (such as a company officer or partner) can call the IRS Business & Specialty Tax Line and, after verifying their identity, request a replacement 147C; the IRS Internal Revenue Manual allows it to be faxed to the taxpayer or an authorized third party.

Opening a U.S. bank account

Under federal anti-money-laundering rules, U.S. banks opening an account for a company customer must identify and verify its beneficial owners, including every individual who owns 25% or more and one individual with significant control over the company. This bank account-opening requirement is separate from FinCEN’s BOI reporting discussed below; the latter has been eliminated, but the banks’ verification has not.

Specific requirements vary greatly from bank to bank, but banks generally ask for:

Formation documents stamped by the Secretary of State (Articles of Organization or Articles of Incorporation);
The EIN confirmation letter (CP 575 or 147C);
The operating agreement or bylaws, and a resolution stating who is authorized to open the account and sign on behalf of the company;
Passports and proof of address for every beneficial owner and signer;
The company’s U.S. address; some banks also ask about the nature of the business, expected sources of funds and the countries involved.

Many banks require signers to appear in person at a branch, and each has its own internal policies on opening accounts for foreign nationals without U.S. status; whether they will accept you and how long it takes can only be answered by the bank. We recommend making an appointment in advance and bringing all original documents.

Wiring in the investment: keeping the source-of-funds and transfer chain

The U.S. Department of State’s Foreign Affairs Manual (9 FAM 402.9-6(B)) requires that E-2 investment funds come from a lawful source and that the applicant show possession and control of the investment funds; the funds must be at risk and the commitment real and irrevocable; merely holding funds in a bank account that have not been committed to a use is not enough to constitute an investment. This has several practical consequences for capitalization:

Keep the path short and clear: As far as possible, wire from an account in the investor’s own name to the company account, avoiding third parties, splitting among several people, or currency exchange intermediaries. Every additional intermediate step means one more layer of explaining who owns the funds;
Keep documentation for every transfer: The sending bank’s wire confirmation, the receiving bank’s deposit record, the company account statements, and the final invoices and payment records to the landlord, contractors and equipment suppliers;
Record it in the company documents: The investment funds should be recorded as contributions in the operating agreement or shareholder resolutions, matching each member’s ownership percentage (see Operating agreements);
Don’t let it just sit in the account: Wiring money into the company account is only the first step; the consular officer gives more weight to funds already spent on actual investment such as the lease, build-out, equipment and inventory (see Commercial lease essentials);
Rules where the funds are sent from: Sending funds from China or another country must comply with local foreign exchange rules. Our firm does not give opinions on Chinese law; please consult local professionals. Noncompliant transfer methods can also make the source of funds impossible to explain.

For how to organize source-of-funds evidence, the approach in EB-5 source of funds is a useful reference; E-2 likewise requires tracing funds back to a lawful source.

Illinois tax registration and employer registration

Illinois Department of Revenue (IDOR): MyTax Illinois

IDOR requires businesses that operate in Illinois or do business with Illinois customers to register with it, and advises that registration be completed before you begin purchasing, selling or hiring employees. You can register by submitting Form REG-1 online through MyTax Illinois, or by mail or in person at an IDOR office. Which taxes you must register for depends on the business: selling tangible goods usually involves the Retailers' Occupation Tax (commonly called sales tax) and related taxes; hiring employees requires registering for employer withholding of state income tax. Once registration is complete, the registration certificates for the relevant taxes are issued electronically in your MyTax Illinois account.

Illinois Department of Employment Security (IDES): unemployment insurance

Businesses that hire employees must also register an unemployment insurance account with IDES. IDES’s current guidance is that newly established businesses should register within 30 days of starting operations, either online through MyTax Illinois or by mailing Form REG-UI-1. Whether you are an employer liable for unemployment insurance tax is determined by IDES. Employers also have obligations such as new hire reporting and federal payroll taxes, which we recommend having an accountant or payroll service handle together.

Local business licenses: the Chicago example

Business licenses in Chicago are handled by the Department of Business Affairs and Consumer Protection (BACP). In principle, the sequence is: first complete state and tax registration, then submit your business information; the city first reviews whether your business complies with zoning at that address, and only after that do you proceed to the formal application, fees and any required inspections. BACP expressly advises that you not make any financial commitments before the city confirms the business can operate at that address, and that you not assume the previous tenant’s use can simply carry over. For E-2 investors, this means verifying zoning before signing a commercial lease. License types, fees and inspection requirements are as currently published by BACP; cities other than Chicago have their own rules.

Form 5472 and Form 1120: foreign-owned single-member LLCs

Under the Form 5472 instructions, a foreign-owned U.S. single-member LLC (a disregarded entity) is treated as a corporation for purposes of Form 5472 and must file Form 5472 attached to a “pro forma” Form 1120 completed with only basic information, due on the Form 1120 due date. The “related party transactions” that must be reported include contributions by the owner to the company and distributions by the company to the owner, so even if the company has no operating revenue in its first year, any capitalization usually triggers a filing obligation. This filing cannot be submitted electronically and must be faxed or mailed to the designated address as the instructions direct. The statutory penalty for failing to file on time and as required starts at $25,000 per form, and the company must keep books and records sufficient to substantiate the related party transactions.

This is only an introduction to the principles. Whether the LLC elects to be taxed as a corporation, filings when there are multiple members, the investor’s own tax residency and other factors all change the filing obligations; please work with an accountant, and see the tax section and Reporting foreign assets.

Current status of FinCEN beneficial ownership information (BOI) reporting

In March 2025, FinCEN issued an interim final rule exempting domestic U.S. companies from BOI reporting; on August 11, 2026, it issued a final rule making this exemption permanent, effective August 14, 2026. LLCs and corporations formed under U.S. law in Illinois or any other state therefore currently do not need to report BOI to FinCEN. Those that must still report are “foreign reporting companies” formed under foreign law and registered to do business in a U.S. state, and they need report only beneficial owners who are foreign individuals. The rules have changed several times; rely on the current guidance on the FinCEN website.

Self-check list

The company has been formed with the Secretary of State, and the name on Form SS-4 matches the registered name
The responsible party is the investor who actually controls the company, not a nominee
The original CP 575 is on file, and scanned copies have been given to the accountant and lawyer
The company account is opened in the company’s name and kept separate from personal accounts
Investment funds were wired directly from my own account, with complete wire confirmations and deposit records
Contributions are recorded in the operating agreement or shareholder resolutions and match the ownership percentages
Zoning was verified before signing the lease, and IDOR and IDES registration were completed before starting sales or hiring
Tax classification and annual filings such as Form 5472 have been confirmed with an accountant

How it fits with E-2

Showing the business really exists: The EIN confirmation letter, bank account, state tax registration certificates and business licenses together show that this is a business that is operating or about to operate, not a paper company;
Showing the funds have been invested and are at risk: Bank statements connect “where the funds came from, how they entered the company, and where they were spent,” and together with the lease, invoices and contracts they address 9 FAM’s requirement that funds be “at risk and irrevocably committed.” For a transaction conditioned on visa approval, the funds can be held in escrow and released once the condition is met;
Showing ownership and control: The beneficial owners and signers on the account opening documents should match the ownership percentages and management arrangements in the operating agreement, meeting the requirement that treaty nationals own at least 50%;
Operating records for renewal: Tax returns, payroll and unemployment insurance filings are important materials at renewal for showing the business is not “marginal”;
Documents are prepared in English, and Chinese-language source-of-funds materials must be accompanied by translations; for the overall requirements, see the E-2 main page and E-2 business plans.

Common misconceptions

“Having someone apply online with their SSN is faster.” The responsible party must be the person who actually controls the company; applying through a nominee does not comply with IRS rules and will contradict your E-2 documents.
“Once the money is in the company account, it counts as an investment.” Deposits not committed to a use are not enough to constitute an investment; what matters is whether the funds have actually been put to use in the business.
“The company has no income, so no tax filing is needed.” A foreign-owned single-member LLC with related party transactions such as capital contributions usually still must file Form 5472.
“BOI was eliminated, so the bank won’t ask about owners either.” Beneficial ownership verification for bank accounts is a separate set of rules and still applies.
“Sign the lease first and deal with the license later.” Chicago requires zoning to be confirmed first; if the address does not permit the use, the lease may become a sunk cost.

What we can do

After formation, help prepare and submit Form SS-4, acting as Third Party Designee where needed;
Prepare the company resolutions, operating agreement and signing authorizations needed to open a bank account;
Plan the capitalization path for the E-2 application and organize evidence of the source of funds and the transfer chain;
Verify zoning and licensing requirements for the business address, handled together with the lease negotiation;
Coordinate tax classification and annual filings with your accountant; we do not provide individualized tax advice.

Frequently asked questions

I am abroad and have no SSN. Can I get an EIN?

Yes. Not having an SSN or ITIN does not prevent the company from obtaining an EIN; you just cannot apply online. An LLC formed in Illinois usually faxes or mails Form SS-4, with “Foreign” entered on line 7b as the instructions direct.

Do I need to get an ITIN before applying for an EIN?

You do not need to get an ITIN just for the EIN. An ITIN is an identification number for individual tax filing; whether you need one depends on whether you personally have a U.S. tax filing obligation, which you should confirm with an accountant.

What if I lose the CP 575?

First look for the EIN on bank records, state tax registration or past tax filings; if you need an official document, an authorized person at the company can call the IRS Business & Specialty Tax Line and request a replacement 147C verification letter.

Do I have to come to the United States in person to open the account?

It depends on the bank. Many banks require signers to appear at a branch in person, and some offer other options, but each has its own internal policies on accounts for foreign nationals. Rely on the bank’s written requirements and make an appointment in advance.

Can I first wire the money to my personal U.S. account and then transfer it to the company?

Yes, but each additional step requires one more piece of proof. Whatever the path, you must be able to show clearly that every dollar belongs to the investor, comes from a lawful source, and ultimately entered the company and was used in the business.

The company is in Illinois but opens a store in another state. Where does it register for taxes?

Usually it must complete foreign qualification and tax registration in the state where it actually operates; the rules differ by state and must be handled by a local lawyer or accountant. For the principles of foreign qualification, see Forming an LLC.