How to Start a Business in the USA for Foreigners
The USA, the heart of the world economy, is one of the best countries to establish a company. The USA has made the procedures very easy for those who want to start a business. In this article, we explained everything necessary to start a business in the USA.
The name of the company must first be determined to start a business in the USA. While deciding, the commercial activity to be carried out does not need to be included in the name. However, the name to be determined must be distinctive from the names of other companies. The availability of a name to be used as a company name can be checked over the internet. However, it should be noted that this is not necessarily binding. In other words, the correct determination of the company name is the responsibility of the company founder.
The registered agent is the person authorized to receive the notifications that may come from the company’s state in its name. The registered agent does not have to be a company owner. For this, organizations or law offices that function as registered agents can be used. A common misconception about registered agents is that being a registered agent is enough to be accepted as a company owner or company manager. Especially in states such as New York or Delaware, members of the board of directors are not listed in the company establishment. Only the registered agent’s name is required to be recorded. For this reason, it is a common mistake to think that being a registered agent in the establishment documents will be sufficient to claim ownership or management over the company.
Company registration can be made over the internet or by fax in the state to be established. This process is to register the company certificate of incorporation in the state. You can find detailed information on the relevant state websites.
First Organizational Meeting
In this meeting, the company’s founder (this person can be your lawyer or any 3rd person who has established your company on behalf of you) determines the board members of the company and completes the establishment. Then, the management of the company is transferred to the members of the board of directors. The board of directors approves the regulation (by law) prepared to manage the company and sells the shares to the aspiring shareholders. At the end of this meeting, the company establishment is completed by determining and approving the ownership, board of directors, and management documents. The board memberships of these companies are predetermined, as some states allow the first board members to be written on the Certificate of Incorporation. However, it will not be possible to determine who owns the company without the first founding meeting.
Tax Identification Number
The most important step you will need to initiate transactions such as opening a bank account and paying taxes is to obtain your employer identification number (EIN). Without this number, it will not be possible for you to complete legal and data-related transactions regarding your company.