Bringing Your Business to the U.S.? Here’s What You Need to Know

If your business is based outside the U.S., setting up operations here can help you tap into new markets, leverage opportunities, and grow. To make migrating your business to the U.S. as seamless as possible, there are a few steps you’ll need to take first, often with the guidance of trusted professionals.
 
“At First American Bank, we pride ourselves on offering clients white glove service throughout their journey to start a U.S. operation—from opening personal and corporate bank accounts to managing the risks of conducting international business,” says Bastiaan L.J. Van Den Berg, Senior Vice President of International Banking.

Let’s walk through your journey…

As a newcomer to the market, it’s important to be clear on your objective for having your company in the U.S. – this will then help you select the appropriate legal structure. The U.S. has different structures you can register your business under, each with unique considerations that will determine how you operate in the country. The most common legal structures are Sole proprietorships, Partnerships, Corporations (C corps), and Limited liability companies (LLCs). Because each structure has its own immigration and tax repercussions, it’s best to consult an attorney experienced in U.S. tax law for foreign nationals owning assets in the U.S. as well as migrating foreign businesses to the U.S.  Together you can choose the legal structure that makes the most sense for your business.

Once you’re legally set, partner with a bank that can meet your business needs and support you personally throughout the process. Most notably, your company will need cash on hand to get started, but improperly moving funds to the U.S. can create unwanted tax and regulatory implications. Proper cash and treasury management — including full foreign exchange coverage and the ability to operate with different currencies — is critical to having sufficient liquidity to meet your operational demands.  Moreover, understanding the issues raised by regulatory compliance surrounding foreign transfers requires a partner well versed in the area. Compared to other countries, the U.S. corporate income tax (CIT) structure is more complex, with different frameworks at the federal, state, and local levels that merit the counsel of a trusted tax expert. An experienced tax attorney can help you avoid paying more taxes than necessary—and likewise, prevent underpaying and incurring stiff penalties.

Compliance with banking regulations is another essential consideration when opening a U.S. operation as an international company. All U.S. banks must comply with the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) laws and regulations. Because of this, a bank’s compliance division requires considerable personal information and the completion of several identification forms to verify you and your business. This can be a lengthy and very involved process. It’s important to work with a U.S. banking partner experienced in BSA/AML and other identity compliance regulations to save you time and effort, and most of all, help you achieve a successful outcome.

First American Bank: the experience and resources to help bring your business to the U.S.

Migrating your business to the U.S. is filled with excitement and opportunity, but it requires a team with local knowledge and U.S. business savvy. First American Bank’s team of international banking experts has almost 20 years of experience financially supporting international businesses launch and run their operations in the U.S.

No matter where you call home, we can create effective solutions. We serve a global client base of entrepreneurs, subsidiaries of multinational companies, and offshore corporate headquarters located around the U.S. We offer comprehensive global trade expertise, foreign exchange coverage on 85 currencies for your international transactions, and a suite of trade finance solutions such as letters of credit to keep your business growing. 

As a full-service banking partner, we provide trade finance solutions, commercial lending, asset-based lending, commercial real estate lending—with a focus on middle market construction development—and all individual banking services to attend to our clients’ banking needs. We also offer wealth management services for international clients, including customized securities portfolios, tailored offshore asset allocation, and real estate lending. 

Our client-first approach means we take the time to know you and your business. It also means making available the appropriate partners you will need on this journey. We, and our carefully vetted network of attorneys, accountants, insurance agents, and realtors, can help you craft a plan to make your landing in the U.S. a success.

First American Bank knows global trade and our focus is making your banking and financing support easy, reasonably priced, and expertly delivered.