An ITIN number allows undocumented immigrants with no SSN to file tax returns to comply with federal and state laws. These foreign aliens can create a business entity to earn income in the US and receive business licenses with an ITIN number.
To do your small business to be thriving, you need to have an ITIN.
In addition, some lenders accept the ITIN number of foreign aliens who do not have SSN, so you can help your business grow with the help of a loan.
Benefits of Having an ITIN
- You can pay taxes
It is necessary to have an ITIN to file tax returns. Without an ITIN, you can not file your tax return. Without your tax return, you will face serious penalties.
2. You can open a bank account
Not all, but some states allow you to open a bank account with an ITIN number. In this way, you can benefit from the advantages of an account, such as saving and starting a business.
3. You can build a credit history
With an ITIN number, you can apply for loans and credit cards. This helps you to establish a credit story that will benefit you in the future.
You can also apply with an ITIN for a mortgage loan and ultimately comply with some laws of the United States.
4. You can apply for a business loan
Most lenders will require Social Security Number (SSN) when you apply for a business loan. However, some accept only an ITIN number to provide business loans.
A business loan can help you grow your business and empower you to keep building generational wealth for your family.