The United States is a great, exciting place to live. It’s packed with opportunity and has the most progressive tax laws in the world. Unfortunately, for those of you who want to be successful without becoming an American citizen, there are some hoops that you need to jump through first. Your first priority, as a non-US citizen, should be to set up an LLC. This will allow you to forever offset your tax liability for US taxes.
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Here are five things non-US citizens must do to set up an LLC:
1. Open a US bank account
If you don’t already have one, you’re going to need a US bank account. This is the only way the IRS will recognize your business as separate from your personal finances. It’s also the only way that you can receive payments for your goods and services.
Opening a US bank account is easy, and no previous US banking history is needed. You can do it pretty much anywhere in the world, and in most cases, you’ll only need to provide an affidavit in addition to your passport and a couple of official documents.
2. Get an EIN
You don’t have to get one, but it’s best to do so. Your EIN is your social security number for your business. You can either get one yourself or have it applied for you through the local IRS office.
The EIN is an official government number that the IRS will use when filing your tax returns in US dollars. You can also use it when filing your business incorporation documents.
3. Register your business name and trademark
This is especially important if you’re going to be selling your products and services in the US. You don’t want to run the risk of someone stealing your concept and making millions off of it.
You’ll need to register your trademark in both the US and any other country where you plan to sell your products or services. Start with the US Patent and Trademark Office. Your trademark is essentially your brand.
4. Choose a location
If you’re selling your products or services in the US, you have to have a physical address. However, many non-US citizens choose to incorporate their businesses in New York because it has highly flexible corporate laws and a very convenient tax rate.
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5. Get a mailing address
The IRS requires all business documents to be sent to a physical address within the United States. If you choose a New York City address, mail will be forwarded directly to your business’s main office, eliminating the need for an additional mailing address.
A mailing address is the only way you can be notified of important matters regarding your business, such as payments, bills, and tax documents.
Take all of the above into consideration when setting up a us llc for non-us residents. You’ll need to make sure that you do everything by the book. Otherwise, you’ll unnecessarily put your business at risk.
It’s vital to understand that setting up an LLC isn’t very difficult. It doesn’t matter if you’re a foreigner or not; you can quickly set up your LLC without much work at all. The most important thing is to be aware of how your us company incorporation will function and what you need to do to be successful.