Ireland is a popular incorporation jurisdiction for founders targeting European markets, and many Irish private limited companies trade globally with the US dollar as a primary currency. This guide explains where non-resident founders meet friction and how to prepare for a USD account.
Why Irish companies need a USD account
Holding US dollars in the company's own name avoids converting every inbound dollar payment to euro, simplifies payments to US suppliers and keeps multi-currency records clear for the company's accountants.
Why applications can be difficult for non-resident founders
- Long reviews: Applications from companies with non-resident directors at major Irish banks can take many weeks.
- In-person verification: Some banks expect a director or signatory to visit a branch.
- EEA-resident director rules: Irish company law generally requires at least one EEA-resident director, or an insurance bond under Section 137 of the Companies Act 2014, or a Revenue certificate of real and continuous economic link.
- UK directors after Brexit: A UK-resident director no longer satisfies the EEA-residence requirement, so many companies with UK founders need to address Section 137.
Documents you should expect to provide
- 1Certificate of Incorporation and constitution from the Companies Registration Office
- 2Register of Beneficial Owners filing confirmation
- 3Government-issued photo ID and proof of residential address for every director, shareholder and beneficial owner
- 4A board resolution authorizing the account and naming the signatories
- 5A specific business description covering what the company sells, its customers and how money moves in and out
How to prepare
- Download your CRO documents. Confirm your Register of Beneficial Owners filing is current.
- Address director residency early. If no director is EEA-resident, arrange the Section 137 bond or certificate before applying.
- Prepare identity documents for every individual. Collect passports and recent proof of address for each director, shareholder and beneficial owner.
Frequently asked questions
Can an Irish LTD without an EEA-resident director open a USD account?
It may be possible once the Section 137 requirement is satisfied, but provider requirements differ. Confirm with each provider.
Do I need to visit Ireland to open a business account?
Some banks require it and some providers offer remote verification. Ask each provider before you apply.
Questions to ask any provider
Whichever bank or financial technology provider you consider, ask for written answers to the same questions so you can compare like with like:
- Who holds the account? Identify the institution named in the account agreement and how deposits held there are protected.
- Which payments are supported? Confirm inbound and outbound ACH, domestic wires and international wires, plus any limits or restricted countries.
- What does it cost in total? Ask for setup, monthly, per-transaction and currency-conversion charges in one written schedule.
- How is onboarding completed? Confirm whether verification can be completed remotely and which documents must be certified, apostilled or translated.
- What happens after approval? Ask how often the provider refreshes due diligence and what information it may request later.
This guide is general information for business owners. It is not legal, tax or financial advice and does not describe the products, terms or eligibility requirements of any specific provider. Requirements change, so confirm current rules with your registered agent, accountant or adviser and with the provider you choose.