Enthusiasm is not enough to start a business, it is also necessary to have a plan to support it. Starting from this premise Hispanic Entrepreneurs teaches you how to create a business in Miami for foreigners.
Why open a business in Miami?
The city of Miami represents a challenge for foreign investors, especially for those from Latin America. It is an attractive territory as it is diverse and global, in which Spanish is spoken and used in business and banking.
It has also established itself as an enclave of technology companies, facilitating the entry of entrepreneurs into this field and into that of venture capital. Another of its virtues is that it is considered one of the most important financial centers on the east coast.. It has the presence of more than 500 banks and is hosting more internationally renowned companies. It also has attractive tax advantages.
To all this is added the option of being able to open your business more easily. There are already platforms that allow you to manage business licenses from a mobile phone or computer. Transportation and logistics are key niches in this region due to its ports and airports.
Recommendations to create a business in Miami by foreigners
The first thing to do to create a business in Miami as a foreigner is to know what type of visa is the right one for you as an entrepreneur according to your business plan. Although the visa is not a requirement to operate the business, it is a requirement to live in the United States. The most popular alternative for entrepreneurs is the E-2.
Before starting the process of formalizing the company, it is good that you study business practice, requirements and city laws. Learn about the culture that surrounds the product or service you are offering. Cultural differences often affect the viability of the project.
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Seek legal advice to guide you along the way by having the knowledge and skills to deal with an unfamiliar environment. It is also necessary to check which are the best neighborhoods to set up new businesses. This way you will know which location is the best to start with.
Take the necessary time to analyze all these factors, once this period has elapsed, proceed to legally register the company.
How to create a business in Miami by foreigners
Non-residents must register the business with the state Department of Revenue. They can only register two types, the C Corporation and the Limited Liability Company (LLC).
Most favor C Corporation because it can be expanded given unlimited shares despite the fact that they pay double tax. But the structure protects it from direct inspection by the Internal Revenue Service (IRS).
At the time of registration you must choose a unique name, a registered agent who can receive the documents of the company. Fill out a registration certificate, this identifies the name of the business. When starting operations, a report must be submitted and a franchise tax paid each year.
Then get the employer identification number, This will be requested to hire employees and open bank accounts. As well as paying taxes and getting licenses for business activities, steps that you have to follow next. You just have to file it for free with the IRS. You must have a business address and a lease for a business premises.
It also sends the notarized documents to the state of Florida, this is called articles of organization. And take out commercial insurance.