Where to Start
Opening a bank account in the state of Colorado is not a hard process, even if it’s for your corporation or an LLC. If you’re in state, there’s nothing stopping you from taking your documents to the bank closest to your home or office and simply opening the account in one visit.
Sadly, things get a little harder if you are outside of Colorado, especially if it’s not possible for you to visit the state. However, if you still want to open a corporate or LLC bank account without having to leave your state of residence, we can help you out. Just follow this easy guide and you’ll have your Colorado bank account in no time!
Need A Registered Agent
If you still need a registered agent, we can gladly offer the service to you. Our firm can represent your business as your registered agent in Colorado. If you do this, we will provide to you a unique address that you’ll need to register your bank account and get all of your mail forwarded with a mail forwarding service.
Choosing A Bank
a. Remember, opening a bank account from a different state means you need to pick a bank that has branches in the state you reside in, as well as having branches in Colorado. You should also make sure that they do have an online application to open bank accounts. These recommendations are really important for you to be able to freely perform any business you need outside of Colorado without any issues. While other options have worked for our clients in the past, one recommendation we can make is opening an account with Small Business Bank, in case you can’t travel all the way to Colorado to open a bank account there. However, there’s a small consideration to keep in mind. Small Business Bank’s only physical location is in Kansas, in the city of Lenexa, to be precise. However, they can help you out with your banking needs, as well as offering Visa debit cards for your corporation or LLC to use. Since the only physical location they have is in Kansas, they offer a simple and effective process to open your bank account that can be performed completely remotely. Convenient, since you can fill it out from the comfort of your office or home.
b. Keep in mind, you need one of the following: US Passport, EIN, SSN, or a valid form of ID. If you are not an American Citizen, you won’t be able to open the bank account remotely, and will have to visit a physical bank to open the account.
Begin the Application
If you want to open a bank account, Bank of America or Wells Fargo are good options you might want to consider, with simple forms and easy set ups. Just keep in mind what’s best for you and your business,, as they might have some fees regarding your account, though there might be ways to waive them if you meet some requirements. Once you get started, remember you need all the documentation that’s relevant to your corporation or LLC, as well as the registered agent with an address in the state of Colorado.
a. To open a bank account with Wells Fargo or Bank of America, you will need two main documents: copies of your stamped or filed Articles of Organization or Articles of Incorporation, and the resolution you receive when you form a Colorado LLC with us. With Small Business Bank, the documentation you need Is a little different. You will have to send a copy of your EIN confirmation that you got from the IRS, as well as a copy of your photo ID.
Maintenance Fees & Other Options
To maintain your checking business account, Small Business Bank charges a small monthly fee that can vary from $2.99 to $9.99.
Follow these recommendations and you’ll have your bank account in no time! If you want to use BoA or Wells Fargo’s services, keep the following things in mind:
- Bank of America charges a maintenance fee that be easily waived if you follow any of these requirements:
- Keep a daily balance of at least $3,000.
- Maintain at least a $5,000 monthly average balance for your services.
- Make purchases of $250 minimum via your Bank of America credit or debit business card.
- Wells Fargo also has a maintenance fee, so be prepared to pay that if you don’t meet the following requirements to waive the fee:
- Keep a balance of $500 minimum in your bank account
- Choose electronic statements instead of physical paper ones
We have other guides designed to make your life easy. They include obtaining your EIN, filing your periodic report, and more on our page for incorporating in New Mexico.