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How to open a Mercury US bank account in Belgium

By Doola

Published on 1 Aug 2024 2 min read

Accessing American banking services from Belgium: Navigating the process of opening a Mercury US bank account.

How to Open a Mercury US Bank Account in Belgium

If you are ready to apply for a Mercury US bank account in Belgium, follow our step-by-step guide to get started. This comprehensive guide will walk you through the necessary steps to successfully open your account.

Benefits of Opening a Mercury US Bank Account in Belgium

Opening a Mercury US bank account while residing in Belgium offers numerous benefits. Firstly, it allows you to manage your finances in US dollars, which is particularly advantageous if you have American clients or suppliers. By having a US-based bank account, you can avoid the high fees associated with international transactions and enjoy faster processing times.

Moreover, a Mercury US bank account provides access to a range of banking tools tailored for startups and small businesses. These include integrated financial software, virtual cards, and seamless bookkeeping solutions. Having a streamlined financial management system makes it easier to track your expenses and revenue, boosting your business efficiency.

Pros and Cons of Mercury US Bank Account in Belgium

There are several advantages to having a Mercury US bank account while living in Belgium. The ease of managing international transactions and the ability to hold funds in US dollars are significant pros. Additionally, Mercury offers an intuitive online banking platform with advanced security features.

On the flip side, there are some cons to consider. It may take longer to resolve issues since Mercury operates entirely online with no physical branches. Additionally, there may be complexities related to compliance and tax obligations, which we’ll address in the subsequent sections.

How to Open a Mercury US Bank Account from Belgium

Opening a Mercury US bank account from Belgium is straightforward, but there are some key steps you’ll need to follow. First, you will need to have a registered US-based LLC or corporation. This is a crucial requirement, as Mercury primarily serves US businesses.

Once your business entity is established, gather the necessary documentation, which typically includes your business formation documents, Tax ID (EIN), and personal identification. The application process is entirely online; you’ll fill in the required forms, submit your documents, and await approval. Most accounts are approved within a few days.

Compliance Requirements

When using a Mercury US bank account in Belgium, it’s important to be aware of the compliance requirements. Ensure that your US business entity remains in good standing by filing annual reports and paying any necessary state fees. Mercury may also require periodic updates on your business activities to comply with US banking regulations.

Additionally, keep abreast of Belgium’s financial regulations, as you are required to report any offshore accounts to the Belgian authorities. Failure to do so can lead to penalties and legal issues.

Tax Obligations

Tax obligations are a critical consideration when using a Mercury US bank account from Belgium. You will need to report any income earned through your US bank account on your Belgian tax returns. Make sure you understand the tax treaties between the US and Belgium to avoid double taxation.

It is highly recommended to consult with a tax advisor who can help you navigate both US and Belgian tax laws. Proper planning and compliance will save you from potential tax-related complications.

Can I Apply for a Mercury US Business Bank Account from Belgium?

Yes, you can apply for a Mercury US business bank account from Belgium. Mercury’s services are available to international founders, provided they have a US-based business entity. However, do note that Mercury cannot currently open accounts for founders operating in certain restricted countries.

Belgium is not on the list of restricted countries. If you need assistance with the process, doola is happy to help you open your bank account via doola’s partnership with Mercury. This partnership makes it easier for you to navigate the complexities and streamline the application process.