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Start your business in United States in 2021

  

Hello welcome guy,

Are you interested in starting abusiness in the USA as a noncitizen? Then you are in the right place. I'mimmigration attorney Ili Subhan. Recipient of the best immigration lawyeraward and legal innovator award. In this video, you're going to learn the tenactionable steps that you can take to start a business in the USA as a noncitizen, so let's get started. And, make sure to LIKE, comment, and subscribe tothis channel. We're going to be publishing a new video every week. Ringthe bell, so you get notifications every time we release a new video. And, makesure to watch this video through to the end because I will be sharing how to geta bank account online. Now, let's get started by discussing the types ofcorporate entities a noncitizen can establish in the USA. First, there are twotypes of corporate entities noncitizens can form in the US: a limited liabilitycompany also known as an LLC or a corporation also known as a C Corp. Nowyou may have heard of an S corporation, but this option is only available topermanent residents also known as green card holders or U.S. citizens. Now, another question we often receive from our clients is do I need a visa to open a U.S.business. The answer is no. You do not need a U.S. visa to start a business inthe USA nor to purchase an existing business. However, you do need a visa tobe able to work for the business from within the U.S. You can own the businessand receive your share of the profits but you cannot work for the businesswithout having a visa. Let's look at an example of how this could work for you.Let's say you start an ice cream shop in Sarasota, Florida, and you hire a managerto manage the daily operations. Now, you are a passive investor in the business.you own the business, but you do not work for the business.This is permissible to do without a visa. However, if you wanted to be at the icecream shop and run the daily activities including: overseeing sales, marketing,advertising, accounting, etc. then you would need a visa.Think of it like this - you can invest in U.S. stock from outside the U.S. and you canreceive all the benefits from appreciation in the stock price, but as ashareholder of that company you are not actively involved in the dailyoperations. This is considered a passive investment and you would not need a U.S.visa. So if you wanted to start a restaurant in the U.S. and you hired amanager to manage all the operations and you were not involved - then again thiswould be considered a passive investment and you would not need a visa. However, ifyou do want to be involved in the daily activities of the business in some way,then you will be required to get a U.S. visa to be able to work for the businessthat you own. To learn more about the five most common visa options forstarting a business in the USA as a noncitizen, please watch my other videoin the description below. Now, let's get into the 10 actionable steps that youcan take to start a business in the USA as a noncitizen. And, because werecommend that most companies that are entering the U.S. start as a limitedliability company or LLC we'll discuss the 10 actionable steps to start an LLCin the U.S. The first step is choosing the state of incorporation, but for an LLCthis is called the state of organization. Generally, the best state to registeryour LLC will be the one you will be conducting business. However, if you're anonline company or do business across multiple states, then you may want toconsider registering in a state with a lower tax burden such as Nevada, Wyoming,or Delaware. Delaware is particularly popular thanks to its well-respectedcorporate laws that provide significant protections to business owners. The rightchoice for you will depend on your particular circumstances. Okay, so nowyou've picked the state of organization. Next, you'll want to choose a name foryour LLC. Remember, in all 50 states and US territories and possessions, the nameneeds to end with LLC or limited liabilitycompany. Now, you'll need to check the name you've chosen with your statebefore registering your LLC to make sure that it is available. You should alsocheck with the U.S. trademark and patent office's trademark database to make surethat the name has not been trademarked. Next, you'll want to select a registeredagent. A registered agent is responsible for receiving notices from the state,notices of a lawsuit, and other legal documents. A registered agent can be anindividual, trust, or another company. We can help you select the company to serveas your registered agent. After you've selected a registered agent, you'll wantto decide on how your LLC will be managed. There are two types of LLC's -member-managed and manager-managed. In member-managed LLC's, a single member, ina single member LLC, or all the members, in a multiple member LLC, will have anactive role in the operation of the business. A manager-managed LLC is formedwhere a single member, in a single member LLC, or members, in a multiple member LLC,only want a passive role in the business and the single member or multiplemembers depending on the type of LLC do not want to be part of the dailyoperations of the business. In this situation the member or members elect amanager or managers to run the everyday operations. Okay, so now you have chosenthe state of organization, a name for your LLC, selected a registered agent ,anddecided on your LLC's management structure. Now it's time to file thearticles of organization with the state or U.S. territory that you have chosen toregister your LLC. Generally, you'll be able to file the articles oforganization online with the state. Contact us, if you need help establishinga U.S. entity that will be in compliance with U.S. immigration law. Thenext step is to draft an operating agreement that will be in compliancewith U.S.immigration law. The operating agreement defines how theLLC will be run on a day-to-day basis including: the management structure,allocation of distributions, LLC accounting, immigration compliance, votingrights, disassociation or dissolution of the business ,and much more. Now that youhave the LLC formed and an operating agreement in place, you'll need to obtaina federal employment identification number also known as an EIN. An LLC'sEIN is used for reporting taxes, opening a bank account, and hiring employees. Youwill fill out IRS form SS-4 and you should use a third-party designee suchas our firm to help you complete this process. In addition, if you are a singlemember LLC, after receiving your EIN, you'll also need to file IRS Form 5472and form 1120. This is very importan. If form 5472 is not filed orfiled incorrectly, the IRS charges a minimum penalty of $25,000. If you have amultiple member LLC that is taxed as a corporation and has at least one foreignowner that owns 25% or more, you must file Form 5472 and form 1120. Onthe other hand and very common, if you have a foreign-ownedmultiple member LLC that is taxed as a partnership, you are not required to fileform 5472 and form 1120. We'd recommend discussing this more with atax adviser or certified public accountant. Now that you have your LLC's EIN,you are ready to open the LLC's bank accounts. Non U.S. residents can open anLLC bank account online with Mercury. See the link in the description below. Toopen an account with Mercury, you'll need your LLC approval documents, copy of yourpassport, your contact information, the LLC's address, which can be the addressof your registered agent, the LLC's proof of an EIN, and submissionof Mercury's online application. Please note that Mercury is a best fit foronline businesses and not cash intensive businesses. If you will be handling a lotof cash deposits, then mercury would not be a good fit. However, if you will beaccepting all credit card transactions online, then Mercury would be a great fit.You may also appoint a person who is living in the U.S. to act as a managerof your manager-managed LLC and give that person authority to open your LLC'sbank account. However, this is a risky proposition because that person willhave access to the account. Another option is to open a business bankaccount using Payoneer.com Also, you may visit a multinational bank near you. Forexample, Banco Santander, Royal Bank of Canada, Barclays, HSBC, etc. and ask if theycan help you open an account for your US-based LLC. The other alternative toopening your LLC's bank account in the U.S. is traveling to the U.S. and openingthe account in-person. If you are from one of the countries that allows for youto travel to the U.S. on your passport or ESTA, also known as the visa waiverprogram, then you can establish your bank account that way. Otherwise, if you needto apply for a visa, check out my other video on the five most common visaoptions to immigrate to the U.S. for entrepreneurs in the description below.Also, all banks have different policies concerning opening business accounts, sothe best thing to do is to call the bank ahead of time and ask to speak with thebranch manager. Tell them that you have a U.s. LLC and that you are a non-U.S.resident and that you do not have an SSN or ITIN,but you have an EIN for your limited liability company. Ask them for all thedocumentation they require to open an account and take detailed notes. Also, askif they can send you this information via email or if it is listed anywhereonline. Then ask the branch manager if you can email themyour documents for review before coming into the bank. If everything looks good,ask the branch manager if you can make an appointment to meet with them to openthe account. We'd recommend planning to stay in the U.S. for at least 1 to 2 weeksjust in case there are any delays or extra things you need to get to openyour account. Additional things to do may be applying for a business license,permit, or other document, while in the U.S. Once you have opened your bankaccount, you're ready to start doing business. After setting up your LLC bankaccount, you should speak with a tax advisor or certified public accountantto oversee your bookkeeping and taxes. To get your LLC set up the right way, youshould also get an attorney to help you. As we discussed, if you plan on workingfor the business and living in the U.S., you will need to apply for a U.S. visa.We're here to help you get your visa and start your business in the U.S. I hope youfound this information helpful. If so please click the LIKE button and leave acomment below. And, make sure to SUBSCRIBE to this channel to get access to morehelpful immigration tips and solutions. Ring the bell, so you get notified everytime we release a new video. And if you know that you're ready to get startedand take the next step to financial freedom and start your business in theUSA, then click the link below now to join me in my on-demand course, where Iwill teach you in more detail the step-by-step process on how to startyour business in the USA. Click the link below now and I look forward to seeingyou in the course. 

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