If you are a business owner in a country like Australia, New Zealand, United Kingdom, or Hong Kong and are looking to expand to the United States (U.S.), you may be wondering how you will be able to open a U.S. business bank account to run your U.S. operations. Banks in the U.S. have very strict policies and require certain forms of documentation when an entity that has foreign ownership opens a bank account.
The best way to prevent future compliance risk is to have detailed documentation. However, there’s nothing worse than having to sort through paper or prohibiting productivity by constantly hounding your staff for receipts or time sheets. Adopting tools and standardized best practices can automate these pesky tasks, and can actually help promote efficiency in terms of invoicing customers faster, paying bills from your mobile phone, and paying and tracking your people.
If you are establishing a business, or expanding to the US, you need to know the paperwork required to complete the formation of your business entity. Learn more about US requirements below. And reach out to Aprio Cloud if you'd like help from the experts in setting up your business correctly right from the start.
There are various documents associated with entity formation, depending on the type of entity you are forming. We will address the three main types of entities: Corporation, Limited Liability Company, and Partnership, the differences between them, what formation documents are, and which document are associated with which type of entity.
Source: Corpnet Article
How Did This Self Funded Aussie Tech Startup Find It’s Way Into The U.S.?
There is a huge difference between a Xero Accountant Advisor and a Xero Bookkeeping Advisor company. Most of the business owners I speak with don’t realize there is a difference, or understand what a Xero Advisor can do for them as a whole. So let’s break this down.
Professional service companies have the opportunity to leverage the best talent today and expand their presence and offerings all over the country and world. They can leverage cloud-based tools to standardize the way their business works, and allow them to run their business from anywhere. However, what they often don't realize is that while they are expanding their opportunities, they are also expanding their footprint (aka Nexus) in regards to state, local, and in some cases global compliance. Hiring someone in a new state could mean multiple things, including registering as an employer in that new state to obtain proper ID numbers, and tracking revenue in that state for income tax allocation purposes.
Doing this the right way from the beginning makes life a lot easier than attempting to retroactively properly allocate revenue by state or trying to clear things up with the state or local payroll departments. There are also other benefits to tracking these details while trying to grow and scale your service based company.
