The thought and process of launching your own business can be intimidating and overwhelming. There are numerous roadblocks and challenges that you may have to overcome over an extended period of time, giving you the opportunity to benefit from a steep learning curve.
There are many advantages of a start-up business as they have a lot to offer to both you and the target audience. What you introduce via a start-up may be novel and disruptive for the existing market, allowing more flexibility to your work routine and adding a unique personality to your product offerings.
One of the top places that regularly features on the list of the best countries to kickstart start-up business is the United States. This is because the US has a diverse market that is constantly evolving and making space for innovative and unique ideas.
As a foreign national, it is great if you decide to begin your entrepreneurial journey in what is truly one of the most business-friendly countries in the world. In this article, we have highlighted everything you need to know before moving to the US and launching a start-up business to set you up for success.
Figure Out What Visa You Will Need
As a preliminary step, you need to sort out all your paperwork and determine the type of visa you will require. Unlike the neighbor from the north who had launched the Canada Start-up visa program that allows entrepreneurs to immigrate with their Start-up business to Canada, in the US you can find other great options as an entrepreneur For starting a business, there are four main visa categories you can consider. You have the choice to choose from extraordinary ability visas which include the EB-1 and the O-1 or you can opt for investor visas that include EB-5 and E-2. Among these, EB-1 and EB-5 offer permanent residency status.
Since you will be moving to an English-speaking country, it is best to get all your necessary documents translated. You can do this by getting certified and trustworthy USCIS translation for all the important documents such as your birth certificate, educational degrees, financial records, health records, and any other documents requested prior to your visa application.
We advise allocating ample time for your visa processing since your local US embassy is likely to conduct thorough research before granting you a visa.
Narrow Down Your Market Niche
If you are planning to make your big move, you probably have a business idea and business plan in place. However, it is best to conduct in-depth market research to ascertain whether your business will fill potential gaps in the prospective market.
Next, you need to pick out a suitable state and city within the US that will not only benefit your start-up but also align with your personal preferences. Some common considerations when choosing the ideal location include the legal implications for your business, business registration requirements, existing local competition, taxation requirements, and personal liability.
Additionally, be aware of the fact that different US states have their own laws and regulations including tax obligations, which means that you need to invest enough time to recognize the ideal location for your business.
Furthermore, when starting a business as an entrepreneur, you need to ensure that your personal losses are minimized. For this purpose, it is best to search for a strategic partner and build a local network with people who know the lay of the land and can help you effectively navigate the market.
You may also want to launch your business as a Corporation (C corporation) or a Limited Liability Company (LLC), as opposed to being the sole proprietor of the business. The main advantage of choosing a corporate entity such as a C corporation or an LLC for your business structure is that you can protect your business against potential lawsuits or future debts that may come your way.
Explore The Different Financing Options
As someone who plans on relocating to the US to start their business, it is recommended that you secure solid business financing options. This is extremely important since most start-ups with brilliant ideas and execution end up facing capital constraints in the long-run.
You could utilize your personal funds, or better yet, seek out angel investors, pitch your idea to venture capitalists, engage in crowdsourcing, or consider a bank or SBA loan. SBA loans are government-backed loans that are open to non-citizens and may be a perfect way for you to seek out additional funding after launching your business in the US.
You may also want to consider equipment loan financing in the initial stages of your start-up business so that you have enough funds to purchase computers, data processing machines, vehicles, or any other equipment necessary for the smooth running of the business. In this type of loan, the equipment serves as the collateral.
What To Do When You Get To The US
After you make the big move, it is suggested that you swiftly work out all the relevant details that are specific to your business.
This includes registering your company and filing a Certificate of Incorporation, obtaining an Employer Identification Number (EIN) to give your business a tax ID, opening a US business bank account, setting up a physical US business address, and applying for the relevant licenses and permits for your start-up.
You may also want to insure your startup by getting the most appropriate insurance coverage such as general liability insurance, product liability insurance, data breach insurance, property insurance, and so on.
While the entire process of launching a start-up business in a foreign country such as the US can be increasingly taxing, the end result is quite the opposite. This is because the US is not only a primary location for getting recognition for a start-up business, it also houses some of the most business-smart people in niche industries, which will allow you to expand your business network and get hands-on learning.
We suggest making a preliminary timeline of all the things you need to figure out before applying for your visa. Once you have a clear idea of the relevant tasks, it will be easier for you to go about them efficiently.
We wish you all the best in launching your start-up business!