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How to open a Mercury US bank account in Sweden

By Doola

Published on 1 Aug 2024 2 min read

Simplifying the process of opening a Mercury US bank account from Sweden, with guidance on key requirements and considerations.

How to Open a Mercury US Bank Account in Sweden

Ready to apply for a Mercury US bank account in Sweden? Follow our step-by-step guide to get started quickly and easily.

Benefits of Opening a Mercury US Bank Account in Sweden

Opening a Mercury US bank account while living in Sweden comes with a host of benefits. First, it allows Swedish entrepreneurs and business owners to tap into the extensive financial infrastructure of the United States without having to relocate. This not only provides access to a larger pool of potential investors but also offers convenient handling of cross-border transactions with reduced fees and improved processing times.

Moreover, a Mercury US bank account offers robust tools for managing your finances, such as virtual cards, invoicing, and integrations with accounting software. These features can dramatically streamline your business operations, making it simpler to manage your funds and focus on scaling your enterprise.

Pros and Cons of Mercury US Bank Account in Sweden

One of the major pros of a Mercury US bank account is the ease of access to a scalable banking solution designed for modern business needs. Additionally, Mercury accounts come with top-notch security measures and seamless online banking experience.

On the flip side, one potential con is that maintaining two accounts (one in Sweden and one in the US) may complicate your financial records and tax obligations. Furthermore, currency conversion fees could add up if you’re frequently transferring funds between your USD and SEK accounts.

How to Open a US Business Bank Account from Sweden

Opening a US business bank account from Sweden involves a few straightforward steps. First, you need to have a registered US-based business entity, such as an LLC. If you don’t already have one, companies like doola can assist in setting this up. Once your business entity is established, gather essential documents, such as your Employer Identification Number (EIN), operating agreement, and proof of address for both your US and Swedish operations.

Next, apply online via the Mercury platform, providing the necessary documents and information. Mercury will review your application, and upon approval, you can start managing your account with their online tools. The entire process is streamlined to ensure efficiency and security.

Compliance Requirements

When using a Mercury US bank account in Sweden, compliance with both US and Swedish regulations is crucial. Ensure that your business activities fall within the legal requirements of both jurisdictions. This might involve reporting requirements to both the IRS and Swedish Tax Agency (Skatteverket) for transparency and tax commitments.

Additionally, adhere to anti-money laundering (AML) policies and ensure that your transactions are compliant with international regulations. Regular audits and consultations with legal advisors can help you stay on the right side of the law.

Tax Obligations

Using a Mercury US bank account from Sweden entails understanding the tax implications in both countries. First, you’ll need to report earnings and bank activities to the IRS if operating a US-based entity. Subsequently, your income might also be taxable under Swedish law, necessitating careful documentation and filings with Skatteverket.

Double taxation agreements between the US and Sweden can provide some relief, but ensure you’re familiar with the specifics or consult with a tax professional. Accurate record-keeping and timely filings will help you avoid penalties and streamline your tax obligations.

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

Yes, you can apply for a Mercury US business bank account from Sweden. As long as you’re not operating from a restricted country, you qualify to apply. 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.

For those eligible, doola is happy to help you open your bank account via doola’s partnership with Mercury.