If you’re in the UK and are planning on starting a business in the US, there’s a great deal of information that you’re going to need to know.
You’re going to need to know all about setting up, the legal structures, and tax. Perhaps more importantly, you’re going to need to know which businesses are doing well in the country.
In this guide, we’re going to explore some of the most successful US businesses and take a look at what you need to do to get set up. Read on to find out more.
Transferring money ahead
First things first, if you’re heading over to the US to explore your options, you’re going to need some funds with you. You’re going to need to pay for somewhere to stay as well as looking at other living expenses. Heading to a foreign country to explore launching a business is not the same as a holiday, and you’ll need to make sure that you have sufficient money to keep you afloat.
When looking at the best way to send money to the United States, we recommend looking at online money transfer providers. You will find that these services are much faster than a bank transfer, and you’ll also save a significant amount on fees.
Top US businesses
If you’re looking at making the move from the UK to the US, you need to be sure that your business idea has legs. By that, we mean that it needs to be something that is in demand and something that is going to be profitable. With the speed at which technology develops, you may think that your business needs to be based online but, perhaps surprisingly, that’s not always the case. Here’s a look at some of the top-performing businesses in the US right now:
Just like in the UK, American citizens need their cars to get from A to B. When their cars break down they need someone who can carry out repairs quickly, efficiently, and at a good price. If you’re already a skilled mechanic, this could be an option worth exploring.
Whether it’s an iPad, a smartphone, or a laptop, tech devices are big business in the US. When things go wrong, people are desperate to get their screen time back. If you have the skills to carry out repairs, there is plenty of money to be made here.
The US is facing an obesity crisis and there is a real need to drive home the message about getting fit! By being a personal trainer, you can meet demand and also do something that is worthwhile.
While physical health matters, people are finally realising that mental health and wellbeing are just as important. This has created a boom in businesses that focus on this area. It could be counselling, therapy, or even yoga. Regardless of the skills that you have, they are a great way to make money in the US.
Do I need a Visa?
Yes, if you’re wanting to operate a business in the US, you’re going to need to apply for a Visa. The type that you need depends upon your current circumstances. If you have a business that is already up and running and has been for at least 12 months with at least 4 employees, you’ll need an L-1A visa. Otherwise, it’s an E-2 visa that you’ll need to apply for. The latter is the most common and here’s a look at the criteria that you’ll need to meet:
- You must from a country where the US maintains a treaty of commerce and navigation
- You will need an in-depth business plan
- Any applicant needs to have invested, or be in the process of investing, significant funds into the business
If your application is successful, your visa will be valid for 2 years. After this time, it will be the subject of a review to see how your business is performing.
Where do I register my business?
The US is vast! When it comes to registering your business, you may be unsure which state you should do this in. Generally speaking, your business should be registered in the state where you’ll be operating. However, if you’re operating an online business, you have a bit of freedom and can choose where to register.
Two of the most popular states that people register businesses in are Nevada and Delaware. Why? The tax burden in these states is much lower than anywhere else. Delaware in particular is known to encourage and embrace foreign nationals coming across to start a business.
When you register, you’ll also need to consider the structure of your business and the tax implications of this. Generally, the choices will be between an LLC and a C-Corp. Whatever the choice you make, these are the steps that you’ll then need to take:
- Select a unique name
- Register with state agencies
- Get a registered agent
- File for Foreign Qualification
- File state documents and pay the associated fees
- Register with local agencies
By law, you’re going to need to have a business bank account to carry out your business transactions. Take the time to research the accounts that are on offer. Just as is the case in the UK, you will find those that have much more favourable terms when compared to others.
Starting a new business in a foreign country can be a daunting task. That being said, you’ll find that the US is a welcoming country and will assist those who are capable of adding to the economy. They even provide the US Small Business Administration service that allows you to delve into all the information that you’ll need to know.
Be aware that rules and regulations change over time. Before you fully commit yourself, just be sure to check that there have been no major changes. Remember, the US is keen to become you and is not trying to catch you out, so be sure to ask for any advice or clarification.