Non-US citizens can open a US Wise Business account with a registered US business and US operating address. Alternatively, in countries where Wise Business is available, you can open an account and get US account details to receive payments like a local. Go Global World platform helps give birth to startups and nurtures them all the way through to maturity. Our team of legal and finance experts supervised the formation and incorporation of many small businesses. There are plenty of advantages to registering a business in Oregon. Plus, new businesses can apply for a tax holiday of up to 10 years if they meet certain requirements. Most states require businesses to register a legal entity name, which is what the state uses to identify the company.

When forming a corporation in California, you must also file a Statement of Information. This document must be filed within 90 days of filing your articles of incorporation. The legal and tax structure of your corporation can have a major impact on the way you run your business and the taxes you’ll pay. Consult with a business lawyer and/or certified public accountant (CPA) before you make any final decisions. Incorporating in Delaware also doesn’t require a physical address or bank account.

These documents outline your business’ management structure, the roles, rights, and responsibilities of directors, members, shareholders, and officers. Read more about USA company formation here. They describe the rules and regulations that govern your company, as well as define ownership and distribution of shares and income. If your business activities reach beyond your home state, you may have a “nexus” (presence) in other states which will require you to pay taxes and register as a foreign business entity in those states. However, to reach the state income tax nexus threshold you need to have a noticeable physical presence or derive a strong revenue stream from that location. Some have guidelines relating to company suffixes (e.g. incorporated, limited, or corporation), while others require that the name reflects the type of business that’s being registered. This is because your personal assets can’t be used to satisfy business liabilities and there are some tax benefits as well. It’s also much simpler to register than a full-fledged corporation.

Step 1: Choose a business name for your corporation

Below are the following decisions and actions a business owner must take to incorporate. Corporations can be created in nearly all countries in the world and are usually identified as such by the use of terms such as “Inc.” or “Limited (Ltd.)” in their names. It is the process of legally declaring a corporate entity as separate from its owners. Starting a business in another country can seem like a daunting task, and as a non-resident, you will face some additional obstacles, but it’s far from impossible. If you find the varying tax laws and regulations hard to navigate, your best bet is to hire experts to help guide you through the processes.

Steps for Registering a Company

With a regular C corporation, the business is subject to double taxation. And, S corporations are off limits for non-citizens as they are not allowed to own any shares. Companies in the USA need to register with the Secretary of State office of the business location. After submitting your registration requirements, the government will process the document and review all the information before approving. As you can see, if you don’t have at least $2K in the bank to pay for the tax filing fees, you’re going to end up with fines that could really be trouble. Do aim for the ‘Regular Cost’ estimation, and be prepared to pay.

File Your LLC With the State

Although filling out the form may only take a few minutes, it could take weeks or even months to prepare all the documents you will need to file the articles of incorporation. S corporations, C corporations and LLCs are often the safest types of business entities. These classifications ensure that your personal assets are protected if your business is sued. If your business applies for and receives B corporation certification, that means your company meets the highest possible standards of corporate social responsibility. These standards include social and environmental performance, legal accountability and public transparency. The nonprofit B Lab administers this designation to prioritize consumer demands for economic inclusivity and sustainability.

Operating an incorporated may be more expensive based on the filing, reporting, and administrative fees. Companies must often meet public reporting requirements (such as getting their financial statements audited). There are also ongoing fees and regulatory charges to maintain their status on an exchange.