When starting a business in the US, non-residents will need to go through much the same process as residents. However, for non-US citizens, starting a company in the states comes with a range of additional complications. For the majority of non-residents, getting visas, dealing with international tax laws, and opening a US bank account are the main things which will cause additional complications. Each of these topics can be very complicated, therefore it’s important to have a thorough understanding of each one before you begin setting up a US business. We’ve outlined the crucial steps that you will need to take before launching a business in the US as a non-resident.
Determination
The first stage of starting a business in the US as a non-resident is known as the determination stage. This stage is where you will determine exactly what you want to do, where and how you want to do it, how much it will cost and whether or not you have the budget available for it. It is in this stage where you will put together your business plan and determine which licenses and permits you will need for it. It’s also during this stage where you should determine your need for visas and other immigration needs, something that Hirson Immigration, and an EB5 Lawyer Los Angeles, can help with.
Planning
Once you have determined what it is that you need when it comes to business plans, permits, and immigration, it’s time to start putting the plan together. During this stage, you will mainly determine a range of practical matters, for example the name of your company, the type of company, e.g. a limited liability company or a corporation, and which state to incorporate and register in. During this stage, you should also determine the capitalization of the company and the capital contribution of each shareholder. You should also put together plans for the management of the company, determining shareholders, officers and directors and their respective roles.
Action
Finally, once you have the planning stage finalized, the action stage should run smoothly. During this stage, you will ideally have finalized all immigration documents and will have obtained the necessary licensing, funding, and more to start your business in the US. During this stage you will form the company, register it in as many states as needed, and obtain a federal Employer Identification Number. Once you get to this stage, you should be able to open a US business bank account and find a physical location for your company such as an office or warehouse space. Once set up, you will need to hold an organizational meeting where you will issue shares to shareholders, appoint officers and directors, and take any other necessary action.
As a non-resident of the US, it’s possible to start a US business. But, the process can be one that is very lengthy and at times complicated. Understanding the different stages of immigrating to the US in order to start a business is essential to ensure everything runs smoothly.
