Even though it might be difficult, expanding to the US can have advantages that make the effort worthwhile.
Read More: Register a company in the US
Here are the fundamental procedures for establishing a business in the US if you’re thinking about making this move:
1. Market research in the US
Start by researching your competition, your target market, and their purchasing patterns. This will assist you in determining possible advantages and difficulties in the US market.
Investigate the greatest geographic areas (state and municipality) in terms of the labor pools that are accessible for the kind of work you will need.
2. Development of business plans
Describe your goals, tactics, and projected expenses. A strong business plan will draw in possible investors and function as a road map for your growth.
3. Select a structure for your company
Choose a US business structure that works best for your company: LLC, corporation, partnership, or sole proprietorship. When making this choice, take liability protection and tax consequences into account.
4. Register your company
The federal government is the first to register. The Internal Revenue Service (IRS) can provide you with an Employer Identification Number (EIN).
Next, register with the relevant Secretary of State at the state level. Every state has a different registration procedure, so find out what is required in your selected area.
5. Acquire the necessary authorizations and licenses
Make sure your business will comply with all local, state, and federal license and permit requirements by researching them. Industry-specific rules could also be relevant.
6. Visa and immigration requirements
Examine the many business owner visa possibilities, and make sure your company is qualified to hire foreign workers in the United States.
7. Open a bank account in the US
Create a US bank account and the required financial infrastructure to enable efficient business operations.
The most economical strategy for growing in the US
A more sensible and economical option to handling your own US growth is to collaborate with an EOR.
EORs are independent companies that work on behalf of foreign companies to manage the legal, administrative, and compliance facets of hiring employees in the US. Your company may more simply negotiate the complicated US employment rules, tax regulations, payroll, and HR compliance by working with an EOR.
Employers must be aware of and abide by state-specific employment rules because each state in the US has its own set of statutes and taxes. For a multinational company lacking native experience, this is extremely challenging.
Employers may quickly and securely recruit staff in any US state by using an EOR like Remote to handle these compliance requirements on their behalf.
By handling insurance and payroll, an EOR partnership may help lower the cost of going global by doing away with the requirement for an internal HR infrastructure.
Last but not least, working with an EOR lowers administrative costs and legal and regulatory concerns, allowing companies to concentrate more time and resources on their core business activities.
