How to open a company in the United States

The United States is one of the best countries to do business in, as it offers a large market, favorable legislation, and many financing opportunities. If you are a foreign entrepreneur thinking about expanding your business or starting a new one in the United States, here's how you can create a company in this country without the need to leave yours.

Requirements to open a company in the USA

To establish a company in the United States, you only need two basic requirements:

Be over 18 years old: Legal adulthood is an essential requirement for starting a business in the United States.
Have documents that support your identity: This can be a photograph of your Passport, ID card, or valid Driver's License from any country.

What legal structure can I choose to open a company in the United States?

Once you meet these requirements, you can choose the type of legal structure you want to work with. In the United States, there are several types of companies, but the most recommended for foreign entrepreneurs are Limited Liability Companies (LLCs) and C-Type Corporations (Inc.).

These two types of companies have similarities, such as the protection of owners' personal assets, the ability to open a bank account in the United States, access to international marketplaces and payment gateways, and the ease of obtaining an investor visa. However, they also have some important differences, such as tax payment, freedom to distribute profits, the amount of necessary administrative procedures, and the possibility of declaring taxes differently from other types of companies.

Regarding LLCs, owners are not personally liable for the company's debts or lawsuits, and they can distribute profits as they wish, regardless of their ownership percentage. On the other hand, an Inc. is a separate entity from its owners. Ownership of an Inc. is distributed through shares, which represent each shareholder's percentage of ownership in the company.

How and in which state to register a company in the United States?

The next step is to choose the state where you want to register your company. Each state has its own laws, taxes, and benefits for businesses. The two most popular states for foreign entrepreneurs are Delaware and Wyoming, as they do not have local taxes.
It is advisable to hire a company formation service that takes care of the entire process for you. This way, you won't have to travel to the United States or deal with paperwork. At Wayfrontier, we allow you to create a company in the United States online, and in just a few minutes.

How to open a commercial bank account in the United States without being a resident?

Actually, a US-based LLC or Inc. has the ability to open a bank account at any bank in the United States. However, if you don't want to travel, there are options for 100% digital banks, which are intended for foreign entrepreneurs. That means, for their opening and use, you don't need to travel to the United States.
Relay is one of them. This "neobank", as it doesn't have physical offices, offers lower commissions and interest rates, plus you can handle all your banking transactions from a phone or computer. Additionally, Relay is backed by one of the most popular banks in the United States: Thread Bank.

Tax and legal obligations

Once you have created your company in the United States, you will have to comply with some tax and legal obligations, both in your home country and in the United States. Some of these obligations include:
Obtaining a Tax Identification Number (EIN)
Filing federal, state, and local taxes
Renewing your company's registration every year
Having a resident agent, who acts as the legal point of contact for the company in the state where it is registered

As you can see, creating a company in the United States is simpler and more beneficial than it seems. By following these steps correctly, you can access the largest and most competitive market in the world without having to leave your country.