Setting Up Your Business Bank Account

Overview

Opening a business bank account is a critical step in your company formation, separating personal and business finances. StartGlobal partners with Mercury and RelayFi to provide you with streamlined bank account setup. This guide walks you through selecting a banking partner, completing the application, handling any issues, and confirming your account is approved.

Before You Begin

1. Navigate to the Bank Account Step

1. What to do: From the sidebar, click "HOME", then locate the formation progress stepper and click on the "Bank Account" step.

2. What you will see

   The step will be highlighted in blue if it is your current step. Previous steps will show green checkmarks.

2. Understand the Bank Account Views

Your bank account setup will display one of the following views:

Not Started (NotStarted)

1. What to do: Review the introduction explaining the bank account setup process, then click "Continue" to proceed.

2. What you will see

   An introductory screen outlining the benefits of opening a business bank account through StartGlobal's banking partners.

Choose Your Banking Partner (Initial)

1. What to do: Select either Mercury or RelayFi as your banking partner by clicking on the corresponding option.

2. What you will see

   Cards or options for each banking partner with details about their features and benefits.

Complete Setup on Partner Site (Registered)

1. What to do: Click the button to continue your application on the banking partner's website.

2. What you will see

   A toast notification reading "Redirecting to {partnerName}..." will appear, and a new browser tab will open with the partner's application form. Complete the application on their site, then return to StartGlobal.

Verifying (Processing)

1. What to do: No action is needed. Wait for the banking partner to process your application.

2. What you will see

   A processing indicator showing that your bank account application is being reviewed by the partner.

Issues Detected (NeedsAttention)

1. What to do: Review the issue details displayed on screen and take the recommended action.

2. What you will see

   Information about what needs to be addressed before your bank account can be approved.

Mercury Appeal (Appeal)

If your Mercury application was not initially approved, you can submit an appeal.

1. What to do: Fill in the appeal form with the following fields:

   • Personal Website -- Your personal website URL (if applicable).
   • LinkedIn -- Your LinkedIn profile URL.
   • Company Website -- Your company's website URL.

2. What to do: Click the "Submit" button after completing the form.

3. What you will see

   A toast notification reading "Appeal submitted successfully!" confirming your appeal has been sent.

Completed

1. What to do: Review your bank account details and proceed to the final step.

2. What you will see

   A confirmation that your bank account has been approved, along with a toast notification reading "Excellent! Your bank account status has been updated to approved."

Error

1. What to do: Review the error message and contact support if needed.

2. What you will see

   A notification explaining what went wrong during the bank account setup.

3. Select a Banking Partner

1. What to do: On the partner selection screen, review the options and click on either Mercury or RelayFi.

2. What you will see

   The selected partner will be highlighted, and you will be guided to proceed with their application.

4. Complete the Partner Application

1. What to do: Follow the redirect to your chosen banking partner's website and fill out their application form.

2. What you will see

   The partner's own application interface. You will need to provide business details, personal identification, and other required information.

3. What to do: After completing the application, return to the StartGlobal dashboard.

4. What you will see

   The status will update to Verifying as the partner reviews your application.

5. Submit an Appeal (Mercury Only, If Needed)

1. What to do: If your Mercury application was declined, navigate to the Bank Account step where the Appeal form will be displayed.

2. What to do: Enter your Personal Website, LinkedIn profile, and Company Website in the provided fields.

3. What to do: Click "Submit".

4. What you will see

   A toast notification confirming "Appeal submitted successfully!"

What Happens Next

• Once your bank account is approved, the Bank Account step will show a green checkmark, and you will be able to proceed to the Final Step of your formation process.
• Your banking partner will also send you direct communications with instructions for accessing and using your new business bank account.