I have the following needs for which i want to open a non-resident banking account in the US
. I want to know the tax
implications on my US bank account if i do so.
Need 1: I am working in India and i get money by providing Freelancing software
development services to a company in the US. Every time i'm paid, i end up paying hefty conversion fee to my bank in India. Also, the money transfer process via cheques takes a lot of time. Having a US bank account that i can operate online or via ATM card will help me.
Need 2: Money transfer from Crowdfunding campaign to a bank account.
I am running a crowdfunding program and soon, i will have my project funded (in USD). I will then need to transfer that money to a bank account. I will then use that money to pay manufacturers in the USA, China etc, to build my product. Now, rather than getting the money to India (paying conversion fee), and then again converting it to USD or YUAN etc (another fee), i'd rather deposit the USD's from the crowdfunding website in the US bank account and use that account to pay everyone.
If i use a US bank account (for non-resident), am i liable for any tax in the US? In Need 1: I am earning via providing services from India but i am working for a US business. In Need 2: I use the account to pay manufacturers in the US and internationally.