How to Open a Business Bank Account With an EIN Only

Opening a personal checking account is usually as simple as calling your local bank or visiting a branch. You can often walk out with a checkbook in hand in just an hour or two, and the whole process is fairly painless. Opening a business bank account is not as simple.

Getting access to a business checking account, corporate cards, and the financial tools you need to manage your money comes with a few prerequisites. You need to register your business (if you haven’t already), which means forming an incorporation with state and local authorities, obtaining the proper documentation, completing beneficial ownership reporting, and providing personal financial information to demonstrate creditworthiness.

From there, you still need to choose a banking solution that fits your needs. You might need an account with a wide range of international payment methods, integration with a preferred ERP system, or built-in tools to manage accounts payable and receivable.

So, to answer the question: yes, you can open a business bank account with an EIN, though it’s not the only requirement. Unlike personal bank accounts, which almost always require a Social Security number to verify your identity, an Employer Identification Number can often be used instead for business banking applications. That said, there is more to it than just having an EIN, which we will cover in this guide. We will also show how to get started with Slash, including options for both U.S. businesses and international founders without a U.S. entity.¹, ³

Why an EIN Alone Isn’t Enough to Open a Business Bank Account

An EIN, or Employer Identification Number, is a federal tax identification number assigned by the IRS that is used to identify a business for tax, financial, and legal purposes.

When a bank describes an application as “EIN only,” it typically means that a Social Security number is not required as part of the application. This can expand access to business owners outside the U.S. or those who do not have an SSN.

While not every business entity structure is strictly required by the IRS to obtain an EIN (such as sole proprietorships and single-member LLCs), most banks still expect to see one when you’re opening a business account. For other business structures, including multi-member LLCs and corporations, an EIN is also necessary to handle taxes, hire employees, and access financial services.

If your business doesn’t already have an EIN, the application process is straightforward:

Form your business entity, if applicable.
Go to the IRS EIN application page.
Select your business structure.
Enter your legal business name and responsible party information.
Provide your business address and formation details.
Choose the reason for applying, such as starting a business or opening a bank account.
Review your information for accuracy.
Submit the application and save your EIN confirmation letter.

That said, an “EIN only” business account does not mean that an EIN is the only requirement to apply. Banks are still required to verify the individual(s) behind an application, which an EIN does not support. This includes collecting information about beneficial owners, business activity, and supporting documentation to comply with Know Your Customer (KYC) and anti-money laundering regulations.

Besides an EIN, banks typically need to verify:

Who owns and controls the business (beneficial owners)
That the business is legally registered and in good standing
Where the business operates
What kind of activity and transactions to expect

What You’ll Need to Open a Business Bank Account

You’ll likely need to provide additional information about your business when applying for a business checking account. Here's a simplified version of the application requirements for Slash, which align with the requirements used by most U.S. business banking applications, along with explanations to help you know what to expect if it’s your first time applying:

Basic business information: Your business name, date of incorporation or formation, phone number, and address.
Proof of address: Documentation verifying the physical location where your business operates, along with residential addresses for beneficial owners.
Government-issued identification: All beneficial owners are typically required to provide a valid government-issued ID, such as a driver’s license or passport.
Formation documents: Official documents issued when your business was legally established, such as articles of incorporation or organization.
Financial history (if required): Some institutions may request recent bank or credit card statements to understand expected account activity.
Proof of operating activity: Documentation showing that your business is active, such as invoices, contracts, or revenue statements. Business licenses for certain industries may be required, too.
Certificate of good standing (if applicable): Depending on your state of incorporation, you may need to provide a current Certificate of Good Standing.

Certain business types come with additional considerations when applying for a business bank account, and they can affect whether you qualify for an “EIN-only” application. How your business is structured, especially in terms of ownership, impacts what information banks need to collect. Here’s what to know:

LLCs (Limited Liability Companies)

Single-member LLCs may be able to apply for business checking using either an SSN or an EIN, depending on the institution. However, many banks still prefer or require an EIN to open a business account and keep business finances separate.

Multi-member LLCs will likely need an EIN to open a business account. Because there are multiple owners, banks will also require information on each beneficial owner, which can make “EIN-only” applications more limited depending on the provider.

Sole proprietorships

Sole proprietors can often open business checking accounts using their SSN, since the business and the owner are legally the same. However, obtaining an EIN can still be helpful. It can expand your banking options, make your business appear more established, and allow you to apply for accounts that are structured around EIN-based applications.

Corporations (S-Corps and C-Corps)

Corporations are treated as separate legal entities in banking applications and are required to have an EIN to open a business account. Banks will also require information about the individuals who own or control the company, such as directors, officers, and beneficial owners. Because of this, even if an application is labeled “EIN-only,” additional identity verification is still required.

Opening a U.S. Business Bank Account as a Non-Resident

Not having a Social Security Number does not automatically prevent you from opening a U.S. business bank account. However, your options as a foreign applicant depend heavily on how your business is set up and which provider you choose. Here are three common scenarios for non-U.S. applicants, along with some guidance on navigating each:

1. Non-resident founders with a U.S.-registered entity

If you have formed a U.S. entity, such as a Delaware C-Corp or LLC, you generally have the most straightforward path to opening a business bank account.

Some providers allow you to apply using an ITIN (Individual Taxpayer Identification Number) instead of an SSN, along with your EIN and business documents. Others may not require an ITIN, but will still require identity verification for all beneficial owners. In either case, you will need to provide standard business documentation and complete KYC checks, but having a U.S. entity significantly expands your options.

2. Non-resident founders using EIN + passport verification

A growing number of digital banking platforms and fintech providers allow non-U.S. founders to apply using an EIN and a valid passport, without requiring an SSN or ITIN.

These providers rely on alternative identity verification methods to meet compliance requirements. However, they still require full transparency around ownership, business activity, and expected transactions. Availability and requirements can vary widely by provider.

3. Non-resident founders without a U.S. entity

If you are a foreign business owner without a U.S.-registered entity, you can still access a U.S. bank account – including account numbers, payment capabilities, and Visa corporate cards – by applying for the Slash Global USD account. This option allows you to operate in USD without the time and complexity of setting up and maintaining a U.S. business entity.

When applying with Slash, simply indicate that your business is registered outside the U.S., and you will be automatically routed to the appropriate application.

Ready to Get Started? Here’s How Slash Fits

If you don’t have an SSN, opening a U.S. business bank account can be difficult. Slash removes that requirement, so you can apply with your EIN and still access the core tools you need to run your business. Here’s what you get when you open an account with Slash:

Unlimited Visa corporate cards with up to 2% cash back on your business spending and granular card controls.
Built-in financial tools like invoicing, cash flow tracking, and automated expense management.
High-yield treasury accounts earning up to 3.83% yield from Morgan Stanley and BlackRock with next-day liquidity.⁶
Flexible payment methods including same-day ACH, SWIFT wires to 180+ countries, and real-time rails like RTP and FedNow (with no additional per-transaction fees for domestic transfers on Slash Pro).
Native cryptocurrency support to send and receive stablecoins like USDC and USDT, with built-in on/off ramps for seamless conversion between fiat and crypto.⁴
Twin, your AI financial assistant to analyze spend, set controls, and execute payments directly from your dashboard.
Accounting integrations with QuickBooks, Xero, and Sage Intacct, with automatic transaction categorization to simplify reconciliation.

Apply with your EIN on Slash, no SSN required, and get access to a U.S. business account today.