The process for opening a bank account in the United States is not significantly different from other Organization for Economic Co-operation and Development countries’ governmental requirements.

Most of the banks in the U.S. will require a bit more information from a Turkish client than would be requested of a U.S. company. Such information includes Patriot Act validation (OFAC), AML documentation, W-8 tax forms, information documenting the purpose of the account and evidence of the source of funds. A referral from a Turkish bank can also be helpful, as can a valid U.S. address for the account.

There are several financing options available to Turkish small and medium enterprises (SME’s) that are investing in U.S. SME-produced capital goods and services. Medium-term financing is available for up to seven years with U.S. Export-Import Bank support. This can be the least expensive way to finance U.S. equipment purchases.

Goods that can be financed medium-term include machines and equipment (new or used) and services that can be capitalized. Borrower benefits include low interest rates and flexible terms:

• Payment terms of up to seven years for end users.
• No need for collateral, semi-annual repayments and a grace period of up to 18 months.

Obtaining such financing will require that you provide the last three years of financial statements, project information, business activities and credit references. The financial information must be audited if the financing request is $1 million USD or more.

Source: This information was taken, with permission, from a presentation given by Alan Andrews, Vice President, Global Trade, PNC Bank.