With everything that has happened in recent years, with FATCA contracts between the United States and other foreign havens, this may be the last place a foreign business owner would consider settle down.
We can understand why a US state is the last place where a non-American citizen would consider starting an e-commerce business. To ignore the United States as the location of the head office would be a serious mistake, however.
Although the United States suppresses its own citizens through FATCA agreements, it has itself been less cooperative in disclosing financial information to foreign tax authorities. Many developed and developing countries have now agreed to share their financial information by signing Agreements on Common Reporting Standards (CRS).
US does not participate in US financial statements
To date, the United States has not signed any agreement on the CRS standard established by the automatic exchange of information. This means that they are now one of the best places to invest and register an offshore business for non-US citizens. Wyoming, in particular, has proven to be a destination of choice for those wishing to start a small business, including e-commerce activities.
We will see why in a moment, but first examine why the IRS considers it prudent to control the foreign banking activities of its citizens, while turning a blind eye to the activities of foreign companies setting up on their shores.
It’s quite simple, the more foreign money invested in their banks, the more American citizens benefit from it. Incorporating and investing your money in states where the tax rate is low or zero, such as in Wyoming, only strengthens the labor market by reducing the unemployment rate and providing funds for infrastructure development.
FATCA is their response to Microsoft, Amazon and Apple around the world hiding their wealth abroad. Of course, they also want to keep track of the little ones (individuals), but you have to take into account the richness of the American coasts to have an overview:
● The dollar controls the world currency market (all the world currency is linked to the US dollar). Indeed, the United States is by far the richest country in the world since the collapse of Europe during the Second World War.
● Although not the most populous country, the United States’ gross domestic product is the highest in the world, at 23.3% of world GDP. Compare that with the second richest and most populous country in the world, China, which holds only 16.1% of world GDP.
● By reading this table , it should be obvious that no other country is approaching the wealth of these two countries, including poverty-stricken India, which is just behind China in terms of world population and has almost a billion more citizens than the United States.
● Despite its economic ranking, the United States also has the largest debt in the world , that is to say that the larger the amount of foreign dollars entering, the more its economy will remain stable, despite the amount that it owes. other countries.
5 reasons to set up an e-commerce business in Wyoming
Now that we understand why the United States has a vested interest in protecting foreign assets held within its borders, it’s time to take a look at why Wyoming is a great place to incorporate your e-commerce business.
“Why not Delaware?” you ask yourself. Delaware is often touted as the best place to incorporate if you want to attract large investors to your business because of its business-friendly legal system. However, for an e-commerce start-up, Wyoming offers the most significant savings, while FATCA does not concern you as a non-American citizen and the United States, as mentioned above, does not participate in CRS with no country.
Here are the top five reasons to set up your headquarters and business registration in the state of Wyoming :
1. Confidentiality
It should be mentioned that you can operate your Wyoming-based e-commerce in the utmost secrecy at the moment. Director and shareholder information will not appear in your Wyoming public business registers, which means that your identity will never be revealed.
2. Less start-up costs
Wyoming has the lowest population of any state. It is therefore important that state and local lawmakers do the most attractive business in Wyoming possible to help grow state wealth and reduce unemployment. The costs of registering businesses cost a few cents of a dollar compared to many other states. Better still, there is no minimum capital requirement for foreign companies.
3. Quick approvals
It can take as little as 3 days to obtain state approval, after obtaining a Wyoming business bank account and filing its constitution on the state website, or from the intermediary you mandate .
4. Easy banking process
Wyoming does not require you to open a bank account in person. The whole process can be accomplished quickly online, which means your e-commerce Business Registration can be up and running in just a few days, without having to book a flight or accommodation in that state, just to fine-tune the details of your LLC.
5. No income tax
Who among us would love if we never had to pay personal or business income tax? It would be illegal to suggest that you hide the assets obtained from your business from the tax authorities in your country (if your country collects income taxes). However, in the absence of CRS commitments across the United States, feel free to draw your own conclusions about the potential benefits of tax savings.
The state of Wyoming does not levy income tax and, if they are motivated to increase their population, it is safe to say that this will be the reality for years to come.
Conclusion
The United States has a vested interest in attracting foreign wealth to their businesses and banking systems for all the reasons you may have read above. When you examine Wyoming relative to other states, their zero tax obligations, privacy laws, low start-up costs, online bank account setup and process ‘quick approval, it is obvious that they are the ideal place to install your e-commerce company headquarters.
