Starting Up A Company In The USA

5 replies
Hi Guys,

I'm a non US national, living outside the USA who does most of his online business in US Dollars.

I am forever converting between currencies and losing money when I cash commission cheques in bank charges and the like.

I want to start a company in the USA so I can get payments direct into my business bank account.

Does anyone have any advice or tips on how to do this, i.e. costs, tax implications, best state (I hear Nevada and Delaware are popular) and so on?

Your help is much appreciated.

Jason
#company #starting #usa
  • Profile picture of the author mosthost
    Originally Posted by Jason Johns View Post

    Hi Guys,

    I'm a non US national, living outside the USA who does most of his online business in US Dollars.

    I am forever converting between currencies and losing money when I cash commission cheques in bank charges and the like.

    I want to start a company in the USA so I can get payments direct into my business bank account.

    Does anyone have any advice or tips on how to do this, i.e. costs, tax implications, best state (I hear Nevada and Delaware are popular) and so on?

    Your help is much appreciated.

    Jason
    Really it's not too difficult. Like you said, you can incorporate a Deleware corporation pretty easily. Then you get a EIN which can be used to formalize the business operations.

    I'm not sure how difficult it is to get a bank account, but I assume it's relatively easy these days.
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    • Profile picture of the author Rukshan
      Originally Posted by mosthost View Post

      Really it's not too difficult. Like you said, you can incorporate a Deleware corporation pretty easily. Then you get a EIN which can be used to formalize the business operations.

      I'm not sure how difficult it is to get a bank account, but I assume it's relatively easy these days.
      Getting a USA bank account is the difficult part. Most of time, you need to visit USA to obtain a bank account.
      I have seen agents who provides these kind of service. There is a WSO too.
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  • Profile picture of the author Mbullard
    You might want to try INGDirect for a savings account. They are all online. Not sure if they need US address.
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  • Profile picture of the author milla04
    Hey Jason Johns,

    I live in London UK, its tough if you plan to do it yourself, but not impossible at all. They best way I did it, I formed a business entity in the US, in a certain state like New Mexico where annual tax is waved, no annual fees. Once you have completed that get yourself an EIN number, and start contacting banks within the US. The banks ask for a bank statement or validation you have an account from your home country i.e lloyds or Natwest, whomever you are with. This just proofs if anything goes wrong with your account i.e fraud. They can contact your bank in the UK.

    As i said this can be done, as i have opened an account within the US. However regarding taxs in the UK, you still would need to file in the US and Uk, but depending on the state i.e if tax is waved the IRS will just bill you for "nothing," but if another state you will have to pay whatever the cost maybe. You would also need to put all the money made in the US on your self assessment form in the foreign section. The good news is you will not be doubled tax as the UK has a treaty with the US. So this goes back to my first point, if you incorporate a business in a state where tax is waved, you will just need to pay an accountant in the US to file for you.

    That said, I am not an accountant or solicitor you should always get professional advice, but I have studied this topic immensely.

    BTW: Nevada and Delaware both require you to pay an annual minimum fee of $250 + registered agent (R.A) fee between $50-$99 per year, which can be a pain. But NM you dont pay anything apart for the R.A fee which you can find companies that will change $150 for 5 years
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  • Profile picture of the author Jason Johns
    Thank you everyone for your advice and tips - will go check out New Mexico, didn't realise about that. Will look in to it in more depth and see what i can find!

    thanks again for your help

    Jason
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