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How much does it cost to start an LLC?

Tunde Aladeloba

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For someone planning to start a business, the filing fee is only part of the cost of setting up an LLC. The amount you pay depends heavily on the state where you register, while other expenses can appear during the first year and beyond, from registered agent services to annual reports and business documents.

That makes the question of how much does it cost to start an LLC in 2026 more useful when you look beyond the headline filing fee. Some states charge relatively little to form an LLC, while others can cost several hundred dollars before you have even opened the business bank account. Optional services can add to the bill, particularly if you use a professional registered agent or pay someone to prepare your operating agreement. In practice, starting an LLC costs between roughly $35 and $500 in state filing fees, depending on the state. A registered agent may cost another $100 to $300 a year, while an operating agreement and annual report fees can add to the total.

The good news is that some parts of the process cost nothing. For example, the IRS does not charge a fee for obtaining an Employer Identification Number (EIN). Overall, total first-year costs are often around $100 to $800, depending on your state, the services you choose and what your business requires.

How much does it cost to set up an LLC?

Setting up an LLC generally costs $50 to $500 or more in state filing fees, depending on where you register. This filing fee is the main cost of creating the LLC, but your total cost can be higher once optional setup expenses and ongoing state requirements are included.

One-off costs

The main one-off cost is the Articles of Organisation filing fee. This is the document you submit to the state to officially create your LLC. Depending on the state, the fee can range from $50 to $500 or more.

You may also pay for optional services, such as professional formation assistance, reserving your business name or meeting a state publication requirement. These costs vary and may not apply to every LLC.

Recurring costs

Once your LLC is registered, you may have ongoing costs to keep it in good standing. These commonly include:

  • Annual or biennial report fees: Payments for submitting required updates about your LLC.
  • Franchise taxes: State charges that some LLCs must pay for the right to operate.

Together, these recurring costs can range from about $20 to $800 or more each year, depending on the state.

Also read: Open a USD business account without a US address

What you can expect to pay for an LLC

Forming an LLC involves both state fees and optional costs, so the amount you spend can vary depending on where you register and whether you handle the process yourself. The basic state filing fee may be relatively low, but additional expenses can increase the amount you need to budget for when setting up and maintaining the business.

The table below breaks down the main LLC costs, showing which expenses are paid once and which may continue each year.

LLC expense Estimated cost Type ATM fee above allowance What it covers
State filing fee $50 to $500+ One-off N/A The mandatory fee for filing your Articles of Organization with the state and officially creating your LLC.
Registered agent $0 to $300/year Recurring 2% + £0.50 per transaction You can usually act as your own registered agent for free, or pay a service to receive legal and official documents for your business.
Operating agreement $0 to $500+ One-off 2% of the amount withdrawn A document that explains how your LLC will be managed. Templates may be free, while customised legal help can cost more.
EIN $0 One-off 3% of the amount withdrawn An Employer Identification Number issued by the IRS. Applying directly through the IRS is free.
Publication fee $0 to $1,000+ One-off £0.00 abroad; £1.50 at UK domestic ATMs Some states require new LLCs to publish a formation notice in local newspapers, creating an additional cost.
Annual report or franchise tax $20 to $800+/year Recurring Fixed network fee of roughly £1.50 / €2.00 / $2.50 Ongoing state charges that some LLCs must pay to keep the business active and in good standing.

LLC costs by state: the cheapest and most expensive options

LLC costs vary widely by state, with some offering low-cost formation and others imposing significant annual fees or taxes.

Category State Upfront filing fee Annual recurring fee / tax Key takeaway / hidden traps
Cheapest overall Montana $35 $20 One of the lowest initial filing fees, with no general state sales tax.
Cheapest maintenance New Mexico $50 $0 No annual LLC maintenance fee, making it attractive for some online and out-of-state owners.
Most expensive setup Massachusetts $500 $500/year High formation and annual costs can make the first year particularly expensive.
Highest annual tax California $70 $800+/year The state has a mandatory minimum $800 franchise tax, even when an LLC has little or no income.
High entry and maintenance Nevada $425 $350/year Formation and ongoing state fees are relatively high despite Nevada's business-friendly reputation.

How much does it cost to run an LLC in 2026?

The cost of forming an LLC does not always end once your Articles of Organisation have been approved. Depending on your state and how your business operates, you may have ongoing costs that need to be included in your budget.

  • Annual reports: Many states require LLCs to submit an annual or biennial report with updated business information. A filing fee may apply even if your business has not made much money.
  • Franchise tax: Some states charge an annual tax simply for having an LLC registered there. The amount can depend on the state, your business structure or other factors.
  • Compliance costs: You may spend money keeping business records, renewing licences, maintaining a registered agent or getting professional help with tax and legal requirements.
  • Foreign qualification: If your LLC operates in another state, you may need to register there as a foreign LLC and pay additional filing and ongoing fees.

These expenses can make the true cost of running an LLC higher than the initial formation fee.

Funding and running your LLC from anywhere

Running a US LLC from outside the country can become complicated when your business earns money in USD but your personal bank account is in another currency. You need a practical way to receive payments, keep those funds in dollars and pay for business expenses without converting money unnecessarily.

For non-US founders, a USD account can make this process easier. You can receive payments from clients or platforms, keep your money in USD and use those funds when paying business expenses. This can be particularly useful for software subscriptions, advertising, contractors and other services that charge in dollars.

Grey offers cross-border account setup for eligible customers, giving you access to supported USD account details for receiving international payments. The USD accounts are provided through Lead Bank, which means your account details are connected to a US banking partner rather than being a traditional local bank account in your home country.

Once your USD balance is available, Grey also provides a virtual card for eligible users, allowing you to spend from your balance on supported online purchases. This gives non-US founders a simpler way to manage USD income and business spending from wherever they are based.

Frequently asked questions

Is an LLC expensive to maintain?

Maintaining an LLC can be relatively affordable, but the cost depends on your state and business needs. You may need to pay annual report fees, franchise taxes, registered agent fees and licence costs. Some states charge little or nothing each year, while others can make ongoing compliance considerably more expensive.

Is the EIN free?

Yes. The IRS provides an Employer Identification Number (EIN) free of charge. You can apply directly through the IRS without paying a third-party service. Be careful when using formation companies that offer to obtain an EIN for an additional fee, as this is an expense you generally do not need to pay.

What is the cheapest state to form an LLC?

Montana is among the cheapest states for initial LLC formation, with a filing fee of around $35. However, the cheapest state is not always the best choice. Annual fees, taxes, business requirements and where you actually operate can make another state more practical for your business.

Do I need a registered agent?

Yes, an LLC generally needs a registered agent in the state where it is formed. The agent receives official government correspondence and legal documents for the business. You can often act as your own registered agent if permitted, or pay a professional service to handle this responsibility for you.

Does an LLC have annual fees?

Many states require LLCs to pay ongoing fees, although the amount and frequency vary. These may include annual or biennial report fees, franchise taxes or other state charges. Some states have no annual report fee, while others can charge hundreds of dollars each year to keep the LLC active.

Can I form an LLC without living in the US?

Yes. Non-US residents can generally form a US LLC, although the requirements depend on the state and your circumstances. You may need a registered agent and appropriate tax documentation, and forming an LLC does not automatically give you the right to work or live in the United States.

Last updated:

October 2, 2026

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Tips for building a sustainable freelancing career: Insights from Victor Fatanmi

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2 min read

At Grey, we believe in empowering freelancers to shape their futures and thrive in the dynamic world of work. In a recent Twitter Chat session, we had the pleasure of hosting Victor Fatanmi, a purpose-driven business leader and co-founder of FourthCanvas and Fullgap.

In this post, we’ll delve into the insights Victor shared on freelancing sustainability, financial planning, work-life balance, and effective networking strategies.

A Little Background on Our Speaker

Victor Fatanmi’s entrepreneurial journey began in 2015 when he co-founded FourthCanvas, a renowned design agency that brings together Africa’s finest brand strategy and design minds.

Drawing inspiration from this experience, he co-founded Fullgap, a tech startup building an operating system for freelancers and individuals seeking to maximize productivity.

With a purpose-driven approach, Victor leads the teams at FourthCanvas and Fullgap to elevate experiences and revolutionize the future of work.

Why We’re Sure Freelancing is a Sustainable Career Path

During the Twitter chat, Victor shed light on the key advantages of freelancing that contribute to its sustainability.

As freelancers, they control their career trajectory, positioning themselves for opportunities and retaining clients. Embracing responsibility becomes a strength that can be applied in any context.

Moreover, freelancers enjoy absolute job security when they invest in their reputation and consistently deliver exceptional work, contrary to the notion of ‘job security’ in a 9-to-5 job.

Additionally, they can balance work and personal life, accommodating essential components such as family, faith, travel, and learning.

How to Maintain A Consistent Flow of Clients and Projects as a Freelancer

To ensure long-term sustainability, Victor shared practical tips for freelancers to maintain a consistent flow of clients and projects.

  1. Regardless of the pay, freelancers should always strive to produce high-quality work and communicate well with clients.
  2. Properly documenting agreements, invoices, and the scope of work enhances their reputation and professionalism.
  3. Leveraging social media platforms to showcase their work, share feedback, and demonstrate continuous improvement can significantly impact their freelance career.
  4. Building a solid portfolio accessible to potential clients, highlighting their expertise and versatility, is an effective way to attract new opportunities.
  5. Engaging in personal projects that excite and showcase their skills, providing value to others in their field, can set them apart.

Overall, proposing solutions and offering valuable insights and advice to potential clients demonstrate their expertise and willingness to contribute to their success.

Strategies For Staying Financially Stable as a Freelancer

While Victor humbly admitted not being a financial expert, he shared practical strategies to ensure financial stability and success as a freelancer.

Freelancers should allocate a portion of their income, around 25%, for savings or low-risk investments to secure their financial future.

Reinvesting in their freelancing career by upgrading their tools and workspace or investing in resources that enhance productivity is wise.

Flexibility is both a boon and a challenge for freelancers, and Victor emphasized the importance of managing it effectively. Embracing the positive impact of flexibility allows freelancers to prioritize personal commitments, be it family, health, or personal development.

At the same time, setting boundaries and practicing discipline are crucial to avoid overworking and maintaining a healthy work-life balance.

5 Tips for Building Strong a Strong Network and Professional Relationships

Victor provided five invaluable tips for freelancers to network effectively and forge strong professional relationships.

  1. Freelancers should support their peers, seniors, and others in their industry, and they will reciprocate in due time.
  2. Demonstrating genuine interest in others’ experiences and accomplishments builds deeper connections.
  3. Freelancers should share their experiences with authenticity and humility, fostering meaningful interactions.
  4. Initiating private conversations with those who respond to their public interactions opens new possibilities.
  5. Exuding confidence in their appearance and communication positively impacts others’ perception of their potential.

Wrapping Up

Our Twitter Chat gave aspiring freelancers valuable insights to navigate the challenges and seize opportunities in their freelance careers.

From embracing responsibility to leveraging social media and networking effectively, freelancers can take concrete steps towards building sustainable and fulfilling careers in the dynamic world of work.

Follow us on Twitter to be on top of all our upcoming Twitter Chat sessions.

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How to start a dropshipping business in Nigeria

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2 min read

Dropshipping has come a long way in the African market, and that’s because it is a business model that allows entrepreneurs to sell products without holding inventory. The way it works is, whenever a customer orders a product, as the business owner, you’ll buy that item from a third-party supplier, who will ship the product directly to the customer. 

This business model has become increasingly popular because it eliminates the need for upfront inventory costs, storage space, and shipping logistics. 

As a result, it has gained traction in the Nigerian market in recent years as it is a cost-effective way for entrepreneurs to start an online business without needing physical inventory. 

Benefits of dropshipping in Nigeria

There are several benefits of dropshipping in Nigeria; some of them include:

  1. Low Overhead Costs: Dropshipping requires minimal inventory investment so that you can start your business with little or no budget.
  2. Flexibility: Dropshipping allows you to work from anywhere and at any time, as long as you have an internet connection.
  3. Wide Range of Products: With drop shipping, you can offer a wide range of products without worrying about inventory management. Sell whatever you want from multiple suppliers.
  4. Minimal Risk: Dropshipping is less risky than traditional retail because you don’t have to hold inventory.

Seven steps on how to start a dropshipping business in Nigeria

Now that we know what dropshipping is and understand its benefits, how do you start it in Nigeria? 

Step 1: Choose your niche and products

The first step in starting a dropshipping business is to choose a niche and the products you want to sell. A niche is a specific area of focus within a larger market. Choosing a niche you are interested in and knowledgeable about is essential. It will make it easier to identify the best products to sell, and you can create marketing plans that’ll resonate with your target audience.

Once you’ve chosen your niche, research the best products to sell. Look for products that are in demand, have a high-profit margin, and are accessible to source from reliable suppliers. You can use tools like Google Trends, Amazon Bestsellers, and Oberlo to help you find popular products.

Step 2: Research suppliers

There are various online suppliers, depending on what you want to sell. However, your dropshipping business’s success depends on finding reliable suppliers who can provide quality products at competitive prices. 

When researching suppliers, look for those who have a good reputation, offer fast shipping, and have a wide range of products.

There are many dropshipping suppliers that you can use, including AliExpress, SaleHoo, and many more. You can also consider using local suppliers in Nigeria to reduce shipping costs and improve delivery times.

Step 3: Create your online store

Now that you have chosen your niche, products and a reliable supplier, it’s time to create your online store or decide on the platform you’d use for sales. 

You can use e-commerce platforms like Shopify, WooCommerce, or WordPress to set up your store or decide to sell on platforms like Instagram, Snapchat, and WhatsApp. 

However, while creating your online store, choose names or domain names that are easy to remember. Then design your website and add your products. Ensure your website is easy to navigate, visually appealing, and mobile-friendly.

Step 4: Research delivery options

Your dropshipping success or failure depends mainly on delivery, especially in the Nigerian market. So therefore, to run a successful dropshipping business, you must either deal with reputable delivery agents or partner with your hosting platforms, such as Shopify, to set up delivery. 

Step 5: Set up a payment platform

This should be pretty straightforward. However, Shopify provides payment apps and getaways to set up your payment processor. Also, since many of your transactions with supplies will involve foreign currency, you can set up your payments with  Grey.

With Grey, you can send money to any foreign account, including your supplier’s account, without any stress or hidden fees. 

You can also use it to receive payments from your earnings if you’re dropshipping with partners like Amazon FBA.

Step 6: Market your business

Now that your online store is running, it’s time to start marketing your business. There are many ways to promote your dropshipping business, including;

  • Social media marketing: Use platforms like Facebook, Instagram, and Twitter to reach your target audience and promote your products.
  • Content marketing: Create blog posts, videos, and other content that educates your audience about your products and industry.
  • Influencer marketing: Partner with influencers in your niche to promote your products to their followers.
  • Search engine optimization: Optimize your website for search engines to improve your rankings and drive more traffic.

Step 7: Manage your business

As your dropshipping business grows, it’s essential to manage it effectively. This includes tracking inventory, promptly fulfilling orders, and providing excellent customer service.

You’ll also need to continually analyze your business metrics, such as your conversion rate, customer acquisition cost, and lifetime value. This information will help you identify areas where you can improve your business and make data-driven decisions.

In conclusion, dropshipping is a viable business model for entrepreneurs looking to start an online business in Nigeria. 

However, starting a dropshipping business requires research, planning, and execution. When it comes to sending and receiving funds, as that is one the major challenge faced by Nigerians, it is important to sign up for reliable platforms makes it easier to transact globally and that where Grey comes in.

Grey allows you to open a foreign currency account to receive payments from anywhere. Get a free account today to make international payments or convert foreign currencies to Nigeria Naira.

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This is why your international transactions get delayed

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2 min read

Any delayed transaction can be very frustrating because it can delay your bill payments or cause a setback in your business operations.

However, have you ever thought about why your Grey and other international transactions take longer than usual on some days? 

While some might be due to banking issues, others could also be avoidable from your end.

In this article, we’ll be looking at how long a typical international transaction should take and why there might be delays with them.

How Long Do International Transactions Take?

Generally, the duration of international transactions depends on what type of payment scheme you use. Domestic and local payment schemes are always faster than international wire transfers.

For example, we use local payment schemes like SEPA, FPS, and CHAPS on Grey to process EUR and GBP transactions. Now because they are local payment schemes, they take about 1-3 business days. 

When it comes to international wire transfers, they tend to take longer because there are more processes and checks involved. Typically, they take anywhere between 3-5 business days to process. 

What Causes a Delay in International Transactions?

Let’s look at the top four reasons why your bank transfers might get delayed;

1. Weekends and Bank holidays

Most banks and payment processors process transactions within a specific number of business days. This clause implies that certain days are regarded as working days, and others aren’t.

While Mondays to Fridays are working days, there are exceptions for bank holidays like Christmas, Thanksgiving, national holidays, and more. Weekends are generally not business days.

So if you make an international transaction close to this period, there’s a high chance it’ll get delayed. For example, if you send money on a Friday afternoon, your payment will likely not get processed until Monday morning. 

This is why we recommend starting a transaction during the beginning or middle of the week. You also want to confirm that there are no public or bank holidays within this period.

2. Compliance checks

This is perhaps one of the biggest reasons that can cause a delay in your bank transactions

With the increasing fraud cases, financial institutions tend to carry out security and compliance checks to ensure that every transaction is completely safe. This could result in extra verifications, especially when there are inconsistencies in the account name or other transaction details. 

On Grey, when there’s any suspicious activity or inconsistency, we typically ask for more information so that both the sender and receiver are safe from potential fraud issues. So with more compliance checks, the timeline for the transaction will typically increase.  

3. Difference in time zones

If you’ve experienced slight delays that didn’t happen because of the weekends and holidays, then it’s probably because of the time zone differences. It’ll take longer if you send money between countries with a significant time difference.

For example, if you’re trying to make an international money transfer online from Australia to Nigeria, you must understand that there’s a 10-hour difference. This can affect processing time, and there’d be a shift in how the business days are calculated. 

Banks will always process transactions before the end of the working day. So you have to be sure of the business hours on the other end of the payment processor.

4. Incorrect payment information

Transaction details like the account name, number, SWIFT code, and more are essential in ensuring that your payment gets to the right person. So when you make a mistake in the payment information, you’d get a delay in your transfer window.

Unfortunately, after spending a lot of time stuck in processing, the funds will get sent back. And this means you’d have to restart the entire transaction.

So, we always recommend you cross-check to ensure the recipient information is correct when making foreign transfers. 

Wrapping Up

While your transactions can get delayed for any of the above-listed reasons, you can always stay steps ahead.

Once you notice a delay, have the necessary details like your invoice, transaction reference, sender or recipient details, and more. 

If you don’t have a reliable way of making the best international money transfers, open a Grey foreign account for free to make seamless cross-border transactions today. 

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How to start a successful dropshipping business in Kenya

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2 min read

Have you ever wondered what it takes to build a successful dropshipping business in Kenya? Or dreamed of owning your own business but aren't sure of where to begin? Let’s walk you through the essential steps and see how Grey can help you achieve success.

If you’re unfamiliar with the term dropshipping, it is an excellent option for entrepreneurs who want to start their businesses with little upfront investment. t is a great way to create your own business with little or almost no risk. 

Dropshipping is an order fulfilment strategy where a company doesn’t hold inventory of the goods it sells. Instead, the seller buys stock as required from a third party to fulfil orders, typically a wholesaler or manufacturer.

It is a business model in which e-commerce entrepreneurs sell products without carrying any inventory. 

The process usually involves the drop shipper creating a platform where they display products from other vendors who sell in large quantities; when an order comes on the drop shippers’ website or forum, the supplier ships the products directly to the customer’s door.

Eight steps needed to start a successful dropshipping business in Kenya

Different things are required to ensure your success when starting a dropshipping business, and here is a guide. 

1. Choose a niche

A niche refers to the specialised segment of the market for a particular kind of product or service. 

When choosing a niche, you must consider the product demand, knowledge, interest, and passion you have for the product. It is essential to pick something you are passionate about or like, as this could result in a successful business. 

2. Find your supplier for your business

Soon after you have found your niche, it’s essential to research and find suppliers for your products. There are many ways to find suppliers, but some of the most accessible platforms are Alibaba and AliExpress.

We mentioned these two because they offer a variety of products and suppliers, making it easy for anyone to find the products they are searching for. 

However, some things to consider while searching for suppliers are 

  • Product quality, such as the quality of the product, 
  • Shipping (Suppliers’ willingness to ship to your clients),
  • Product price. 
  • Supplier’s reputation: Before registering or communicating with suppliers on the mentioned platform, check supplier performance and review before proceeding to work with them.

3. Choose a platform

A few platforms are used for dropshipping: Magento, Shopify, WooCommerce, WIX, and many more. 

The most accessible platform to use for your dropshipping business is Shopify. It is easy to set up and has the features required to run a successful online store. If you’re using a WordPress website for your dropshipping needs, WooCommerce is an excellent option.   

Also read: 5 best e-commerce platforms for dropshipping

4. Set up your store.

Different platforms have different requirements. If you are using Shopify, the process is relatively straightforward. You can customise the store's appearance and feel using the Shopify themes, and you can add features using the Shopify app.

5. Add products to your platform.

This step requires you to add products to your platform. You can use the Oberlo app to add products from Alibaba and AliExpress to your store. This app automatically adds product images, descriptors, and prices to your store.

You can use the AliExpress plugin on other platforms to add products to your store. However, you will have to manually add the product images, descriptors, and prices to your store.

6. Set up delivery

Delivery can make or break your dropshipping business. To run a dropshipping business successfully, ensure you either work with trusted delivery agents or set up delivery if you are hosting on the Shopify shipping app, which could be pretty straightforward. You can choose various shipping options. 

Another way to ship is by using WooCommerce. With the WooCommerce shipping plugin, you can set up shipping for your store. Also, various shipping options offer free shipping to your customers. 

7. Setting up your payment system

This should be straightforward, based on your platform. However, if you use platforms such as Shopify, they have payment apps and getaways to set up your payment processor. 

With the introduction of Grey, you can create a payment getaway in Kenya, whereby you can receive and manage your well-earned profits, especially if your customers and suppliers come from outside Kenya.

With Grey, you can send money to any foreign account directly from your Grey account without any stress or hidden fees. 

8. Promote your dropshipping business.

Social media is the most effective way to promote your business in this digital age. Use Google, Instagram, and Facebook ads to generate traffic for your business. 

You can also use blogs and TikTok to generate traffic and sales, which will lead you to create a successful dropshipping business in Kenya.

Advantages of Starting a Dropshipping business in Kenya

Little or no capital 

Drop shipping has many advantages, but one of the biggest is that you can start with little or no upfront investment; all you need is a domain name and hosting if you choose this method, and you can launch your online store.

You can also read about other businesses that require little to no capital here .

It allows flexibility

Another great advantage of dropshipping is that it’s very flexible. You can run your business from anywhere worldwide, as long as you have an internet connection.

Kenya is a growing market

Kenya is a rapidly growing market with a young and vibrant population. And with a growing middle class, there is a massive opportunity for e-commerce entrepreneurs to tap into this market.

But starting a business in Kenya has its challenges. One of the biggest challenges is finding reliable suppliers.

So, if you’re looking for an excellent opportunity to start your own business, dropshipping might be the perfect option for you. 

Fortunately, a few dropshipping companies in Kenya can help you get started. These companies will source products for you and handle all the shipping and logistics. All you need to do is focus on marketing and selling your products.

Conclusion

By following these steps, you can set up and start a successful dropshipping business in Kenya and make money. However, since you will be making frequent payments, you will need a payment system that caters to your needs, and that’s where we come in. 

With Grey, you can open a foreign currency account to receive payments from anywhere in the world, make international payments or convert foreign currencies to Kenyan Shillings. Create your Grey account to get started today.

Business foreign currency account: How it works

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2 min read

A business can sell to customers in the US, work with suppliers in Europe and have employees or contractors in several other countries. The challenge comes when those payments start arriving in different currencies. A US client may want to pay in USD, for example, while the business operates in naira, euros or another local currency.

That is where a business foreign currency account becomes useful. It allows a company to receive and hold currencies such as USD, EUR, and GBP without automatically converting them into the local currency. This gives the business more control over when and how it converts its funds.

For eligible non-US businesses, some providers also offer real account details, such as a US routing and account number, after verification. This can allow a company to receive eligible US payments without setting up a traditional US bank account, making international collections easier to manage.

Also read: How non-residents open international bank accounts online

What is a business foreign currency account?

A business foreign currency account is an account that allows a company to receive, hold and manage money in currencies other than its home currency. For example, a business based in Nigeria could receive USD from a US client, keep the funds in dollars and convert them to naira when it suits the business, rather than converting the payment immediately.

These accounts can also provide local-style banking details for specific currencies or payment networks. Depending on the provider and country, a business may receive details such as a US routing and account number for receiving eligible USD payments. Availability, verification requirements and supported payment methods vary between providers.

Who needs a business foreign currency account?

It can be particularly useful for businesses that:

  • Work with international clients: Receive payments in the currency clients already use.
  • Sell to customers abroad: Collect foreign-currency payments without converting every transaction immediately.
  • Pay overseas suppliers or contractors: Hold funds in the currency needed for international expenses.
  • Operate across multiple markets: Manage money in several currencies without maintaining a traditional bank account in every country.
  • Want more control over conversion: Choose when to convert foreign currency instead of automatically converting incoming payments.

For international businesses, the main benefit is flexibility: receive foreign currency, hold it and use or convert it when needed.

Also read: Open a USD business account without a US address

Do you need a US company to receive US payments?

Not necessarily. The answer depends on what you are trying to do with the account. A business that wants to open a traditional US business bank account will usually need to establish a stronger US presence, while an account that provides US payment details can offer a simpler route for receiving certain payments.

When a US company makes sense

Setting up a US LLC, getting an EIN and opening a conventional US business bank account can give a foreign-owned business a more established presence in the US. It may be worth considering if you plan to operate in the US, work with local partners or need access to a wider range of US banking services.

There is, however, more to it than opening an account. Forming a company can bring registration, tax filings, reporting and ongoing compliance responsibilities, so it may be more than you need if all you want is a convenient way to receive payments.

The account-details route

There is another option for businesses that mainly need US banking details to get paid. Some financial platforms provide eligible non-US businesses with USD account details, including a US routing and account number, after verification.

For example, a Nigerian software company with US clients may not need to establish a US company simply to receive eligible USD payments. Instead, it could use US account details provided through a financial platform and receive payments without maintaining a traditional US bank account.

The important distinction is between needing a US company and simply needing a way to receive US payments.

Also read: Can non-residents open a US bank account online in 2026?

How to open a USD business account online

Opening a USD business account can give international companies a simpler way to receive, hold and manage dollar payments.

1. Sign up

Choose a provider that supports businesses in your country and complete the online registration with your company details and contact information.

2. Complete KYB or identity verification

The business will need to pass Know Your Business (KYB) checks. This can involve submitting registration documents, ownership details and information about what the company does.

3. Complete verification

Once the documents are submitted, the provider reviews the business information. Additional documents may be requested if anything needs clarification.

4. Open your USD balance

After approval, open a USD balance from the business account. This is where eligible dollar payments can be received and held.

5. Get your USD account details

The provider may issue USD account details, such as a US routing and account number, which can be shared with eligible clients for payments.

Fees, limits and eligibility: what to check before opening a USD business account

Before opening a USD business account, look beyond the headline features. The fees, transaction limits and country restrictions can determine whether the account actually works for your business and how much international payments will cost.

Deposit and conversion fees

International payments can come with fixed charges. Incoming international wires may cost around $10 to $25, while currency conversion markups can range from 0.5% to 3% above the interbank rate. Check both the stated fee and the exchange rate used.

Transfer and operational limits

A provider may place limits on how much a business can send or receive. Check the daily ACH transfer limit as well as the maximum for international outbound wires. This matters if your business handles large or frequent payments.

Country eligibility and compliance

Not every provider supports businesses in every country. Confirm that your company’s home jurisdiction is eligible before opening an account. You should also understand the KYB requirements and whether additional compliance checks may apply as your transaction activity grows.

Reading these terms upfront can prevent an account from becoming restrictive or unexpectedly expensive once your business starts using it regularly.

Opening a business foreign currency account with Grey

Running a business from outside the US does not mean US clients have to be difficult to pay. The bigger issue is often the banking setup: a company may want to receive USD but have no local bank account in the US.

Grey Business provides eligible businesses with access to USD accounts, eliminating the requirement for a US address. USD accounts are provided through Grey’s partner bank, Lead Bank, with US account details that can be used to receive eligible payments. Businesses can also access USDC which provides an additional option for receiving and managing digital-dollar funds.

Everything is handled online, including business verification, so there is no need to travel to the US just to open an account. Once approved, the business can access its supported balances and payment details from one platform.

For businesses working with international clients, this creates a simpler way to receive and manage money in the currencies they actually earn, without opening traditional bank accounts in multiple countries.

Frequently asked questions

Can a non-US business get a USD account?

Yes, eligible non-US businesses can access a USD business account without necessarily establishing a US company or having a US residential address. Availability depends on the business’s country, structure and verification status. Once approved, the account can provide USD payment details for receiving eligible payments from US clients.

Do I need an EIN?

Not necessarily. A US EIN is generally associated with US businesses, so a non-US company does not automatically need one simply to access a USD account. The provider will instead verify the business and may request company registration documents, ownership information and other details during the KYB process.

What details do I receive?

Once approved, eligible businesses can receive USD account details that may include a US routing number and account number. These details allow clients or business partners to send eligible USD payments through supported US payment rails, without requiring the business to maintain a traditional US bank account.

How long does approval take?

Approval typically takes 24–48 hours, provided all the required business information and documents are submitted correctly. Applications that require additional verification or compliance checks may take longer, so completing your KYB information accurately can help avoid unnecessary delays.

Can I receive payments from US clients?

Yes, eligible businesses can use their USD account details to receive supported payments from US clients and business partners. This can be useful for companies that earn revenue from the US but operate elsewhere. Payment eligibility can depend on the transaction type, sender and applicable account restrictions.

A guide to growing your freelancing business without a blog

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2 min read

We have spoken about freelancing so much that we think it’s high time to discuss growing your freelancing business.

First, whats freelancing? It is a form of employment where individuals provide client services on a project-by-project basis. Freelancers are self-employed independent workers who are not employed full-time by a company. They are highly skilled professionals who work on a contract basis for clients.

A freelancer can work remotely or on-site, depending on the project’s requirements. Among the most common freelance careers are writing, graphic design, web development, photography, consulting, and virtual assistance.

As a freelancer, you are responsible for finding clients, negotiating contracts, and managing your finances. This is why you need to find ways to grow your online presence and reach constantly. This post will show you strategies to grow your business as a freelancer without a blog.

How to Grow Your Freelancing Business

The ability to work from home and set their hours has made freelancing a popular career choice for many people. However, growing your freelancing business can be challenging, especially if you need to build your traffic from a blog.

Although blogs can be a valuable tool to attract clients and showcase your work, here are five other ways to achieve the same results

1. Network, network, network

For freelancers, networking is crucial, regardless of whether they have a blog. Become involved in local events, webinars, Twitter spaces, professional organizations, and local groups to meet other freelancers in your field. Developing relationships with potential clients and colleagues can lead to new business opportunities.

Attending conferences and events within your industry is also essential. This can be a great way to meet and network with new clients and learn about recent trends and opportunities. Look out for events in your area, or consider traveling to attend larger conferences. Be sure to bring plenty of business cards, your best self, and be prepared to discuss your services.

2. Utilize social media

People sometimes underestimate the power of social media. So instead of writing long articles, we recommend using social media to build a solid online presence. The first step is to pick a platform where you feel most comfortable showcasing your work. We recommend choosing between  Twitter, LinkedIn, or Instagram to post regularly and engage with your audience. Use relevant hashtags to increase your visibility, and consider running targeted ads to reach new clients.

3. Create a portfolio

The portfolio is an excellent way for potential clients to understand your work. Showcase your best work using platforms such as Behance or Dribbble. Include detailed case studies that explain your process and results.

4. Offer referral incentives.

It is well known that word of mouth is one of the most powerful marketing tools, so make it easy for your clients to share your information.

By offering referral incentives, you can encourage your existing clients to refer their friends and colleagues to you. Typically, this will be a discount or a small gift on their next project.

5. Leverage freelancing platforms.

Freelancing platforms such as Upwork and Fiverr can be excellent sources of new business. Create a profile highlighting your skills and experience, and begin bidding on relevant projects. While these platforms often have a lot of competition, they can be an excellent way to get your foot in the door and build your reputation.

Conclusion

While having a blog can help grow your freelance business, it’s not the only way to succeed. By being consistent and intentional with other platforms, you can get twice the traffic. We recommend building your online presence on social media and attending freelancing events to promote your business. You can also get more clients by checking out platforms where other freelancers get gigs.

Join our freelancing community to get more insights on how to scale your business and find the right clients. Subscribe to the Gig Economy here.

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