The site has already talked about the opportunity to investment in the United States with the possibility of obtaining a green card through the EB-5 program. It allows foreigners to invest in for-profit companies that already exist in the country, or even open their own businesses there. 

If you're interested in this second option, here are some tips and steps you need to pay attention to in order to become an entrepreneur in the USA. The concepts presented here are a compilation of information from the Guide for the Brazilian community on how to start a business in Florida, prepared by the Ministry of Foreign Affairs and the Consulate General of Brazil in Miami. 

 

Attractions for entrepreneurship in the USA

The United States as a whole has many attractions for new businesses. competitive costs, skilled labor, infrastructure, low taxes. And specifically in the state of Florida there are still nationally recognized talent training programs. In addition, the region has a mild climate which contributes to different types of enterprise, and even to adapting to the new country, since opening a business is often associated with the entire family moving to the country. 

In addition, the US economy is robust and very competitive, and in Florida this figure becomes even more significant, considering the GDP of US $ 1 trillion, placing the state as the most competitive in the world. 17th largest economy in the world. 

 

Partnership between Brazil and Florida 

Brazil is one of the USA's main trading partners, especially in Florida. The strong relationship with the state has been maintained for more than a decade. This is because the region has a high demand for Brazilian products. It is also very open to the agrotech sector. A reflection of this was the US $ 20 billion in trade relations between the Sunshine State and Brazil in 2018

Knowing all the favorable conditions for entrepreneurship in the USA, find out now what to look out for when starting a new business in the country. 

1- Visas for entrepreneurs

To have the right to become an entrepreneur and stay in the US to run your business, you need to get an entrepreneur visa. The two most common types are: 

L-1 visa: Also known as an entrepreneur visa, this type of visa allows companies from other countries to transfer their professionals to manage a subsidiary or branch in the USA. Or to transfer staff to start a new subsidiary or branch.   

EB-5 visa: This modality was created to encourage foreign investment in the country. Its main requirements are the amount to be invested (minimum of US$ 1.8 million for new ventures as of November 21), the generation of at least 10 new jobs for US residents or citizens and the investor's eligibility conditions. 

2- Documentary arrangements 

To operate as a legal company, it is possible to use two main types of company, which have uncomplicated bureaucratic issues and limited protection for partners and shareholders. These are Limited Liability Company ("LLC") and Corporation ("Inc." or "Corp.").

 

  • LLC: is ideal for small businesses who do not intend to seek external investment from funds or angel investors. The modality is tax-friendly and flexible, allowing a limited number of members. 
  • Corp: This other modality is very common among large companies. The main difference to the LLC is the possibility of IPO

 

Once you've chosen the type of company you want to open, it's time to start doing all the paperwork to legalize the business. O document formalizing the opening of the enterprise is the Articles of Organization (for "LLC") and the Articles of Incorporation (in the case of a "Corp."). This documentation must be filed with the Florida Secretary of State. It takes between 2 and 4 working days for the document to be approved, after which the company is considered open. 

Another document that must be taken is the Employer Identification Number ("EIN")also known as a Tax ID. This works like a CNPJ for the business, through which you can open a bank account for the company. 

In addition, it is necessary to check with the city, county and state whether there is a need for operating licenses and permits depending on the line of business. Segment-specific insurance may also be required. 

 

3- Tax measures 

Income tax in the USA is levied on the taxpayer's profit or income. In the country, it is compulsory to file an annual corporate tax return in order to calculate the tax base. 

There are also various types of taxes (around 97) that must be paid each year, which can be federal or state. The ideal way to understand these aspects is to consult an accountant in the country. 

 

4- Financial arrangements 

Opening a bank account is essential for running a business and even for maintaining personal finances. It is not difficult for foreigners to open an account in the USA. The following are required: a valid passport and visa, Brazilian ID, proof of US residency and, depending on the institution, reference letters from accountants and bank statements from Brazil. For legal entities, active company registration in Florida and an EIN are also required. 

The country also has a way of accumulating credit (credit score) to grant credit for future investments, through the Social Security Number. You can find out more about here

Count on us 

Entrepreneurship in the United States offers many opportunities. If you want to start a new business from scratch, we've already talked on the site about 5 businesses that are booming in the country

When it comes to moving with the whole family to run the business, you'll need complete real estate advice to find the ideal home and help with the paperwork. You can count on The Florida Lounge. We specialize in serving Brazilians and are also Lennar's largest representatives. 

Did you like the article? Keep an eye on our blog! Looking to invest in real estate in Florida? See the list of houses for sale in Florida we've selected for you!