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Frequently Asked Questions
Establishing a Company in the United States
What is the cost of establishing a company in the United States?
The cost of setting up a company in America can vary depending on the state and type of a company you choose. Business formation fees, tax registration fees, licensing fees, and other expenses should also be considered. Schedule an appointment with our experts to determine the appropriate company type for you and to learn about the fees.
Which type of company is best for me?
Before deciding which type of company is most suitable for you, it’s important to consider your business purpose, growth objectives, financial situation, and personal liability preferences. If you’re a small business owner, sole proprietorship or single-member LLC company types may be more suitable for you. If you have a partnership structure, you may choose to establish an LLC or Corporation type company. Remember, the type of company you choose can have a positive/negative impact on your taxation. Be sure to seek expert advice before deciding on the company type.
What are the differences between an LLC (Limited Liability Company) and a Corporation type of company?
The main difference arises in taxation. Corporation type companies are subject to double taxation. In other words, both corporate tax and individual tax returns are filed. LLC type companies, on the other hand, are only subject to individual taxation. Another significant difference is that Corporation type companies have “shareholders,” whereas LLCs have “members.” While Corporations may have numerous shareholders, LLCs are more commonly found among small businesses.
In which state should I establish my company in the United States?
States like Delaware, Wyoming, and Florida are popular choices among entrepreneurs. However, when deciding in which state to establish your company, you should consider factors such as the nature of your business, tax policies in the state, regulations, access to workforce, and legal framework. Obtaining professional consultancy to determine which state is most suitable for your business would be beneficial.
How long does it take to establish a company in the United States?
The time it takes to establish a company in the USA can vary depending on various factors such as the type of company you establish, the state you choose, the accuracy of the documents you provide, and others. On average, the process can take anywhere from a few days to a few weeks. This duration may be shorter for sole proprietorships and single-member LLCs compared to other types of companies.
Do I need to obtain an EIN if I establish a U.S. company?
An EIN (Employer Identification Number) is not mandatory for every type of company. For company types where the owner is fully responsible, such as single-member LLCs or sole proprietorships, an ITIN (Individual Taxpayer Identification Number) is sufficient. However, obtaining an EIN is necessary for more complex company structures and companies with employees.
How can I change my company information?
You can make changes to details such as the address, partners, and registered agent of your company. To do this, you need to prepare the documents requested by the state you are affiliated with for information changes, pay the application fee, and submit them to the local authorities. The content and structure of the file requested from you during the process will vary depending on the state and type of your company. Additionally, to avoid future issues, you should inform the IRS of the changes made.
How can I close my company in the United States?
The process of closing a company varies from state to state. It involves settling all debts, informing creditors, canceling the EIN, preparing necessary closure documents, and fulfilling tax obligations. Working meticulously without skipping any details during the closure of your company will protect you from potential future issues and debts.
Taxation in the United States
How to obtain an Employer Identification Number (EIN)?
All businesses with one or more employees must obtain an Employer Identification Number (EIN) for tax purposes as recognized by the IRS. To apply for an EIN, you need to fill out IRS Form SS-4, also known as the Application for Employer Identification Number. You can complete this form by mail, fax, or online.
Can the Employer Identification Number (EIN) be used instead of the Social Security Number (SSN)?
Yes, anyone with a valid EIN can use this number as a Social Security Number (SSN) in some situations, such as filling out a W9 form, applying for a credit card, or opening a bank account.
What is ITIN and what is it used for?
The Individual Taxpayer Identification Number (ITIN) is a nine-digit number that identifies you as a legal taxpayer in the United States. ITIN can be used for various purposes such as filing taxes, applying for business credit, opening a bank account, and more.
If I have an EIN, do I need an ITIN?
While the IRS issues your business’s tax identification number, the ITIN serves as your individual tax identification number. If you have a sole proprietorship, you can use the ITIN for tax filings. However, if your company is a partnership or has employees, you’ll need to obtain an EIN.
How are income tax rates determined in the United States?
In the United States, a progressive tax system is in place, where individuals with higher taxable incomes pay higher federal income taxes. Taxable income is divided into tax brackets set for each year, and the corresponding tax rate is applied to the resulting amount.
Which state in the U.S. has no sales tax?
Except for the five states exempt from sales tax, all other states in America impose a sales tax. The states without a sales tax are as follows: Delaware, Alaska, Montana, New Hampshire, and Oregon.
Can I file taxes before going to the U.S.?
You don’t need to go to America to file your taxes. You can complete your declaration by filling out the necessary forms online. Contact our team for information about online tax filing.
I established a company in the U.S., but it hasn't generated any income yet. Do I still need to file a tax return?
Yes. Regardless of whether your company has generated income or not, you still need to file a tax return. Whether you have just established your company or have temporarily suspended your operations, you should not neglect your tax filings. Otherwise, you may face interest and penalties.
I am a Green Card holder but I have never been to the United States. Do I need to file a tax return?
Green Card holders are required to file tax returns regardless of whether they are resident in the United States or not. The return should include income earned from any activity worldwide throughout the year for Green Card holders.
Visa Procedures
How many types of U.S. visas are there?
Various types of U.S. visas exist, including tourist visas (B-1/B-2), work visas (H-1B, L-1), student visas (F-1), and exchange visitor visas (J-1).
How long does the visa application process take?
The processing time varies depending on the type of visa and the U.S. embassy or consulate where you apply. The application process can be completed in a few weeks or extend up to several months.
What is the cost of a U.S.visa?
Visa fees vary depending on the visa category you are applying for. These fees start at around $160 for tourist visas and can increase to several hundred dollars for business or immigrant visas.
What happens if my visa application is rejected?
If your visa application is denied, you will receive a written explanation from the U.S. Embassy or Consulate stating the reason for the denial. Depending on the circumstances, you may have the option to reapply for the visa. However, it’s essential to address the reasons for the initial denial before reapplying.
Can I work in the U.S. with a tourist visa?
No, tourist visas (B-1/B-2) do not allow you to work in the United States. You need a specific work visa to work legally.
Real Estate
Do I need to pay Withholding Tax for my rental property in the United States?
Withholding Tax refers to paying 30% of the gross amount of rent received by a foreign landlord to the IRS. For example, for a landlord receiving $1000 in rent, this tax would amount to $300, which many foreign landlords find burdensome. However, it is possible to avoid this tax. You should file an income tax return for the year in which you earned rental income using Form 1040NR and apply for an ITIN from the IRS the following year. Contact us for more information about the process.
Is it advisable to invest in real estate in the United States?
Investing in real estate for investment purposes depends on factors such as location, rental income potential, and future appreciation. You should make your decision based on thorough research and an evaluation of your financial situation.
Is citizenship required to buy a house in America?
You don’t need to be a citizen to buy a house in America. Foreign nationals can also own real estate in the United States.