From international student to American businessman
Did you know that foreign students in America can open their own business? It's completely legal and many people do it. They own the company, hire staff and generate income. The only limitation is that you cannot work independently.
In general, of course, it is best to contact specialists to know the specifics of taxation in a particular state, the rules for starting a business in a particular area, and so on. For example, a Japanese friend of mine owns a restaurant that serves Japanese food. Of course, opening an establishment with food and drinks will be more difficult than some online store. It turns out that first you should study the existing forms of doing business and decide on the most suitable one. Before opening a business in America, you need to come up with a name for the future company and check if there is a legal entity in your state with the same or very similar name.
You can register a company online. The cost of regular registration depends on the chosen form of doing business and varies on average from $85 to $115. Of course, it is worth considering additional costs for licenses, permits, and more. To pay taxes, be able to open a business bank account and hire employees, you need a tax identification number, which for foreigners is called a TIN. You can get it for free from the US Internal Revenue Service (IRS). If one of your employees or co-founders has an SNN, it will make opening a business in the US much easier.
In general, what usually happens is that you, as an international student who owns your own business in the US, are essentially a passive investor who does not have the right to pay yourself a salary, but may receive a portion of the profits (dividends). In America, it works exactly the same as if you simply invested in someone else's shares and received interest on them. As a company owner and investor, you may attend meetings, inquire about work processes, and even advertise your products or services. In fact, everything is much simpler if you turn to the services of a specialist.
Author: Anton Nayanzin
