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What is the best bank for a corporate account in Singapore?
The ACRA requires that businesses in Singapore set up a bank account. It can get a little confusing given that there are so many options to choose from. We've ranked the top four banks in Singapore: DBS, Maybank, OCBC, and UOB as well as a great new solution: Transferwise. Jul 1, 2019So I have included below how to go about opening a corporate bank account, and then which banks are the best banks in Singapore. I hope this works for you. Thanks for your questionOpening a Corporate Bank Account in Singapore[Singapore companies have plenty of options when it comes to opening a corporate bank account. Most of the banks in Singapore offer attractive features such as multi-currency accounts, internet banking, credit cards, trade financing, freedom to move funds across countries, and more. Opening a corporate bank account in Singapore is a relatively simple and straightforward procedure. However, it is important to compare the corporate account's features of the various banks in order to select the bank that comes closest to meeting the particular needs of your company.The purpose of this guide is to provide an overview of the requirements for opening an account and will assist you in choosing a bank that best matches the banking needs of your company. The focus of this guide is on the banking needs of small to mid-size companies.Note that the information presented here is for general guidance only. Once you have narrowed down your choice to a few banks, you should confirm the account features with the respective bank(s) directly, to ensure you are aware of their latest policies and offerings. Banks operate in a very competitive environment and are periodically adjusting their offerings to remain competitive.Singapore Account Opening RequirementsIn general, most banks have the following requirements for opening a corporate bank account in Singapore:1) Many banks require that the account signatories and majority directors be physically present in Singapore for paperwork signing at the time of opening the company bank account. Some banks may accept the signing of documents at one of their overseas branches or in front of a Notary Public.2) Typically, the banks would require the documents listed below. Additional documents may be required by the bank on a case-by-case basis.Completed Corporate Account Opening Forms (signed by authorized signatories as per the board resolution)Board of Directors Resolution sanctioning the opening of the account and the signatories to the account (to be prepared by your company secretary)Certified True Copy of Resolution sanctioning the opening of the account and the signatories to the account (most of the banks have their own format and you just need to sign it)Certified True Copy of Certificate of Incorporation (must be certified by the company secretary or one of the directors)Certified True Copy of Company’s Business Profile from Company Registrar (must be certified by the company secretary or one of the directors)Certified True Copy of Company’s Memorandum and Articles of Association (MAA) (must be certified by the company secretary or one of the directors)Certified True Copies of Passport (or Singapore IC) and Residential Address Proof of the Directors, Signatories, and Ultimate Beneficiary Owners. If you are in Singapore, just bring the originals and the bank will make a copy.Local Banks in SingaporeFeatureFeatureDBSOCBCCan the account be opened without being physically present in Singapore?** Physical presence is strongly recommended for all the banks to avoid delays.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.DBS Bank offers online applications where you can potentially skip the branch visit and save time – account verification can be done over Facetime/Skype or a phone call, subject to the bank’s conditions.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.Singapore Dollar Current AccountSetup feeNoneNone. However, there is an account fee of S$38 per month (waived for 1st 3 months)Deposit requiredS$1,000 to S$3,000S$3,000Minimum balance requiredDBS Digital Business Account has no minimum balance requirement.DBS Business Account requires an average monthly balance of S$10,000, or S$35 monthly fee will apply.Average monthly balance of S$5,000 (waived for 1st 6 months). Thereafter, S$35 per month if monthly average balance falls below S$5,000.Debit cardYes, no annual fees. Earn 0.3% cash rebate on all charges.Yes, with S$5,000 daily cash withdrawal limit and with S$10,000 daily debit card transaction limit.Cheque bookS$25/book for DBS Digital Business Account.Free-of-charge with DBS Business Account.YesCredit cardYes, subject to approval**For local entities.No. Debit card available linked to SGD account.Internet bankingYes, free access. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions.Yes. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).Foreign Currency AccountForeign currency account availabilityBoth current account and fixed deposit account available in major currencies.Both current account and fixed deposit account available in major currencies.Initial deposit requiredVaries based on currency (For example, USD1,000 and EUR8,00).Varies based on currency (For example, USD1,000 and EUR1,000).Minimum balanceVaries based on currency (For example, USD1,000 and EUR800).Depends on the currency type, normally equivalent to US$500/EUR500.Cheque bookYes, for certain currencies.Yes, for USD.Debit CardYes.No.Internet bankingYes, free access. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer). Full transactional capabilities on desktop and mobile app versions including DealOnline FX platform.Yes. Inquiries, local payments, overseas payments. No max transaction amount limit (unless set by the customer).Credit CardYes, subject to approval.No.Related ServicesBusiness InsuranceYesYesTreasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.YesYesBusiness Loans**Generally the entity must have been in operation for a minimum of 1-3 yearsYes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc.Yes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc.Accounts Payable Services: cashier’s order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance servicesYesYesAccounts Receivable Services: incoming TT, bill payment services, GIRO CollectionsYesYesLiquidity Management ServicesYesYesTrade Finance Services: Import Products, Export Products, Bank GuaranteesYesYesInternational Banks in SingaporeFeatureMaybank (FlexiBiz)Standard CharteredCitiBank (CitiBusiness)Can the account be opened without being physically present in Singapore?** Physical presence is strongly recommended for all the banks to avoid delays.We require face to face meeting for all authorized signatories in account opening as part of our due diligence process. However, in exceptional cases where one of the directors (not major shareholder nor authorized signatory) is unable to come to Singapore, we can arrange for the client to visit one of our overseas branches (London, New York, Hong Kong, China, Malaysia, Indonesia, Philippines, Cambodia, Vietnam, Laos & Myanmar) where they will assist to verify the documents and signature before sending back to Singapore for processing.No. The executive director and authorized signatory must be present, for the due diligence meeting with the bank officer. However, some exceptions may be made subject to the bank’s discretion – e.g. existing customers can go to the bank’s branch or appointed agent worldwide, for identification verification and due diligence teleconference.No. The executive director and authorized signatory must be present, for a face-to-face meeting. However, some exceptions may be made on a case by case basis subject to the bank’s discretion.Singapore Dollar Current AccountSetup feeNilNoneNilInitial deposit requiredS$1,000S$30,000S$100,000 or equivalent (USD equivalent for USD account).Minimum balance requiredNil.Average monthly balance of S$30,000; or S$50 monthly fee will apply.S$50,000 or S$100 monthly fee will apply (same applies for both SGD and USD account).*Minimum balance is based on total relationship balance rather than per account.ATM cardNo.No.Nil.Cheque bookYes.Yes.Yes.Credit cardYes^No. Debit card available (only linked to SGD).Corporate commercial cards available.Internet bankingYes.Yes. One-off setup fee of S$50 will apply.Foreign Currency AccountForeign currency account availabilityUSD, GBP, EUR, CAD, AUD, NZD, HKDBoth current account and fixed deposit account available in major currencies.Both current account and fixed deposit account available in major currencies.Initial deposit$1,000 (in respective currencies, except for HKD $10,000).US$30,000 (Varies based on currency).S$100,000 or equivalent (USD equivalent for USD account).Minimum balance$1,000 (in respective currencies, except for HKD $10,000).Varies based on currency.Average monthly balance of US$200,000 or S$200 monthly fee will apply*Minimum balance is based on total relationship balance rather than per account.Cheque bookFor USD only.For USD only.Yes.ATM CardNo.No.Nil.Internet bankingYes.Yes. One-off setup fee of S$50 will apply.Yes.Related ServicesBusiness InsuranceYes.Yes.No.Treasury Services: FX Spots, Bonds, IR Swaps, FX Options, Futures, Forwards, etc.Yes.Yes, depending on business activities.Yes.Business LoansYes. Generally, the entity must have been in operation for a minimum of 1-3 years.Yes. The loan amount depends on factors such as company history, number of employees, local shareholding, etc. Minimum 3 years of financial statements required.Yes. Subject to the bank’s assessment.Accounts Payable Services: cashier’s order, DD, TT, interbank GIRO payment, internal fund transfer, cheque issuance servicesYes.Yes.Yes.Accounts Receivable Services: incoming TT, bill payment services, GIRO CollectionsYes.Yes.Yes.Liquidity Management ServicesYes.Info not available.Yes.Trade Finance Services: Import Products, Export Products, Bank GuaranteesYes.Yes.Yes.^ Maybank provides a business credit card with the following criteria:Director(s) must be aged between 21 and 60; Company must be registered in Singapore (ACRA) with at least one local Director (Singaporean or Singapore PR); Company must be in operation for at least 2 years, with an annual sales turnover of at least S$200,000; If newly incorporated, alternative option is to apply for a business credit card fully secured via time deposit with the bank (Min S$10K limit).In SummaryAlmost all major banks of the world have their presence in Singapore. Banks are generally happy to open a corporate bank account for any company (whether Singapore or offshore) as long as the necessary paperwork is submitted and the banks are satisfied with the information provided for purposes of their internal due diligence.Need help to open a Singapore bank account?Hawksford offers unparalleled subject-matter expertise and comprehensive end-to-end support for all manner of establishing and managing a business in Singapore.FIND OUT HOW HAWKSFORD CAN HELPBest Business Bank Accounts in Singapore: DBS, OCBC, or UOB?BY: GORDON NG May 31, 2017Apart from its strict laws and multicultural society, Singapore is well known for its established and diverse financial sector. Ranked one of the most competitive financial centers in the world, the island republic is set to become even more attractive to businesses as it eagerly welcomes the digital age. While the Singapore government pushes the boundaries with its Smart Nation initiative, banks are taking the cue and becoming more innovative with their processes. This has resulted in the rapid growth of the FinTech industry, meaning that setting up a business entity in Singapore is now just a few clicks away.First things first: The sign-upWhere the general experience with opening an account is concerned, DBS wins hands-down. It takes 5 minutes to apply for a DBS Business Account from the DBS site, as opposed to waiting hours in a queue at OCBC and UOB. Applying for a DBS Business Account has been one of my favorite banking experiences and it shows DBS’ commitment to being the best digital bank in the world.Between OCBC and UOB, I prefer OCBC, as you can arrange for a meeting with your assigned Relationship Manager (RM) to get your documents done. Nonetheless, both OCBC and UOB require you to be present to sign thick stacks of documents. With DBS on the other hand, everything is done online and the paperwork is minimal. Even better, it’s system can connect to ACRA and retrieve your company’s information to autofill some of the fields. How useful!Look through the slides for a general feel of DBS and OCBC’s digital platformsUser-friendlinessComing from an HR tech company, I naturally paid attention to the user interface and user experience (UI/UX) of the different platforms as well.In my opinion, OCBC Velocity has the best UI/UX, followed by DBS IDEAL and lastly, UOB BIB Plus. OCBC’s previous design had too many unnecessary steps on their platform, and after a revamp around 2014, the whole experience has become very pleasant. The system takes you from A to B within a few clicks, whether you’re transferring funds or disbursing salaries. DBS IDEAL hasn’t changed much since it was launched, but I must applaud their new digital token product, which you can access on your mobile phone. That has saved me the hassle of carrying a token everywhere I go. As for UOB BIB Plus, the system was not intuitive enough, and that meant having to fill in many fields and select from many drop-down menus to get my work done.How the DBS IDEAL digital token worksCost comparison of digital business accountsIn an effort to streamline their operations and cut down on manual work, the banks have implemented a new generation of business accounts. DBS started a fully online digital business account called DBS Digital Business, which eliminates any manual transactions. OCBC and UOB followed with their own versions of digital accounts shortly after:Making the best choice for yourselfHaving tried out all three platforms, I’d say DBS and OCBC have the best UI/UX and setup processes, with DBS edging out the rest thanks to their speedy setup time and digital mobile token. I also had a pleasant experience with the customer service representative at DBS when I opened a business bank account with them. What has your experience been like so far, fellow entrepreneurs?
How do you set up your own cryptocurrency exchange?
It is complicated to build a cryptocurrency exchange, especially an international cryptocurrency exchange.Here’s how to build an international cryptocurrency exchange.1. Select a jurisdiction that fits your needs and your budget.2. Form your corporation and open a corporate bank account (for business transactions, not client funds).3. Capitalize your cryptocurrency exchange business.4. Purchase a core cryptocurrency exchange system.5. Create a token or coin that you can trade against BTC, ETH, etc. Support as many crypto and FIAT/crypto pairs as possible.6. Document your compliance system and procedures, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.7. Hire a staff with a focus on compliance, banking, etc. (in addition to the marketing people I assume you’ve already hired). Begin by self regulating with an eye towards global licenses in the future.8. Negotiate a cryptocurrency license in the jurisdiction from which you will operate. Many of the top exchanges operate without any licenses. However, times are changing.9. Setup a loaded card, debit card, or another system to get money out of the exchange that doesn’t require a wire transfer.10. Create a USD backed coin that can be used to transact and hold “FIAT” in the wallet. The primary purpose is to reduce wires and outflows by creating a coin which is not volatile. Such a coin should have a 1 to 1 dollar reserve is a US bank.11. Negotiate a cryptocurrency license in certain jurisdictions where your clients will be located. That is, if you plan to market in the UK, you will need a UK license.12. Open a correspondent account to receive client funds and convert FIAT to and from crypto.Of the tasks above, the most difficult will your correspondent account. For this reason, tasks 1 to 11 are all building your business to a place where you can successfully negotiate such an account and to prepare for the future. About 80% of the requests for assistance we get from existing exchanges are related to their correspondent accounts.JurisdictionThe first task in building an exchange is to select your jurisdiction of operation. Where do you want to incorporate your business? Under which laws and regulations do you want to operate?The two top offshore jurisdictions are the Cayman Islands and Switzerland. These are also the most regulated and most expensive. If you have an unlimited budget and want to run a well regulated and compliant cryptocurrency exchange, Switzerland and Cayman are where you want to be.The demand for Cayman is quite high. And this has lead a few unscrupulous promoters to sell cryptocurrency and ICO structures they know are useless. If you want to operate in Cayman, you’d better be very well capitalized and have your KYC and AML systems in place. For more information on this, see: The Offshore ICO Scam and Cayman Islands Corporations.Proper cryptocurrency exchanges in Cayman are operating under the islands FX exchange license. They are not using the currency exchange or money transmitter license as is popular in other countries. For an example, see: Xenia.kyAnd of course, these jurisdictions are expensive and exclusive. Of course, government regulators are very cautious. The reason everyone wants to be in Cayman is that this jurisdiction has a solid world image. It obtained this image through decades of compliance and a solid regulatory environment. It’s not going to throw away that image by allowing a poorly run cryptocurrency exchange to operate within its borders and leverage its reputation.Other solid jurisdictions include Canada, Japan, Singapore, Mexico, Liechtenstein, Luxembourg, Gibraltar, Malta, Estonia, Lithuania, and Belarus. The lowest cost license is Belize at about $35,000.In my opinion, Mexico is one of the most interesting jurisdictions from which to operate an international cryptocurrency exchange. This country of 130,000 million allows unlicensed self-regulated exchanges as of April 2018. It has great FinTech cities like Mexico City, Monterrey, and Guadalajara. The city of Tijuana borders San Diego, California and has been an outsourcing hub for Silicon Valley for years.The government recently passed laws regulating cryptocurrency exchanges which will go into effect in the next 6 to 12 months. Now is the time to build a new self-regulated exchange in Mexico to reach sustainability before these laws come in to place.And Mexico is the only jurisdiction that offers loaded cards on a large scale for withdrawals and cash deposits into its exchanges at 140,000 convenience stores. For more, see: Mexico is a Cryptocurrency Paradise.Finally, I believe quality international exchanges should embrace licensing requirements or sub-licensing options. These will become the norm in the next year and you want to be in a country with business-friendly statutes and a solid banking system to support those laws. You want to be a key player in a country that will suit your business in the long term.CapitalizationIf you’re going to build an international cryptocurrency exchange from scratch, I suggest you’ll need $500,000 to $1 million in capital to get through steps 1 to 11. You’ll need significantly more capital for step 12, your correspondent banking account if you don’t “outsource” this component.The $500,000 level assumes you’re buying a turnkey software solution from a partner. One that provides the software, compliance, license consulting services or sub-licenses (if applicable), token and USD coin issuance, and technical support.If you’re really going to go it alone, and you want to be licensed, then you’ll need $5 to $12 million for a multijurisdictional cryptocurrency exchange. Most of this increase in capital will be attributed to your licenses and correspondent banking partners. Remember that you’ll need one correspondent bank for each FIAT currency you’ll offer.I should point out that many of the largest international cryptocurrency exchanges do not have global licenses. For example, Bittrex, Bitfinex, Kraken, Binance, do not have global licenses but still, their transaction volumes are among the top exchanges.This proves that customers are not as concerned with your license as with your reputation and the quality of your platform. However, government regulators and banks are getting concerned. For example, Japan recently sanctioned 7 exchanges and is moving to enforce regulations on anyone selling into this market.This all means that, while you can operate today without a license, your long-term strategy should include a path to a proper license in your primary markets. Also, you should self-regulate with strict internal KYC and AML procedures.Core Cryptocurrency Exchange PlatformsWe’ve researched the core cryptocurrency exchange platforms and found that most are priced at $300,000, with some as high as $500,000, for the source code. If you want to build an international exchange, and don’t want to spend years coding your own version, expect to spend a minimum of $300,000 for a quality system.When you price a core cryptocurrency exchange platform, here’s what you should be looking for:❶ Trading platform○ Support spot, futures, OTC trading○ Multiple languages support○ Customizable analytic & charting tools○ Facilitated background management system❷ Matching engine that provides clustering of asynchronous matching with tens of thousands matches per second.❸ Wallet○ Cold and hot wallet management (this is the new industry standard)○ Multi-signature guarantees asset security○ Multi-coins exchange support○ Structured wallets and easily listing service❹ Risk Management○ Data monitored data in real time○ Sensitive alerts of assets changes○ Asset flow and retrospective query support○ Intrusion detection and anti-seepage detection❺ Market Making○ Actual market volume import and liquidity supply○ Risk-free hedging strategies○ Market value management outsourcing○ 7*24 hours hosting❻ Special Services○ Global compliance and license application consulting○ Fiat currency exchange and correspondent banking introduction○ Token issuing support○ Advertising and marketing support through trade shows, press releases, and other resources.○ Supports both cloud-based (AWS, etc) and traditional hardware.As far as I can tell, there’s only one core platform for sale that allows you to issue your own token and a USD coin. There is only one source code available that includes these features.Tokens are valuable tools and permit you to create unique pairs, allow you to differentiate your exchange out of the gate, and offer a variety of benefits.In my opinion, an anchored currency or coin is a required feature in 2018. You must find ways to reduce outflows and wire fees. You must try to reduce compliance costs from you correspondent banks. And, of course, you’re always looking to increase trading by making it easier and faster. One way to accomplish these goals is to convince your clients to hold more their funds on your platform.A USD coin allows your clients to keep their non-trading funds on your platform. Those who are attempting to time the market, or want to move in and out of a volatile market, will find a FIAT coin very beneficial.Of course, an achorred coin has other benefits on a successful international cryptocurrency exchange. For example, they can be sent between users to purchase goods and services at no cost (no wire fees).Such coins can also be used in cross border transactions at zero cost and with no volatility. Let’s say you have one user in the United States and one user in Mexico (a country with 53 million unbanked persons). Your customer in the United States could send USD coins to Mexico at zero cost.The user in Mexico could then withdraw these funds in Pesos by having them deposited onto a debit card. As stated above, these cards can be purchased at over 140,000 convenience stores throughout Mexico.These are just two uses of an anchored coin. As you build your business and your unique client base, you’ll find many more. My point here is that any platform you purchase should have these features.Turnkey SolutionsWhen it comes to building an international cryptocurrency exchange, the word “turnkey” is used in two different ways.First, turnkey can mean a core software platform with all the necessary bells and whistles. Such a platform should provide a turnkey system on which to run your exchange. No custom programming should be required (at least, none from the buyer’s side).In this case, the seller will have a sizeable team of programmers, developers, and designers to customize the platform for your use. They’ll also handle deploying the system on your hardware or the cloud.Second, turnkey can mean a complete software, licensing, and compliance solution. This type of turnkey solution truly allows you to launch a new international cryptocurrency exchange in a matter of weeks rather than months or a year.For example, a large FinTech company has licenses in multiple jurisdictions. They sell the software for a fixed fee and charge a monthly fee that allows you to operate under their license or to issue a sublicense.The same goes for correspondent banking, AML, KYC, and compliance. The FinTech has all of these components in place, with millions of dollars on deposit at various banks. They allow you to transact through these accounts for a fee.When the seller offers correspondent banking, they’ll generally also handle account openings, KYC, and AML. The bank trusts their client’s compliance systems, and is holding millions in security should something go wrong, so the seller (which is the bank’s client) will be the one to ensure that all the bank’s rules are followed.Outsourcing account opening and compliance are relatively new in the cryptocurrency industry. However, it’s been the standard in credit card processing for decades. The vast majority of e-commerce accounts, and most swipe accounts, are handled by agents called Independent Sales Organizations or ISOs. These agents send the account to the bank for approval. One approved, the bank handles account opening, KYC, AML and chargeback compliance.In my experience, most clients are looking for self regulated and unlicensed options in the beginning. I expect sub-licensing to become the norm in 2019. Therefore, I suggest you purchase your core software from a firm that offers sub-licenses, even if you don’t make use of them now.ConclusionI hope you’ve found this article on how to build an international cryptocurrency exchange to be helpful. For more information on turnkey solutions, software platforms, or to negotiate licenses and correspondent banking, please contact us at [email protected] or visit our website https://www.masterdax.com. Will be happy to assist you to build a new international cryptocurrency exchange.
How can I start a US recruiting company?
There are many websites now who are offering US company registration for around $500 and get you registered in Delaware for the business.Delaware has established a reputation around the world as the best and most business-friendly state in which to incorporate. More than 65 percent of all Fortune 500 companies and more than half of all U.S. publicly-traded companies are incorporated in the state of Delaware.Types of Business Entities a Foreign National Can Choose FromCorporation (C-Corp)Limited Liability Company (LLC)Would suggest starting an LLC since there are many advantages over a Corporation. Some of these advantages include:Pass through taxation will help you avoid the double taxation of business profits.Greatly reduced State Regulations and formalities compared to a corporation.A previous advantage of a corporation known as Corporate income splitting, is also now available to LLCs. An LLC must elect to be treated as a corporation for tax purposes by the IRS by filing form 8832. This is really only useful when the LLC is making sufficient profit that it can pay its members and still retain a significant chunk of it for reinvestment in the LLC.Steps to Form Your LLCSelect a StateThink about what State you want to start your LLC. You may already have a location in mind since that is where your customers are. If you primarily intend to conduct business from your own country then the (international-friendly) States to start an LLC include Delaware, Wyoming, or Nevada. The State Offices and Banks of these three States are very familiar in dealing with Non-US Citizens.Name your LLCChoose a Registered AgentIf you are starting an LLC in the US from your home country and will not have a physical address in the US that will be open normal business hours, we suggest you hire a Registered Agent Service. They will receive and forward all official mailings to you, such papers include service of process of legal action, and state filings.File the Articles of Organization with the StateCreate an Operating AgreementSteps after LLC FormationObtain an EIN (Employee Identification Number)Getting an EIN will grant you access to:Opening a US bank accountAccepting US paymentsPaying US TaxesRegister for State TaxA Non-US resident is taxed on US source income onlyA US Resident is taxed on worldwide incomeObtain Business Licenses & PermitsHire EmployeesGet InsuranceGetting an EIN (Enables your Company to open a Bank Account or Hire Employees)An EIN (Employer Identification Number) is the tax identity of your LLC, it is necessary to open a bank account, hire employees, and pay State Taxes. You will also be required to provide your EIN to other companies to receive payments exceeding $600 in a calendar year. Obtaining an EIN from the IRS (Internal Revenue Service) for your Company is easy and, the IRS does not charge you any fee to issue your LLC with an EIN. You can only apply for the EIN after forming the LLC.Download the SS-4 Instructions and SS-4 FormRead the instructions carefully while filling out the formNOTE Line 7b: If you don’t have a US Social Security Number, ITIN, or EIN just put “N/A Foreign” on line 7b.Fax form to designated number provided on the form, be sure to give the IRS a number to fax your EIN back to.An ITIN (Individual Tax Identity Number) or US social security number is not necessary to obtain an EIN for your company if the above process is used.There are lots of online services that you can use to form an LLC for you (they essentially just complete the paperwork for you). Many include additional packages to obtain an EIN, but be aware, while they can form the LLC for you, they will NOT be able to obtain an EIN, as they assume you have a US social security number or ITIN, which most likely you will not.More on forming a company : How to Open a Company in the USAUS Physical AddressYou need a physical US address for receiving business documents. There are several mail service forwarding providers charging different rates.My choice was Virtualpostmail.com – a web 2.0 company who seemed to be miles ahead of others in what seems to be a very traditional industry. I chose the $20 plan.They scan mails and send you an email; you can choose emails that needs to be opened and the contents scanned or just forward those mails to any other international address.Before you can operate your account, you need to submit a notarized form 1583 from USPS to authorize Virtual Post mail to open mails on your (and your companies behalf).US Bank AccountYou need a Business checking account with a US bank. If you already have a personal bank account with a US bank you can try calling them to open a business checking account. I think this is the best option. I tried calling Wells Fargo and the person on the phone told me that I cannot open a bank account with Wells Fargo and that I had to physically go to Delaware and try opening it from Wachovia. I am sure this person was wrong and I think it should be possible with Wells Fargo. I love the bank but somehow could not get my business account opened there.If you do not have a US bank account but if you are visiting USA in the near future, you can just walk in to a bank with the incorporation documents of your company and open an account.I posted a question regarding this in Quora and a very nice gentleman who was an advisor to many startups contacted me and referred me to Silicon Valley Bank (who are considered very startup friendly) and I was able to open the account from India itself.Initially I found it amusing that I was asked to pitch my business idea or send a presentation of my business plan in order to open a business checking account. But I guess Silicon Valley bank offers so many other services to startups but our needs were pretty simple. But SVB has been great till now in terms of responsive support.Merchant AccountThe most popular alternatives are Paypal and US Home - Authorize.Net (they have many resellers). You can go to FeeFighters (Note: They were acquired by Groupon in 2013) to compare providers and choose one that works for you. I skipped the options provided by FeeFighters and went directly with Braintree Payment solutions even though they were slightly more expensive compared to others as I had read good things about them and I did not understand all the hidden fees etc.Braintree provides me a merchant account, a payment gateway, a PCI compliant vault to store customer Credit card data and can process recurring subscription billing.We thought we will worry about the fees when we are making millions of dollars and losing considerable money on feesBusiness Credit CardI applied for a mastercard credit card through Silicon Valley Bank – the card is secured with a money market account – basically secured with cash in my bank account.US Phone NumbersWe have a free Google Voice number and a Skype number which is $50 per year. The Google Voice number forwards the calls to our Skype number.We are considering 1-800 numbers from Grasshopper after we launch.We also got an iPevo skype phone for receiving Skype calls wirelessly, but the phone has stopped working and I am too busy to send it to the US and return it to Amazon.Business Leads, Development & Starting UpResearch about technology trends in the industry and based on which create your services niche meaning what they are looking for provide as your service be specialized in that particular area and grow your database of talent pool around the region or globe as you prefer to do the business.You need to find a person or an agency could be your advisory on hiring the business development professionals through a reference and once that person is in you can have him interview people in your company for rest of the roles.People play important role in shaping, growing and taking organizations to next steps so you need to make sure who is coming in so that you dont have to worry once they are in they are doing what they should be doing.You will need at least 6 people to kick start your staffing agency and follow is the break down.2X BDM : Who can focus on marketing your services and client attraction3X Recruiters : Who can find resumes on the requirement that BDM brings from clients1X Accountant: Who will be responsible for book keeping AR/AP, invoices, billing and etcThe above could be multiplied by groups and teams.After registering your company go for creating the website with a good name which could be a blend of staffing + technology through website service provider like go daddy and etc.Hire a content writer to write your area of interest in terms of services you want to provide for clients in Information Technology.RegardsSyed AiyazI help people in the staffing industry in terms of finding recruitment jobs globally specially in India, USA & Middle East, Recruitment training And even setting up a staffing firm and making it up and running through my knowledge and experience in the industry.THESTAFFINGCIRCLEAdvertise - Split - PartnerBest YouTube channel for US staffing, IT recruiting, sourcing tools, , software reviews , career mgt, Social Media recruiting & More. 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