The USA remains the biggest economy in the world and with good reason. Not only is it an incredibly diverse economy, but it is also possible for almost anyone to start a business and achieve a slice of the American dream.
But, if you’re a foreigner looking to open a company in the U.S. then you need to be aware that it is more complicated than for a U.S. resident.
Here’s what you need to do:
Market Analysis
This is not strictly necessary but is good business practice. It involves looking at the market, specifically the sector you wish to trade in, and assessing whether there is a realistic opportunity for a successful business.
The State
You can choose any state to incorporate your business. You may have a preference based on the target market or previous trips. But, you should note that the rules can be different in each state.
This is why it’s advisable to speak to a specialist incorporation company based in the U.S.; they’ll be able to help you select the right state and even the most appropriate company form.
Management
To incorporate you’ll need to have shareholders that know how to buy shares and directors. It’s important to decide who these are going to be before you start the process of incorporation.
Shareholders and directors have rights; you need to consider who you are entrusting to these positions.
Document Preparation
Each state has its own requirements, hence why specialist help is invaluable. You’ll need to speak to them about the requirements for the state you plan to register in.
This is also a good time to verify visa status. You may need a working visa to establish the company, especially if you’re planning on trading from the U.S.
It is also important to consider what staffing you are intending to have or may need. This may be relevant to your company registration.
Once you know what document s you need you’ll be able to get them all together and submit them. Pay particular attention to when originals need to be submitted as opposed to copies.
The company can be registered in more than one state at this time but you must note that it is a non-resident U.S. company.
Get Legal
You should now be able to get your federal employer identification number, tax identification number, and any other relevant licenses.
You’ll also need to file a BE-13 Survey with the US Bureau of Economic Statistics.
Banking Facilities
Once you have all the relevant ID numbers you’ll be able to open a business bank account. Of course, it will need to be in the name of your business and you may have to submit some funds to get the ball rolling.
At this stage, you can also apply for a residence visa if you need to.
Start Trading
You’re now legally registered and ready to trade. That means you need to find your business premises and any staff. The sooner you get this organized the quicker you’ll be able to start making a profit!