Nope. You can set up a bank account in another state. However, there are things to keep in mind when setting up the account.
Banks will not allow you to open a business account without first having your Articles of Incorporation. If you’re fortunate enough to live in a state where you can incorporate online, then you can usually print out the Articles immediately and bring them with you to the bank. Otherwise, you might need to wait a few days. In addition, banks will require you to have an Employer Identification Number (EIN), which you can obtain immediately online by going toIRS site.
Each person authorized to access and use the account will be required to execute a signature card. Co-signatories who reside in separate states will need to sign in order to be an account holder, so some coordination is involved unless you are all present in the same branch when opening the account.
Finally, no one under the age of 18 will be permitted to open a business account without an adult. A minor can be a joint account owner, but will not be able to open an account on their own.
Feel free to check outfor help with your c-corp and banking issues. Our legal platform is full of skilled business attorneys that will save you time and expenses in the long run. Also message me directly if I can answer any further questions you have about establishing a business bank account or your company’s formation.