The most important aspects you need to consider when doing business in the US
The US is arguably one of the best places to do business – it often seems that enterprise and entrepreneurship is valued and encouraged there more than in any other part of the world. Due to its political and economic system, the country does indeed have a large market to offer, and since its social and legal system is to a large extent based on the concept of capitalism, there seems to be no limit to what you can accomplish.
There are, however, some barriers to entry you need to be aware of, especially if you are a non-resident. Whilst most anyone can engage in business in the US, those who do not have residence status need to fulfill some special requirements, especially if you need to open a US bank account. Here are the most important aspects you need to consider when doing business in the US.
Getting informed
It’s important that you think the process through and make the right plans – and the only way you can do so is by getting all the information you need. Where do you want to establish your business, and which state is most favourable to your business? Do you need special licensing? Can you rely on distribution or supply chains? Do the research.
Planning
Once your research is done, you should come up with a plan of registration – so you should know what kind of company you want to form, its name, capital requirements, and so on. Your planning stage may involve hiring an accountant and legal representatives to deal with administrative and registration requirements.
Requirements
This is probably the easiest stage: once you’ve set your plans, all you have to do is submit the required documentation for the various options, pay the appropriate fees, and set up your business.
Opening a bank account
Once your business has been established, you can open bank accounts. Note that this is an advantageous thing to do, as it will give you credibility (though it’s not required, as there are some good alternatives).
Choosing your bank
If you do choose to open a bank account, be sure to choose the best bank for your kind of business.
These requirements may seem like a big hassle when you’re a small player in a large field, and it may require a large investment just to comply with all the requirements. However, you should remember that there are many alternative options for you. For example, it may be more practical to tie up with an existing business in the United States, or find a suitable local partner. It’s all about doing proper research and establishing a system that works best for you.
