Whether you are planning to expand your business or simply want to have a US address, there are several ways to open a company in the US. In this article, we’ll look at what you need to do to start your business in the US, including designating a registered agent, finding directors, and setting up a US business banking account.
Set up a US business banking account
Getting a business bank account in the United States is a great way to gain access to the world’s largest economy. It provides an opportunity to do business on a global scale, and eliminates the need to pay foreign exchange fees. However, there are several requirements to get started, and you should know what to expect before you apply.
The first step to opening a business bank account is to decide on a company structure. You can choose between sole proprietorship, limited liability company, and corporation. Each one requires different documents. Typically, you will need a business registration in one of the fifty states. Then you will need a Social Security number, EIN (Employee Identification Number), a business address, and a phone number.
Most banks require you to present your documents in person. You will need a government-issued photo ID, such as a driver’s license, and a valid passport. You will also need to supply your EIN, a fully-filled Declaration Of Beneficial Ownership form, and a phone number.
Designate a registered agent
Whether you’re a new business or an existing one, naming a registered agent when opening a company in the USA is a crucial step to ensure your business stays in good standing. Without a registered agent, your business might lose its ability to legally enter into contracts and bring lawsuits in the state where it is registered. It may also be liable to pay fines and penalties if it does not comply with state regulations.
Whether you decide to hire a third-party registered agent or to serve as your own, it’s important to assess their reliability and track record. A good registered agent will be able to provide ongoing compliance filings and ensure your company stays in good standing.
A registered agent is a business entity or individual that is appointed by the business entity to receive official business papers and process notices from the government. The registered agent is responsible for delivering these documents promptly and properly. A missed delivery can result in a default judgment in a lawsuit, as well as court sanctions.
Get a physical US address
Getting a physical US address is a must for any start-up or aspiring small business owner. Besides, they’re cheap. So, how does one go about picking a physical US address? Aside from the obvious options of renting an office or buying a commercial property, there are other alternatives. The best ones will let you enjoy the benefits of a brick and mortar business while keeping you out of the doghouse. This is also where a virtual office service provider comes in.
This is not to say that all virtual office providers are created equal. There are plenty of scams out there, so take the time to do your homework before signing on the dotted line. A virtual office service provider will be able to provide you with a top-notch physical US address for a fraction of the cost of a brick and mortar office. And, while you’re at it, you may want to check out the other services they offer such as mailbox services, virtual receptionist services, phone and fax lines, and more.