How to open a business in the United States as a foreigner remotely

6 reasons to open a business in the United States as a foreigner

✅ Banking structure. This is an inexpensive bank account service, a stable currency, and fast transfers to almost any country. Banking in the U.S. isn't perfect, but there are a lot of pros to it. Most digital banking products, along with credit cards, operate outside of the United States.

✅ Fees. In some countries, setting up a new company can cost thousands of government, legal, notary, and other fees, as well as annual permit renewal fees, company change fees. For example, to open a travel agency in Spain, a start-up company must pay a fee of €140,000 for registration and then pay a security deposit of €180,000. The U.S. is a country where registering and renewing a business permit is financially and legally very affordable.

✅ Reputation. You can provide high-quality services, but you will constantly lose some potential customers due to the fact that you are registered in the wrong country. By working through an LLC, you will gain the trust inherent in an American business.

✅ Payment process. You'll get access to a cheap, reliable, and easy-to-integrate payment processing system. For example, Stripe, which is considered by many to be the gold standard for payment processing.

✅ Easy to operate. In some countries, company owners spend an incredible amount of time on paperwork. If you live in a country where English is not your first language, paperwork in another language can be a real challenge.

If you are neither a resident nor a citizen, operating a U.S. LLC in a state like Wyoming is unlikely to spend more than one or two days a year.

In a simple management scenario of a Wyoming LLC, the annual requirements would look something like this:

• submission of an annual compliance report;
• renewal of the registered agent service;
• Filing Form 5472 with the cover page of Form 1120.

Some registered agents take on this job. Then the renewal, maintenance, filing of the annual report is simply included in the payment of their bill in the region of $500. Forms 5472 and 1120 will require some input from you, but it will probably be no more than 30 minutes if you do it with the help of your agent, and if you've been keeping accounting records for a year.

✅ Taxes. Registering an LLC business in the United States can prove to be beneficial. When operating as an "exempt entity" without any "effectively related income", there is little to no tax at the company level. Instead, it must be paid on a personal level. Legally permissible deductions can also be an advantage. An LLC gives them many benefits by reducing their tax burden.

Remember: there is no one-size-fits-all rule when it comes to taxes. Therefore, if you are planning to use a U.S. LLC and do not fully understand the tax implications, get professional advice.

Corporation vs LLC: Which Is Better for a Foreigner?

Generally, foreign nationals and foreign companies register their business in the U.S. as an LLC or C-Corp. This is because none of these types of entities have a limit on the number of foreign owners. Partnerships and sole proprietorships are not popular because they do not limit the liability of owners in the same way as a C-Corp or LLC.

If you're a sole proprietor or a small business owner, then an LLC, i.e., a Limited Liability Company, is probably the best fit. But, if you are planning to look for investment capital, you should give preference to a C corporation formed in Delaware. This form of registration is especially popular among startups looking for venture capital.

What is the best state to register an LLC for an online business?

If you turn to specialists, you will find that most often they register companies for their clients in only two states - these are Delaware and Wyoming. They are by far a leader for online businesses, and they are also suitable for almost all other activities.

Delaware and Wyoming are chosen because they:

• require minimal funding;
• do not have income tax (unless they do business in the state in which they are registered);
• Do not have sales tax (unless you do business in the same state).

Delaware is suitable for companies that attract investors. This is due to the state's legal system. The laws are very business-friendly. Although there is no income tax in Delaware, there is a "franchise tax" of $300 per year (flat fee).

Wyoming is chosen by small companies. Whether you're working alone or with multiple partners, this state is the best choice. Wyoming is cheaper to register and operate than Delaware. Less paperwork is required here, so we will look at how to open a U.S. LLC business in Wyoming in this article.

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