Today, residency and citizenship are no longer requirements when opening a business in America. Non-US citizens and non-residents are similarly just as welcome as natural-born Americans to start up a business venture. Let’s review some tips in expanding a business in the United States.
While some businesses can operate remotely across oceans, so can filings and registrations. There are 3rd party entities that specialize in proxying for company founders and owners when registering their businesses in the states. You don’t exactly need to book a ticket and fly to the U.S. as these parties are knowledgeable in completing your registration.
To Incorporate or Not
Though there are some disadvantages such as mandatory annual fees and meetings, state filings, and costly sole proprietorship, listing a corporation also pays off in many ways.
Corporation, from the Latin word ‘corpus’ meaning body, is a registered legal entity that has continued existence. When a company is incorporated, it will not be affected by the death of its owners, officers, shareholders and instead will simply have its ownership transferred. Other enjoyable advantages are:
- Having lower income tax rates.
- Limited liability for shareholders, which means that they are not made responsible for debts and obligations for that matter Offsetting profits in the following year with the previous year’s losses
- Increased consumer trust and credibility as the abbreviations LLC or Inc. are added to your company’s name. American consumers are more likely to patronage U.S. companies over foreign businesses
Choose an Incorporation Friendly State
Delaware is popularly known as the most recommended for foreign-owned firms and enterprises that want to grow big, expanding to different states. Delaware doesn’t require owners to reside in itself, does not have state sales tax, hosts flexible statutes, and needs a little franchise tax for small businesses.
You must have an agent residing in Delaware (for this example) and be present during office hours. With this, you can have your agent’s physical, legal address registered to receive documents, statements, reports.
If you want to try your luck in the United States, we’ve listed some tips above. Given the capital and the skills, you can do it.