Are you a business owner hoping to expand your company into new markets, but you don't know how to get started? That's where we come in. Accountants Without Borders, an accounting firm based in San Diego, specializes in helping growth-minded entrepreneurs like you break into new territories without making costly errors and tax mistakes.
Whether you're a US-based entrepreneur hoping to expand into Europe, or you're an Australian business owner who dreams of setting up shop in San Diego, here's how to set new business development strategies to maximize your chances of success.
Why you should go global
There are many benefits of going global or setting up a business outside your home territory. Here are the top five:
- Diversifying means that you're less dependent on market fluctuations in your home country.
- Finding a new market for your products means you can extend their shelf-life.
- It gives you insight into how other marketplaces work, which helps you stay competitive.
- If you experience seasonal fluctuations at home, you can balance them out by selling elsewhere.
- You could find new foreign investment opportunities, which is especially helpful for SMBs.
Before you set up business here in the US (or elsewhere, if you're already US-based), here are some pointers to help you get started.
Starting a business in the US
Get expert advice
Moving into the US is less complicated than it may seem, but you still need an experienced team like Accountants Without Borders on your side.
Understand visa requirements
If you're opening a business in the US, you'll either need to run it yourself or hire a US-based person to run it for you. Either way, you should familiarize yourself with any visa requirements.
Choose your company structure
The good news is that you don't need a green card to set up a limited liability company (LLC) in the US, which makes it a popular choice for foreign entrepreneurs. Don't worry, though – we can advise you on whether this is the best structure for you, and what the tax pros and cons are.
Get an Employer Identification Number (EIN)
This is a number that's assigned to your business so the IRS can identify it – you'll need one of these as soon as possible.
US entrepreneurs going global
Aside from getting professional tax advice from us and understanding your visa requirements, there are a few other considerations you'll need to bear in mind if you're moving outside the US.
Set up a bank account
If you set up a bank account outside the US, you still need to report the balances to the IRS. We can help you work out the right way forward.
Understand tax exclusion
It's sometimes possible to exclude foreign income from US taxes, but the rules are a little complicated. We can help ensure you stay within the legal limits and check that you've properly established a tax home outside the US, if applicable.
About Accountants Without Borders
Based in San Diego, Accountants Without Borders helps you grow your business beyond what was previously possible. Wherever you're based in the world, our team can help you develop innovative, tax-efficient new business development strategies that allow you to expand your company across the globe. For more information on our services, and how Accountants Without Borders can help you broaden your company's horizons, contact us now.