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How to open a Mercury US bank account in Sri Lanka

By Doola

Published on 1 Aug 2024 3 min read

Navigating the process of opening a Mercury US bank account in Sri Lanka can be a complex undertaking. This article aims to provide a comprehensive guide on the necessary steps, requirements, and considerations to help individuals establish a US banking account from the comfort of their Sri Lankan residence.

How to Open a Mercury US Bank Account in Sri Lanka

If you’re ready to apply for a Mercury US bank account in Sri Lanka, follow our step-by-step guide. This comprehensive guide will walk you through the entire process seamlessly.

Benefits of Opening a Mercury US Bank Account in Sri Lanka

Opening a Mercury US bank account in Sri Lanka offers numerous benefits, especially for entrepreneurs and business owners. Firstly, it provides access to the robust US banking system, allowing for smoother international transactions and better financial management. Additionally, having a US bank account can enhance your company’s credibility and open doors to potential investors and partners.

Another significant advantage is that a Mercury US bank account provides tools and features that can support your business growth. From integration with major payment processors to effortless currency conversion, Mercury offers various services that can be instrumental in scaling your business operations globally.

Pros and Cons of a Mercury US Bank Account in Sri Lanka

Like any financial service, using a Mercury US bank account in Sri Lanka has its pros and cons. One of the main advantages is the ease of managing international operations. You get the convenience of executing global transactions with lower fees and faster processing times compared to traditional banks.

On the flip side, one of the cons could be the initial setup process, which, while straightforward, may require some documentation and identity verification that could take some time for Sri Lankan residents. Additionally, managing compliance with both US and Sri Lankan financial regulations could be another layer of complexity.

How to Open a US Business Bank Account from Sri Lanka

To open a US business bank account from Sri Lanka, you will generally need to incorporate your business in the United States. Once you have done that, obtaining an Employer Identification Number (EIN) from the IRS is crucial. After these initial steps, you can proceed with your application for a Mercury US bank account.

Mercury facilitates the process by allowing you to apply online without needing to be physically present in the US. You will need to provide documents to verify your business and identity, including your passport and proof of your company’s registration. The process is designed to be efficient and user-friendly, making it accessible for international entrepreneurs.

Compliance Requirements for Using a Mercury US Bank Account in Sri Lanka

When using a Mercury US bank account in Sri Lanka, it is important to be aware of the compliance requirements. Mercury is obliged to follow US regulations, including Anti-Money Laundering (AML) laws and Know Your Customer (KYC) standards. This means that you will need to regularly update your documentation and verify your business activities.

In addition to US compliance, you must also adhere to Sri Lankan financial regulations. Ensure that you are reporting your accounts and transactions according to the requirements of the Central Bank of Sri Lanka. Failure to comply with local and international regulations can result in penalties or the closure of your account.

Tax Obligations for Using a Mercury US Bank Account in Sri Lanka

Using a Mercury US bank account in Sri Lanka may have tax implications that you should consider carefully. It’s essential to stay updated with US tax laws, such as filing requirements for non-resident aliens and the Foreign Account Tax Compliance Act (FATCA). Consulting with a tax advisor who is knowledgeable about both US and Sri Lankan tax laws can be very beneficial.

Furthermore, make sure to report your earnings from the Mercury account to the Sri Lanka Inland Revenue Department (IRD). Properly managing your tax obligations can help you avoid legal issues and make the most of the financial benefits offered by international banking.

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

Yes, you can apply for a Mercury US business bank account from Sri Lanka. Mercury is accessible for founders operating in many countries, and Sri Lanka is not on the restricted list. doola is happy to help you open your bank account via doola’s partnership with Mercury.

However, it’s important to note that Mercury cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Belarus (Republic of Belarus), Bosnia & Herzegovina, Burundi, Cambodia, Cameroon, Central African Rep, Congo (the Democratic Republic of the), Congo (the), Croatia, Cuba (Republic of Cuba), Eritrea, Haiti, Iran (Islamic Republic of Iran), Iraq, Lebanon, Liberia, Libya, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, North Korea (DPRK – Democratic People’s Republic of Korea), Pakistan, Palestine (State of), Philippines, Russia (Russian Federation), Somalia, South Sudan, Sudan (the), Syria (Syrian Arab Republic), Ukraine, Venezuela (Bolivarian Republic of), Yemen, Zimbabwe.