Opening a Business in the United States: 5 Points to Consider
While the United States (U.S.) offers business owners the opportunity to grow their business by entering into an expanded demographic of customers, there are many considerations to be made. Today, we want to introduce five key considerations, and over the next five weeks, we will walk you through them.
1) Taking the Right First Steps for Your Start Up
To ensure a successful entrance into the U.S. economy, the initial steps of business setup are vital. Many of these tasks form the foundation of how your business will operate. They include:
2) Considering U.S. Employment Factors
If you intend to offer employment in your business, it is important to understand the diversity and competitiveness of the U.S. employment market. It can be challenging to find the right people if your company does not take the proper steps to provide an attractive and efficient workplace. These steps involve:
3) Understanding U.S. Sales Tax
U.S. sales tax is a complex system. However, understanding the basic functionalities can make a significant difference. There are five fundamental concepts when it comes to U.S. sales tax. These fundamentals can ensure that your company does not become responsible for sales tax that would otherwise be your customers’ responsibility. They include:
4) Staying Compliant with U.S. Tax Laws
Your business will be required to stay compliant with both federal and state tax law in the U.S. There are different filing requirements depending on where your business is located. When addressing tax compliance and efficiency, take into account:
5 ) Choosing an External Team to Ensure Success
Foreign startups have become very popular in the U.S. There are many different tools and professional services available to foreign entities that offer solutions and services built to ease the process of starting a business. Some professional service team considerations include:
Throughout this series, we will take a deeper dive into these five take-aways to business development in the U.S. As a trusted partner to many international businesses, BGBC Partners, LLP is here to provide education, support, and advisory services at every stage. Contact us today!
Steven A. Eichenberger, CPA
Director, Launchpad USA
+358 45 140 4911