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Why wouldn't they? They'd probably just use the business tin as the taxable account owner and then their real foreign passport as the UBO for KYC. If they can't do that it would surely break the wheels of industry as foreign owned US businesses need US bank accounts.

IIRC banks need a ITIN or SSN + passport or ID of the UBO

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Documented immigrants will get a ITIN and/or EIN.

Undocumented immigrants are far more likely to go the... undocumented route.

Undocumented immigrants can get an ITIN, and many do. A lot of the time the ITIN will be used where it's allowed (opening bank accounts) and a counterfeit social security card where it's not (applying for employment).

Wouldn't that, by definition, turn them from undocumented to documented?

I guess in a pedantic manner, but then they were always documented, since their country of origin knew who they are.

In terms of immigration, undocumented typically means you don't currently have a valid visa or residency permit. In that case no, they would still be undocumented, since the ITIN doesn't grant them either.

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