Recently our bank has received an application for an account opening from one of our "bigger" business customers, with many accounts and quite a bit of money with our institution. The application is to open an account for a company based in Turks&Caicos, however they did apply for and receive a EIN through the IRS. Where the customer has a lot of clout, there is a strong push from executive management to open the account.
Within the Articles of Organization that they submitted, it states that "The Company appoints John Doe, whose address is xx xx Phoenix Arizona, as its initial statutory agenty to receive service of legal process in the United States of America." (I replaced the real information for obvious purposes) In an email conversation with the CFO of the company that is opening the account he stated "the business will not be registered in any state in the US."
In my research of this topic, as this is the only foreign based account we've ever run across, it is my understanding that this company needs to be registered with the state of Arizona in order to comply with Federal Regulations. I wanted to pose this to the forum to see if anyone can either confirm or deny this, and if anyone has any additional guidance I would be MORE than appreciative.
I am just a BSA "baby", and have only been on the job since May, with minimal to zero training, taking over for someone who retired after 37 years. Please help me out! SOS!
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