Outsider In US? 7 Scalable Steps That Ensure Your Business’s Success
Working under the supervision of a boss is really not a cup of coffee for people with entrepreneurship strings in their blood and head. Last decade itself has been a witness to many such cases where people gave up their highly-paid jobs to start a small firm with minimal profit margin or even losses for months and years.
The above cadre of people was only second to those who did not even take up any job because of the business ideas crawling through their minds. Now, not everybody who wants to set up a business is fortunate enough to get birth in the US. The United States of America is the favorite market for countless individuals across the world to launch and run their business into. Are you one of those many who see the brightest future of your business in this country? If yes then this post is definitely for you and many more like you.
As you will scroll down the page you will go through the smartest things you should know to start and succeed business in the US.
Roadmap to start a successful business- for Non-US entrepreneurs
Foreigners in the US have succeeded in past and they will continue to do so in future as well. This can be the most motivating fact for every outsider who comes here with a business perspective. Zenith of your zeal clubbed with strong presentation skills can take you to places.
1.Establish your qualification-No matter you are a US citizen or not you can still run a venture here, provided you are acquainted with legal requirements and you fulfill them too.
Find a proficient business lawyer who can guide you throughout for complying with the legal necessities of the state.
2.Decide on the type of business– By type of business what we mean is the structure of your business you would like to have. The vitality of this step can be understood from the influences it has got on day-to-day business operations, taxes and risk to which your personal assets are exposed to.
According to reputed lawyers and tax advisers, most of the foreign nationals are attracted towards C Corporation. Despite the fact that foreign business owners have to pay the taxes twice, first at the corporate level followed by dividends to shareholders, this structure remains the priority of the non-US investors. The most alluring reason behind it is that the structure shields them from the scrutiny of direct IRS.
Your business goals and structure of your business, however, should be in sync.
3.From where to start– After ascertaining which kind of business structure is apt for you between LLC and C Corporation you should be looking forward to finding the most viable state to do so. State that possesses favorable conditions for forming your LLC or C Corporation in Wyoming. Why you should also consider Wyoming for setting up your business can be best explained as:
- It does not require US citizenship
- Laws here are more foreigner-friendly than other states
- Comparatively inexpensive annual report fee
- There are no state, personal, corporate or capital gain taxes
- Non-nationals can enjoy more privacy here
At the same time it is important to know that when a company flourishes in more than one state of US, it needs to complete the process of registration which is known as Foreign Qualification.
4.Registering your business- The rules of company registration may vary from state to state. This is the most simplified version though but is applicable for many states of the country.
After owners are done with the exercise of choosing a name for their business, they ought to find themselves a registered agent. Now he will be the person who will receive the legal documents and other important papers on your business’s behalf.
This person should not provide P.O but a physical address to receive your documents. In other words, it is a service that ensures you do not miss on important docs related to the lawsuit.
The registered agent should know that since his address will be public, it will be easily searchable. Simultaneously he should be available at the physical address provided during business hours. Needless to say, the concerned authority should be abreast with the address update following any change in address.
Post completing the above formalities, entrepreneurs need to register the business. It takes a lot of patience and time for doing it on your own, for those who don’t want to go through a complicated and lengthy procedure, availing business lawyer’s assistance is a paid shortcut.
5.Apply for employer identification number-This is another important prerequisite for setting up a business in States. Obtaining this will help the owners not only in hiring resources but for opening a bank account, tax payments and obtaining a business license. Employer identification number is synonymously known as tax ID number.
This is as important for your business as social security number is to every American individual.
6.Open a merchant account- Americans are known to deal maximum times in plastic money. Accepting card payments is a preamble to growth and success of your business in the US. After you have obtained EIN you can apply for a merchant account too.
7.Acquire US Phone number- You can choose between a voice number and a Skype number. But the best thing to do is have both of them for establishing better connect with US prospects and other stakeholders.
At the end of the day, it is your preparedness, pro-activeness and pragmatic approach that can ensure your US business to thrive.