Are you looking to start a business in the United States ? If you are a foreigner interested in accessing America’s open market, business economy, and high quality of life, you are not alone.
For its overall competitiveness, the United States consistently ranks among the best internationally for that reason. With the right resources and knowledge which we provide here at Nairalanceblog, you can have the success you’ve always dreamed of.
While it is highly recommended that you get assistance from someone who has more knowledge and experience in starting or expanding a business in the United States, the following steps will help you familiarize yourself with what to expect.
How to start a company in the US as a foreigner
Here are 5 steps, taken directly from the United States SBA (Small Business Administration) , that you will need to complete to create a business in that country as a foreigner:
• Structure your company in the USA .
One of the important steps in starting a business in the United States is determining how to structure it. The entity selected will determine liability, taxes, financing, and record keeping. You can operate your business as a sole proprietorship, LLC, Corporation, partnership, or S Corporation.
• Get a business bank account in the United States.
To open a business bank account in the US as a foreigner, you will need a tax identification number and a government-issued document that includes a photograph. You may also need to provide proof of your incorporation, the US business address, and something else.
• Understand American taxes.
All foreign nationals who generate business income in the United States must file and pay state and federal taxes. According to the SBA, you will have to pay regular US corporate rates, but only on US source income related to that business, and a different percentage on non-business related income.
• Create an online retail presence .
• Get financing .
Having access to capital is important to all small business growth, especially if you want to be successful in the United States market. While foreigners can acquire capital through financing, banks are often stricter in their eligibility requirements.
Expanding your company internationally is not an easy task; For the United States market, patience and a thorough understanding of these steps is required.