non-EU Business order not possible (Business name field missing but required)

I am using the EU taxation option in Commerce (“European Union VAT Rates“). A user reported that they were unable to buy as a business and I am able to replicate that easily.

If I select “Business“ order from Germany I see this:

But if I switch the country field to a non-EU country (e.g. USA), the Business Name field is removed from the form, yet it remains required and so ordering becomes impossible.