Introduction
In the United States, the Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number issued by the Internal Revenue Service (IRS). It is used to identify a business entity for tax and regulatory purposes. For companies operating in the USA banking sector, acquiring an EIN is one of the first and most essential steps toward legal compliance, opening bank accounts, hiring employees, filing taxes, and building financial credibility.
Whether you’re forming a Limited Liability Company (LLC), Corporation, Partnership, or other business entity, obtaining an EIN is a mandatory requirement to initiate banking services and financial operations in the United States.
What is an EIN?
An EIN (Employer Identification Number) is similar to a Social Security Number (SSN), but it is assigned to a business entity instead of an individual. The IRS uses EINs to:
- Track business tax filings.
- Monitor payroll taxes.
- Verify legitimacy for banking services.
- Enable businesses to hire employees.
For businesses intending to open a U.S. business bank account, an EIN is typically the first document banks require. It’s essentially your business’s federal identity.
Who Needs an EIN?
The following business types typically require an EIN:
- U.S. Corporations (C-Corp, S-Corp)
- Limited Liability Companies (LLCs)
- Non-U.S. residents with U.S. companies
- Partnerships
- Sole proprietors with employees or retirement plans
- Trusts and Estates
- Nonprofit organizations
- Banking and financial service providers
If your USA-based business plans to work with banks, process payments, hire employees, or apply for credit, an EIN is non-negotiable.
Why an EIN is Important for a USA Bank Company
1. Business Bank Account Setup
Banks in the U.S. require an EIN to open a business account. It is used to verify the identity of the business and link financial transactions for compliance and anti-money laundering purposes.
2. Federal & State Tax Filing
The EIN acts as a tax ID for federal and state agencies. All tax returns, including income, payroll, and sales tax, are filed using the EIN.
3. Hiring Employees
If your banking or fintech company hires employees in the U.S., the EIN is required to process payroll taxes, Social Security, Medicare, and unemployment contributions.
4. Applying for Business Credit
U.S. financial institutions and vendors use your EIN when checking your business credit profile, typically through Dun & Bradstreet or Experian.
5. Building U.S. Financial Identity
An EIN helps build a company’s financial footprint in the U.S., which is essential for gaining trust with banks, investors, and clients.
Requirements to Apply for an EIN
Before applying for an EIN, you’ll need to prepare the following information:
- Legal Name of the Business
- Structure (LLC, Corporation, etc.)
- Responsible Party (usually the owner or principal officer)
- Mailing Address (can be a U.S. or foreign address)
- Type of Business Activity
- Number of Employees (expected)
- Date Business Started
For foreign individuals or companies, the responsible party does not need an SSN or ITIN to apply for an EIN via fax or mail (not online).
How to Apply for an EIN
There are multiple ways to apply for an EIN depending on whether the applicant is based in the U.S. or abroad.
1. Online Application (For U.S. Residents)
- Visit the IRS EIN Assistant.
- Available Monday to Friday, 7 a.m. to 10 p.m. EST.
- Only available to entities with a valid SSN, ITIN, or EIN.
- Get your EIN instantly after completing the process.
2. Fax Application (For Non-U.S. Residents)
- Complete Form SS-4.
- Fax to +1-855-641-6935 (U.S.) or +1-304-707-9471 (International).
- IRS responds within 4-7 business days via fax.
3. Mail Application
- Send the completed Form SS-4 to: Internal Revenue Service
Attn: EIN Operation
Cincinnati, OH 45999
USA - Processing time: 4–6 weeks.
4. Telephone (International Applicants Only)
- Call +1-267-941-1099 (not toll-free).
- Available from 6:00 a.m. to 11:00 p.m. (EST).
- The IRS representative will guide you and issue the EIN during the call.
Step-by-Step: Filling Form SS-4
Here’s how to fill the most important sections of Form SS-4 for a USA bank-related company:
- Line 1: Legal name of the entity.
- Line 2: Trade name (if different).
- Line 4a/b: Physical address.
- Line 7a/b: Name and SSN/ITIN/EIN of responsible party.
- Line 8a: Check “Yes” if it’s an LLC.
- Line 9a: Business type – LLC, Corporation, etc.
- Line 10: Reason for applying – choose “Started a new business.”
- Line 11: Date business started or acquired.
- Line 16: Principal business activity – write “Banking & Finance.”
- Line 18: Number of employees expected in next 12 months.
EIN vs. Other Business Identifiers
| Identifier | Purpose | Issued By |
|---|---|---|
| EIN | Tax ID for businesses | IRS |
| ITIN | Tax ID for individuals (non-residents) | IRS |
| SSN | Tax ID for U.S. citizens | SSA |
| DUNS Number | Business credit profile | Dun & Bradstreet |
| State Tax ID | For state tax filings | State Tax Authority |
Common Mistakes to Avoid
- Using Incorrect Business Name
Make sure the business name matches the name used on incorporation documents. - Selecting Wrong Entity Type
LLCs must indicate how they’re taxed (disregarded entity, partnership, etc.). - Applying Too Early
Ensure the company is legally formed before applying for an EIN. - Using SSN of Third Parties Without Authorization
The responsible party must authorize the use of their SSN/ITIN. - Applying Multiple Times
Submitting multiple EIN applications for the same entity can cause IRS delays.
Launcheaze EIN Application Assistance
Launcheaze.com simplifies the EIN application process for international entrepreneurs, startups, and banking companies. We offer:
- Same-day EIN service
- Form SS-4 preparation
- IRS submission via fax or phone
- No SSN required
- Guidance for foreign founders
Whether you’re starting a fintech, digital bank, or financial consultancy, Launcheaze ensures a seamless EIN registration tailored to your business goals.
Frequently Asked Questions (FAQ)
Q1: How long does it take to get an EIN?
- Online: Instant
- Fax: 4–7 business days
- Mail: 4–6 weeks
- Phone (international): Same day
Q2: Can a non-U.S. resident get an EIN?
Yes. Non-residents can apply via Form SS-4 by fax, mail, or phone without needing a U.S. SSN.
Q3: Is there a fee for getting an EIN?
No. The IRS does not charge a fee, but service providers may charge for assistance.
Q4: Is the EIN permanent?
Yes. Once assigned, it is never reused or reassigned.
Q5: Can I open a U.S. business bank account with just an EIN?
You also need:
- Company formation documents (Articles of Incorporation/LLC Certificate)
- Operating Agreement or Corporate Bylaws
- Proof of U.S. address (varies by bank)
- EIN confirmation letter
Conclusion
Securing an EIN is a foundational step in launching a U.S. bank-related company or any financial services business. It ensures you meet legal requirements, gain access to the U.S. banking system, and operate professionally in a regulated environment.
With Launcheaze’s EIN filing service, international founders and banking entrepreneurs can get fast, reliable, and accurate EIN registration—no SSN, no confusion, just compliance.