I want to start a business in the USA, where do I start (Australian citizen)?

Hi

Assuming you already have your business plan and other items to get started, the following are the basic steps:

1. Incorporate your company. Decide if LLC or Corporation is right for you along with your tax classification with IRS.
2. Hire a registered agent
3. File for an employer identification number -EIN. As you are a non-resident, there is a separate process for this.
4. Hire a tax professional or CPA who is familiar with the international taxation of non-residents.
5. Open a bank account

There are many states that have low state filing fees like Arizona, New Mexico, Ohio, Mississippi, Missouri.

However, Delaware is a very popular state for non-residents because of the well-established business processes and legal system. Most of the Fortune 500 companies are established in Delaware.

Incorporation costs are part of your startup expenses and you can claim up to $5,000 as part of your startup costs in your tax returns.

One important suggestion is to hire professionals who can manage your initial setup. Incorporation costs are a one-time expense, so take an informed decision.

** Our response based on a question asked on quora.

 

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Posted In: Company Formation

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