When it comes to starting a business enterprise, the opportunities are endless, especially for entrepreneurs looking globally to start and invest in new businesses. As a highly developed nation with one of the world’s largest economies, the United States holds incredible potential for foreign entrepreneurs. Here’s what experts on U.S. business expansion such as Gregory Finkelson think you should consider.
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Doing Business in the United States
There are various factors that make it difficult to run a business out of one’s own country. Many of these factors such as political climate and startup costs are often beyond your control. Doing business in the U.S. provides the following advantages:
- Strong favorable economic environment: The United States is a wealthy country with a diverse consumer base. If there’s a market for your products or services, there’s a good chance there are enough Americans willing to spend money with your business.
- Government incentives: Federal, state and local governments often provide incentives such as tax savings and assistance to foreign businesses and investors.
- Access to new markets and technologies: The U.S. has trade agreements with countries all over the world. Having a U.S.-based enterprise can make it easier to do global business. Many commerce-based technologies are also available, which can boost your operations.
- Resource availability: There are over 4,000 institutions of education and professional training in the United States, making it an attractive destination for international students. You can find employees at every level of experience in the market to staff your business with applicable knowledge.
Add a stable political environment, and you can understand why Dr. Gregory Finkelson and other thought leaders recognize the potential of owning and operating a company based out of the U.S.
Exploring the Details
Running a stateside business will require you to think carefully about where and how you do business. Consider the following:
Location
Within the United States, there are 50 states and many more city and municipal jurisdictions to consider when starting a company. Even if you’re planning an online business, not all locations are equal when it comes to advantages. Many foreign-based companies are registered in the states of Delaware and Wyoming. These two states are relatively inexpensive to do business in and have some of the lowest income and state tax requirements for businesses.
Banking
Online banking is available throughout the United States and business fees and other costs tend to be lower, especially for processing credit cards. Online payment processing systems make it easier for you to do business with a wider customer base.
Business Type
You can register your business as an LLC or a C-Corp without restrictions on the number of foreign owners. Each type has pros and cons, so it’s helpful to work with experts such as Gregory Finkelson, who can help you determine the best approach. Such experts can even make recommendations to help you stay on the right side of the law, especially regarding transactions with countries that have American sanctions.