No doubt, starting a business in the biggest economy of the world offers a wide range of advantages. But, how to start a business in the USA? In order to get the best possible answer to this question, you must continue reading this article.
Type of Business Structure
Before starting your business in the USA, you should decide as to what type of company you want to establish. In most of the cases, startups prefer Limited liability Company (LLC). This type of structure is quite popular in the USA, as it doesn’t require citizenship to start such a company. By choosing a suitable company structure, it would be possible for you to comply with some other legal obligations.
Choose a State
You need to select a specific location to start your business in the USA. This is essential, as there are numerous businesses which are booming in specific states. This means you must consider all the factors that can help you start your business and run it successfully in a particular state. You must choose a location, which offers favorable conditions for the growth of your business.
Don’t Forget to Designate a Registered Agent
In most of the cases, overseas business owners are not present in the U.S.A at the time of starting a business. In this scenario, they need to designate an agent who will receive the essential documents on behalf of the owner. After receiving the documents, your registered agent will mail them to the address of your home country.
Obtaining an EIN
Irrespective of the fact that whether you are US national or belong to any other country, you need to obtain the Employer Identification Number (EIN). This number is necessary to identify a business entity. You can’t operate your business in the US unless you have received the EIN.
In addition, you also need EIN to open a bank account, hire employees and pay taxes. The process of applying for this number is quite simple and the procedure is similar for both US citizens and individuals that belong to another country.
Open a Bank Account
It may not appear to be challenging, yet it is the most difficult part of starting a business in the USA. This is so, as you can’t open a bank account in the USA without visiting this country. For this purpose, you need to apply for a visa and if it is granted, you can come to the USA for opening a bank account. Apart from this, you can also get the assistance of other fintech options like PayPal or Skrill, if the type of your business allows you to do so.
American Mailing Address
Another essential procedural element of starting a business in the USA is obtaining the American mailing address. In fact, you don’t need to rent a specific building in the US and designate it as the office for your business. However, you need a proper mailing address, where you can receive the necessary documents. You can use the address of your designated agent or any other viable option for this purpose.