Tips for Foreign Entrepreneurs Starting a Business in the U.S.
America has long been a land of opportunity for millions of business owners and entrepreneurs around the world. However, for Foreign Entrepreneurs to start a company that will grow and thrive in the U.S., they will need to take into account the legal, regulatory, and practical challenges.
Form the Right Business Structure for Foreign EntrepreneursThere are several types of business entities to choose from, each with their distinct benefits. For example, limited liability companies (LLCs) provide owners with liability protection, and as "pass-through" entities, significantly reduce the tax burden. Corporations also offer personal liability protection, as well as the ability to raise capital via shares in the company. Depending on your business goals, some business structures may be better suited for your enterprise than others.
Most Foreign Entrepreneurs will not know the nuances of America's business structures, let alone how to go about forming one.
Navigating Regulations, Permits, and TaxesEvery business must contend with taxes and regulations at the local, state, and federal level. Moreover, certain types of businesses, such as restaurants, will be subject to additional permits, licenses, and codes. Even many domestic business owners will struggle to comply with all these requirements. Foreign Entrepreneurs, particularly those operating their business from abroad, will have an even more difficult time understanding the complexities and bureaucracies of U.S. laws and regulations, putting them at risk of financial and legal liability.
Getting the Right U.S. Work Visa for Foreign EntrepreneursWhile many foreign entrepreneurs may be able or willing to operate their business from abroad, your enterprise may require that you or another qualified foreign national - such as a manager, executive, or employee with specialized knowledge - come to the U.S. to set up or run the business. This will require finding the right work visa for your situation. The U.S. visa regime is notoriously complex and opaque, with numerous types of visas, each with special rules, requirements, and procedures. Determining which visa is best for you, let alone qualifying for it, will be difficult without qualified legal expertise and guidance.
Having Reliable Legal Counsel With Experience Helping Foreign EntrepreneursEvery entrepreneur - regardless of where they are from or what type of business they run - needs trustworthy and reliable legal professionals who can protect their enterprise.