On the site we have already talked about the opportunity to investing in the United States with the possibility of getting a green card through the EB-5 program. It allows foreigners to invest in profit-making companies already in the country, or even to open their own business there.
If you are interested in this second option, here you will find some tips and steps you should pay attention to in order to be able to undertake business in the USA. The concepts presented here are a compilation of the information from the Guide for the Brazilian community on how to become an entrepreneur in Florida, prepared by the Ministry of Foreign Affairs and the Consulate General of Brazil in Miami.
Attractives for entrepreneurship in the USA
The United States as a whole has many attractions for new business, among them are competitive costs, skilled labor, infrastructure, low taxes. And, specifically in the state of Florida there are still nationally recognized talent training programs. Besides this, the region has a mild climate that contributes to different types of enterprises, and even to the adaptation in the new country, since many times the opening of the business is associated with the move of the entire family group to the country.
Moreover, the US economy is robust and very competitive, and in Florida this becomes even more so, considering the GDP of US $ 1 trillion, placing the state as the 17th economy in the world.
Partnership between Brazil and Florida
Brazil is one of the main commercial partners of the USA and, above all, of Florida. The strong relationship with the state has been maintained for more than a decade. This is because the region has a great demand for Brazilian products. Besides this, it is very open to the agrotech sector. A reflection of this were the US $ 20 bi in trade relations between the Sunshine State and Brazil in the year 2018.
Knowing all the favorable conditions for entrepreneurship in the USA, now learn what are the points of attention for starting a new business in the country.
1- Visas for entrepreneurs
In order to have the right to be an entrepreneur and stay in the USA to run the business, you need to get an entrepreneur visa. The two most common types are:
L-1 Visa: also known as an entrepreneur visa, this modality allows companies from other countries to transfer their professionals to manage a subsidiary or branch in the USA. Or even transfer staff to start a new subsidiary or affiliate company.
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 resort to two main modalities that have uncomplicated bureaucratic issues and limited protection for partners and shareholders. These are Limited Liability Company ("LLC") and Corporation ("Corporation"): Limited Liability Company (called "LLC") and Corporation ("Inc." or "Corp.").
- LLC: is ideal for small businesses who do not intend to seek external investments with funds or angel investors. The modality has tax-friendliness and flexibility, 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 public listing.
Once you have chosen the type of company you want to open, it is time to start doing all the paperwork to legalize the business. O document that makes the opening of the enterprise official is the Articles of Organization (for an "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 2 to 4 business days to approve the document, after which the company is considered a going concern.
Another document that must be taken out is the Employer Identification Number ("EIN")also known as Tax ID. This works like a CNPJ of the business, through which it is possible to open a bank account for the company.
In addition, you need to check with your city, county, and state about the need for licenses and permits depending on the line of business. As well as segment-specific insurance may be required.
3- Fiscal Measures
Income tax in the USA is levied on the profit or income of the taxpayer. In the country it is mandatory in all circumstances to file an annual corporate tax return so that the profit can be calculated for the tax base.
There are still several types of taxes (about 97) that must be paid annually, 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: valid passport and visa, Brazilian ID, proof of US residence, and, depending on the institution, reference letters from accountants and bank statements from Brazil. For legal entities, active registration of the company in Florida and the 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 learn more about the subject here.
Count on us
Entrepreneurship in the United States provides many opportunities. If you want to start a new business from scratch, we have already talked on the site about 5 businesses that are on the rise in the country.
When moving with the whole family group to manage the business you will need a complete real estate consulting service to find the ideal house and help with the documentation. In this sense, 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! Wanting to invest in Florida real estate? See the list of houses for sale in florida that we have selected for you!