Today’s presentation is on How to Set Up an Import Export Company in the U.S., so if you want a piece of the $4.9 trillion of trade the U.S. does each year, you’re in the right place.
import export course is joined online today by YYichen Ma from our Marketing Team. Yichen will be handling the Q & A today, speaking of which we’ve had lots of questions already and we’ll answer as many as we can during this webinar.
If you have any questions as we go, please click on the Q&A button on your screen. And before you ask, yes, a recording of the webinar will be made available afterwards. Right. I know you’re keen to learn the Ins and Outs, so over to you.
DO EVEN NEED TO SET UP A U.S. COMPANY AT ALL?
Now, to get started, the first thing we’re going to talk about is whether you do even need to set up a U.S. company at all? It may sound odd for someone from the company formation industry to suggest you might not need a company, but you know it’s better for you to think about this now than further down the road after you’ve invested a lot of time for that reason.
And actually the key thing is, how big is your import export course in delhi company going to be? Will it be big enough to justify all the overhead of maintaining a company as well as trying to support a business in another country? So will you be earning enough based on what you think you’ll be able to sell?
If the amount is below, let’s say $50,000 per year, you may not have enough to make it worthwhile. In that case, you can work with a distributor, or work with consignment dealers, or there’s different arrangements so you could make so you don’t go through all the overhead.
REQUIREMENTS TO SET UP A BUSINESS IN THE USA
So, assuming that the answer after getting through the scary first part here, assuming that you still want to go, this is a summary of the requirements that you’ll have to go through to set up a business.
First, you set up the company, but then you’ll have to set up the rest of the processes and procedures of generating business and getting going. So we’re going to go through the steps, of which the first one of course, is location.
CHOOSING A LOCATION FOR YOUR BUSINESS
So let’s worry about where you’re going to physically locate your business, assuming that you’re going to be setting it up physically within the United States. So you have the choice of 50 states. Two are missing from this map, but chances are if you’re importing, you’re going to be in the continental United States.
So that’s going to be a lot of decisions to make. And at the end of day, a friend of mine is a location consultant and he likes to point out that, you know, we can provide a lot of data, but it’s really what the client wants that’s going to determine it.
Some people like warm weather and want to be in Florida, some people like the culture that you will get in New York City. Some people like the laid back atmosphere of California. Some people like the Wild West, or going to Texas. So you never know.
ONCE YOU KNOW YOUR LOCATION
Next step is to cross into that second box from before. Do you want to be incorporated in the same state that you just picked or pick another state, which usually ends up being Delaware.
Would that be better for you? It’s going to cost you more, no question about it, if you incorporate in a different state