Hot answers tagged foreign
17
There's no reason to give up in my opinion. You seem to fit the mold of an entrepreneur - with multiple projects going, etc.
You can succeed without the US and without VC and without YCombinator.
Accept the fact that it is not easy. Accept the fact that you will hear many more "NOs" than "Yes-es" and do what you find interesting. It won't guarantee ...
14
Consider how you might turn your situation into an advantage.
For example, you can sell products into the US for a US pricetag, but you live in Mexico and more to the point, you can hire people who live in Mexico. That means with less revenue you can afford more help. That's an advantage we don't have in the US!
Not only is trying to be the next Steve ...
9
The beauty of entrepreneurship is that there are no set steps to becoming one. It's not like a career in corporate america.
Entrepreneurs come in all shapes and sizes. You are one simply by persevering.
Learn from your past attempts. Improve, repeat. Either it's in you or it's not. Don't listen to other people that tell you how you should lead your life.
...
6
You never ever want to hire overseas employees, regardless of what US law has to say about the subject -- worry about the laws of Venezuela, Philippines etc instead. It potentially brings a huge overhead with regards to overseas tax withholding rules and foreign legal system.
There are 2 common routes when you're engaging with specific people you like that ...
5
You can easily start a business in the U.S.; a major issue will be that you cannot work for that business here because you will not have the right type of visa (please see Visa Basics for Foreign Entrepreneurs Coming to the U.S.).
A second challenge will be obtaining an Employer Identification Number (federal taxpayer identification number) - please see ...
5
The answer is time.
When we today talk about successful companies, we're often mentioning companies which were actually founded 10, 20 or more years ago. On top of that, many successful founders first had a couple of failed attempts before before the successful one they're known for.
So when we look at 'successful companies founded by immigrants' the ...
4
I've helped approximately 20 foreign (mostly European, one Singapore) companies set up operations here in the U.S. Typically, they want to create a U.S. entity (corporation or LLC) to serve as a legal firewall to keep U.S. liabilities in the U.S., away from the foreign parent. (As you may know, in the U.S. litigation is both prevalent and expensive.)
You ...
4
Carlos Slim Helu., the worlds third richest man is Mexican. I don't think country has any factor on being a successful entrepreneur.
Play with the cards you have been dealt. Maybe you should initially focus on the Mexican market. The lack of resources would be equally apply to all your competition (other mexican enterpreneurs) and so a nonissue.
And ...
4
The answer is "yes", you can start a business in the USA and work from your country. Citizenship is not necessarily a requirement. The business is considered a "foreign corporation" and in all of the states I have looked at, it is the same as starting a corporation outside of the state you live in. That is, if I live in Nebraska and start a corporation in ...
3
Anyone can open an LLC in any state, including non-resident aliens. You can go online to file the paperwork for a fee. Each state has its own fee structure and reporting requirements. For example, you will need to pay a minimum of $800 in franchise taxes annually in California.
After you set up the company, you will need to apply for a Federal Taxpayer ...
3
You can be a founder of a company that petitions for your visa.
You'd need to quit the employer that is currently sponsoring your H-1B visa and get a new H-1B sponsored by the company you are founding.
Note that you will probably need to leave the US during this process (I did) and you will need to demonstrate that the new company isn't just a front to ...
3
My way:
Find a partner
Form a C-corp (not LLC, no S-corp)
Make your partner a president, accountant and whatever else required there.
You must be ONLY a shareholder, nothing else. You must NOT hold any position in the company and you can NOT get any salary
Do whatever you want after that: development, marketing, sales, just don't violate (4).
That's ...
3
Having helped more than 30 foreign clients launch businesses in the U.S., I can tell you that the only effective way to incorporate will be to use the services of both a lawyer and an accountant / tax advisor who have substantial experience working with foreign clients.
Even then, while incorporating and obtaining a bank account should be reasonably ...
3
The article is talking about "immigrants" behind startups, not "foreigners". These founders first immigrated to the US, then started their companies. They're (mostly) doing it after reaching the permanent residence status.
Many of them immigrated through various available paths such as employment immigration, family ties or asylums (for example Sergei Brin ...
3
As discussed in my post Visa Basics for Foreign Entrepreneurs Coming to the U.S., foreign entrepreneurs who want to start businesses here typically must be in either of the following categories:
E-2 (investor) visa - requires a six-figure investment
L-1 (intracompany transferee visa) - requires an established company in the foreign country
Disclaimer: ...
2
It looks like you are ready to launch and don't need angel investment right away.
Since your goal is to find an angel from Silicon Valley for instance, at some point you'll need to plan a trip here (read this for details of which meetings to attend to have a productive trip).
But before you book your plane ticket, launch your product and get some initial ...
2
Don't give up yet! You answered part of your question when you said "I was doing great before the recession".
I've been through two recessions now. They really hurt a startup, particularly a service company. Customers just close their checkbooks for a while.
Keep working hard and your business will pick up again...just give it more time.
2
It's possible and it can be done in a number of ways:
You can file the papers yourself, or use an online service like http://incorporate.com/ or http://legalzoom.com. Their services start at around $500, I believe. Or you can hire an incorporation attorney to help you, but that will be significantly more expensive.
Either way you'll need a registered ...
2
Keep in mind that a 'freelancer' is an entrepreneur -- You already have a business, why not take what you have learned about your freelance clients and make a business around it. Perhaps there is a common problem many of them have, or an industry that you can focus on. Leverage where you are instead of starting from scratch.
Don't worry too much about your ...
2
Generally speaking, I think it would be a mistake to set up a international subsidiary, or deal with banks in other jurisdictions, in the early days of a startups life. When the millions start rolling in you can consider doing tax planning, but not before.
Having an offshore bank carries negative connotations in some circles -- i.e. the tax man, and certain ...
2
Some folks on this site will recommend you register in Delaware, but in my opinion that's rarely the best option for startups. If you incorporate in a state other than your home state, you will have to register the LLC as a foreign entity in your home state. Registering as a foreign entity means that you will be required to pay the state fees every year. In ...
2
Having helped close to 20 European companies set up operations in the U.S., and having answered similar questions many times, I offer the following:
You are right to want to set up a business entity in the U.S. to act as a legal firewall between the subsidiary's and the parent's respective operations. Please see Should I form an LLC or a corporation? for ...
2
Well, just be realistic and accept that it will be harder. You'll inevitably face additional barriers for all the obvious reasons - language, culture, local possibly longer established competitors, learning curve to understand local markets, etc.
But, having said that, there is no one thing that will stop you. Perserverance (and luck) don't respect cultural ...
2
You are not a "legal alien." Be careful which words you use. You should check out http://usvisanews.com, they are one of the most pro-active and friendly lawyers I ever worked with (and I'm sorry to say that I work with quite a few).
That being said, you can incorporate in the US freely as long as you do not work for that company. Problems arise when you ...
2
If you are in the US you will need to get a CPA involved in this to get this right.
But based on your points:
From what I understand the following will be happening: You get a client in the US that will pay you upon completion of the project for which you will be using contractors (companies) in Russia. If this is the case then what you pay them would ...
2
A non-profit is just a regular company, it just has to comply with additional set of rules to be eligible for non-profit, tax-exempt status. Those rules vary by state. See http://www.councilofnonprofits.org/howtostartanonprofit for the minimum basics on establishing a non-profit.
In that respect it doesn't matter where you are located, physically, as you ...
2
If you are a foreigner and receive income in the US you will receive the form 1099 very likely either 1099-DIV or 1099-MISC. Once received you being a foreign citizen you will need to file Form 1042 to the IRS and you will need to file something similar to the Mexican Tax Authority reporting income you received abroad and based on the double taxation treaty ...
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