How to apply
After clicking the "Get Started" button, applicants will be required to provide their security number (SSN), a US address, and a US cell phone number. When completing their application, the clientele will need to attach other documents depending on their business program.
Requirements
To apply for a service, you must have a copy of your signed personal identification, a phone number, a Social Security number, and a US address. The minimum age for applying is 18 years old. Other conditions depend on your business type.
If you apply for an account as a Sole Proprietorship, generally, no documents will be required. Nevertheless, you may need a copy of your ID, utility bill, mortgage/lease to prove your address, DBA certificate, and an SSN.
To apply for an account as a limited liability company (LLC), it is necessary that your business has been registered within the state and that you have a person's name and a signature on the documents. In addition, clientele should take into account that an Operating Agreement and Articles of Organization may be required to accomplish the application process.
If you apply for a Partnership, you may need to have all partners sign the application if they own more than 25% of the business. Furthermore, you may be requested a Certificate of Partnership and a Partnership agreement.
If you are applying as a corporation, your documents will be searched on the state's Secretary of State's website. They are all to be registered within the state with your name and a signature on them as well. Also, you should have with you articles of Incorporation and Company Bylaws.
Application details
To apply for an account, you will need to be a permanent resident of the US, have your business located in the US, and be able to provide a valid mailing address within the US and your Social Security Number. Usually, the application period takes from 3 to 5 days.
Reasons for rejection
Even though the process of applying for Nova services is commonly very smooth, there are still some tangible points and significant conditions you should take into account while applying for Nova services.
Complex business structure. One of the common reasons an application may be denied is due to the business having a complicated ownership structure. Regrettably, Novo is unable to support Series LLCs.
Previous closure or obligations. If your checking account was closed by another financial institution, your application might be rejected if it is confirmed that you were repeatedly spending more than your account balance or not paying off negative balances. Your account may also be declined if you have been attempting to open a high number of accounts within the previous year.
Business is out of scope for accounts. Your application may be rejected if your business is confirmed to be illegal.
Note that all submitted applications Novo keeps for up to five years.
