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If you are looking to form a business in a foreign country, you may be surprised to learn that the USA has been known as one of the most foreign-friendly countries to start a business.

On top of this, the United States of America has a consistently strong economy and is the current leader for global business and investments. This can be promising for your entrepreneurial endeavors.

How can you start a business in the USA as a Non-Citizen Foreigner? Starting a business in the USA has no citizen or living restrictions. You can use a registered agent service to register your business with an address in the state you are filing in. Starting, buying, or owning a business in the USA does not automatically change your citizenship status, but a green card is not required to begin.

While starting or purchasing a business within the USA can be a relatively easy logistical process, it does come with plenty of challenges. There will be nuances as to types of businesses, as well as laws for working and living, that you will have to navigate. Continue reading to learn more about the types of USA-based businesses you can own as a non-citizen foreigner (both residential or living abroad) and the legal guidelines you will have to follow along the way.

What Types of Business Can a Foreigner Own in the USA?

Gaining citizenship in the United States can be a pretty complex process. With that, you might be unsure if your foreign status renders you to a halt in your entrepreneurial journey in the country. Fortunately, there are no residential or citizenship requirements for owning a business in the US. However, working for and gaining profits from your business is a different story.

What types of business can a foreigner own in the US? A foreigner (whether living abroad or those who are non-citizens residing in the US) can start a business of any kind: a sole proprietorship, partnership, Limited Liability Company (LLC), S-Corporation, or C-Corporation. However, working for the business and gaining wages will require documentation.  

Unfortunately, just because you are able to start (aka register) your business in the United States without citizenship status, this does not mean that you will automatically be able to work and live in the country. However, there are ways to make this work so that your efforts are seen as profitable on your end. 

Since you will be able to start any kind of business that you want (assuming you meet the business standards to begin), you will likely want to see the profits from your work. To do this, you will need to gain permission to work and reside in the country through a conditional visa or green card. 

Fortunately for you, starting a business, gaining legal employment, and paying taxes bode well in your case for permanent residency that can help you to gain a green card. Be sure to keep a record of your efforts all along the way including any bank accounts or legal documents that you complete.

Since the legal requirements for working and residing in the United States vary based on your unique situation, just know that you will need to research the type of documentation that you will need based on how long you plan to stay in the country and any plans for residency or citizenship applications.

If you are living abroad but would like to start a business in the United States, this is possible, too. Since there are no citizenship requirements for starting a business in the country, and you will not be attempting to live or work in the country, then you need to verify the legality of the wages that you will be receiving and the taxation requirements in the US as well as your country of residence.

More likely than not, you will end up paying United States business taxes for your US-based business. However, your personal taxes might look different depending on how you end up filing in the US (and depending on the laws and regulations in your home country). Often, non-citizen foreigners choose to begin their business as an LLC as they will then be protected from “double taxation” that a C-Corp would go through (on personal and business taxes). 

To ensure that you take the proper legal route in obtaining this opportunity – regardless of if you are a non-citizen foreigner living in the country or abroad – be sure to discuss the legal requirements with either an attorney. Preferably, you will be able to find one who specializes in citizenship, employment, and corporate taxes or is at least familiar with these areas. 

Verifying the legality of your business will ensure that your efforts do not go to waste, and you are able to continue growing your business without having to worry about if the legal side of the company is being taken care of. 

Do I Have to Live in the USA to Start a Business There?

There are many reasons that you might want to start a business in the USA. Its economy is consistently strong, its world market integration is vast, it provides an entryway to financial opportunities like investors and venture capital, and you can make a plausible case for residency. But your residential status might cause you to question your business venture.

Do I have to live in the USA to start a business there? No, there are no requirements for living in the United States to legally register your business entity in the country. However, employment (receiving wages) from your business will require additional legal documentation. You will be required to pay US taxes annually on your US-based business. 

The conditions for starting and owning a business in the US vary from person to person and from business to business as specific situations render different documentation needs. For example, if your business has been opened in your home country, but you have been trading with the US for a year or so, then you will need to complete different forms than if you are a small business that is moving to the US but has not previously participated in trade.

While it might seem like a confusing process, there are manageable ways to figure it out. You can work with a US-based attorney to ensure that you are taking the legal precautions necessary to prolong the success of your business. It is suggested that you review the specifics of your organization but as it stands and where you would like to see it qualify. This can help to ensure that you are filing all of the correct paperwork and will not have to deal with missteps in the future.

There are a variety of foreign-owned businesses in the United States, and many of these businesses are owned by non-citizens who are living abroad. In today’s digital world, there are opportunities for businesses to grow no matter where in the world you are living. Plus, if you ever did plan on moving to the United States to run your US-based business locally, then you can build a strong case for residency as you will be investing (personal) capital to ensure the success of your business. 

Do I Need a Green Card or Visa to Start a Business in the USA?

If you are planning to live and work in the US, then you are likely looking at all of the complicated regulations that will make this possible. It can be frustrating and confusing to see all of the paperwork that is required, but you can make this work.

Do I need a green card or visa to start a business in the USA? To start a business in the USA requires no legal residency or citizenship. Contrarily, to live and work in the United States (or, to receive wages from your business while living in the US) will require a Green Card or Visa. The particular Visa you need depends on your situation.

Since this can be a confusing process, it is best to look at a few starting factors. First, you will need to consider your goals both personally and professionally. If you only plan to live in the country for 6-months to a year while getting your US-based company off of the ground, for example, then this will be a very different situation than someone who plans to move to the US permanently while working for the business they start in the US.

A popular route that many non-citizens end up taking when starting a business in the US is to apply for an E-2 Visa. Though this Visa will conclude its residency permissions as soon as your business ceases to operate, it does allow you (and a spouse and children who apply for the E-2 Visa) to live and work in the US while your business exists and is profitable.

The conditions for this Visa, in terms of the business that you own, basically boil down to the success of your business. Since the conditions of your ability to stay in the US rely on the business’s success, it is imperative that your business sees profits and growth. 

The E-2 Visa is given under the assumption that you are investing a great amount of capital into the business, and that you will see long-term success with enough profits to support yourself and your family solely from the business. It also requires a highly structured business plan yielding proof of profitability. Extending this 2-year (max) Visa has no limits and simply requires reapplication and approval.

Keep in mind, though, that this is just one example and is not the only option. Many people are not comfortable applying for the E-2 Visa since its contingency relies on the success of the business. If anything were to happen to the business (aka if it fails), then the family would no longer have permission to stay in the country. Applying for a Green Card or another Visa route might be the best option for you.

The L1-A Visa is another option that is particularly beneficial for those who have a pre-existing business and plan to move themself (and their families) or another executive in the business to the United States permanently. This requires previous business experience, so you will need to be sure that you have a record of your current business’s success and can verify the interest in moving someone (on behalf of the business) to the US to begin trading and profitability in the country.

Green Cards can be hard to come by, though, as their application process can take months to years to receive. Building a strong case for residency is important if you choose to go this route. You will need to prove that you are invested in the country financially and otherwise. Likely, you will not be permitted to leave the country for a certain period during your application process or you will jeopardize your filing status. 

Be sure to review the legal requirements depending on your situation (especially if you are attempting to move your family to the US, also). There are numerous options to make this happen for you and your business legally, but it will likely take lots of research and patience to navigate the process and get your business up and running effectively in the US.

Non-Citizen Starting a Business in the USA While Residing Guidelines

If you are a non-citizen planning to start a business in the USA while you live and work there, but you do not currently have citizenship status, then there are several legal precautions that you will need to take. While anyone (citizen or not) can start a business in the US, working for and living in the US requires additional documentation. 

Before you start a business in the USA as a non-citizen residing in the country, be sure to do the following:

• Have a well-thought-out business plan.
• Verify your source of initial capital.
• Choose your desired length of stay in the US.
• Consider any immediate family whom you would like to have join you.
• Select the type of business entity that you will register your business as.
• Verify all legal documentation and living situations ahead of time.
• Work with an attorney to ensure that you file correctly.

While this is not an exhaustive list, this can give you a good place to start. You are brave for venturing to a new country, potentially uprooting your family (along with yourself) to start a new business and life in the US. Know that while this can be an extremely intimidating process for those who are unfamiliar with the ins and outs, it can be done successfully, and you can reach the goals that you desire to achieve.

Through exploring online communities and groups, you can even find people and communities that have done this same venture successfully before. By learning from other people’s experiences, you can be sure to watch out for areas of success and failure in navigating the legal process as well as helping your US-based business to succeed long-term.

Foreigner (Non-Resident) Starting a Business in the USA Guidelines

If you are a foreigner (non-resident) planning to start a business in the USA but do not plan on residing there, then there are plenty of legal ramifications for this as well. Since you do not have to be a citizen or reside in the US to start a business there, this aspect should be no problem. But, you will need to be sure that you follow the appropriate legal measures for receiving wages and paying the appropriate taxes and fees abroad.

Before you start a business in the USA as a foreigner (non-resident) who lives abroad, be sure to do the following:

• Create a structured business plan.
• Verify your source of capital and potential for trade.
• Search for the appropriate tax documentation that you will need to file (annually).
• Select the appropriate business entity to register your business.
• Verify and file taxation appropriately while living abroad.
• Work with a US-based attorney’s office to ensure that your US-based business is secure and legally operating.

Again, while this is not an exhaustive list for starting a business in the US as a foreigner (non-resident) while not living there, or attempting to live there, this can give you a place to start. Navigating the legal process in this arena can be difficult and intimidating. Especially if you are having to work from across the world, likely experiencing the difficulties of working in time zone differences (along with cultural differences), this is no easy feat. 

But, try to keep in mind that others have done this before which means that if you are driven and have a well-planned business, you can make this dream of yours come true, too. This does not guarantee that the journey will necessarily be easy, or that you will not face hiccups along the way, but you are capable and can make this entrepreneurial journey successfully while starting a business in the USA as a non-citizen foreigner and continuing to live in your home (or other) country.

Check out my huge list of small business ideas for your entrepreneurial inspiration here

Starting a business when you are over 50 is both entirely possible, and might even be a great idea for your future and the legacy you will eventually leave behind for your family. It is not too late to consider this option but is important to understand everything you will need to put into it.

How do you start a business over 50? You will want to have a solid plan in place, both for the business and for your own goals. Spend time becoming an expert in the field, and utilize your network to get there. Know all the costs ahead of time, and make sure to have a realistic timeline in place for you and your business to see success. 

Once you are over 50, you will likely have advantages and disadvantages to starting your own business. The advantages include experience, knowledge, and more stability than many young entrepreneurs. Utilizing your strengths and advantages, you can set yourself up to have a highly successful career as an entrepreneur. At that point, the saying will become true that “age is just a number”. Continue reading to learn the tips of the trade and to learn about why this can work.

Check out my list of the best business ideas for retirees here

12 Tips to Start a Business Over 50

Regardless of your age, there is no perfect formula for starting a business. Each day as an entrepreneur is a new series of problem-solving and learning new things in order to adapt and succeed in an ever-changing market. 

Below, I have condensed my best tips, largely geared towards helping you to properly plan and to be able to adapt to new situations for your business. It is with my hope that these tips can help you find your inner motivation to get to work and successfully launch your business even if the entrepreneurial world after 50 seems intimidating. 

1 – Plan Out What You Need Financially

First and foremost, as an entrepreneur who is over 50, you are going to need to have a handle on your personal finances and needs. Make a plan for yourself, to ensure that you have your personal needs and finances handled before jumping into any business ideas or plans. Doing this will also help you understand what you are able to invest in your new business.

Fortunately, many people over the age of 50 have a higher sense of financial stability than they did when they were younger. This puts you in a good position to be able to maintain your livelihood and work with banks to acquire any needed funds at healthy rates. Your older age might even come with perks of earning a lower interest rate as you can prove good credit for a longer period of life.

Keep in mind that this is the time when many are cruising into their final years of saving for retirement. This is probably already on your mind, so I am here to tell you not to stress. Just be sure to include this in your plan and accept what a realistic timeframe for your own retirement would look like if you were to start your business over 50. If you are realistic with your financial plans, starting a business as an older entrepreneur is totally possible- and could lead to greater wealth in the long run, anyways.

2 – Utilize Your Network

As an older entrepreneur, you will likely have more professional and personal acquaintances in your circle. Do not be afraid to reach out to these people in your network for advice, help, and more contacts who might be interested in supporting you and your vision. Chances are, you may have a contact who is able to help you put together a rock-solid business idea in your field of interest. 

Given that you are attempting to start a business when you have reached past the “traditional” entrepreneurial age to begin, it is likely that you have really thought this through and are willing to go the unconventional route. Now, it is time to keep doing things a bit unconventionally by embracing the bold risks that come with this journey. Allowing others to be there and support you can make a world of a difference.

Fortunately, by the age of 50, most people have gotten past the need to impress or be liked by others. The same desire for approval that may have existed through your twenties simply is no longer there. This is incredible to have as an entrepreneur. You will be able to focus on your goals and unabashedly reach out to your network for advice, help, and support.

3 – Build Another (Business) Network

Whether you know it or not, local business assistance is all over the place. Reach out and attend events with the Chamber of Commerce, and get to know other local business owners. Having a network in a local area can help with word-of-mouth to get your initial customers and support system in place.

Not only will you be able to build connections and relationships with the local, like-minded business owners, but you will be able to build connections with their business network as well. The more stories you hear of successes and failures, the more you are able to learn and bring into your business.

For the most part, you will likely find that others truly want you to succeed on your journey, though their support is not always palpable. By building a business network, you can have people to lean on for advice, financial resources, and information on anything that may arise during your entrepreneurial journey. Chances are, the challenges and obstacles that you will face have likely been hurdled by someone else before.

4 – Know What You Need Help In

While you are likely an expert in a field, you may also need help and support in other areas around your new venture. Understanding what you do not know is just as important as being aware of what you do know. Reach out to professionals who have more experience in areas you are not as comfortable. You can even hire a consultant for things that are more technical or specific.

As an older entrepreneur, you have likely refined your skills and vision to start your business. You recognize the challenges that you may face and likely have a good gauge of what you are and are not skilled at. Beyond this, you will also be more in tune with what lights your fire, or, what you are passionate about.

Instead of wasting time and frustration on areas that you are not as skilled in, let someone else be a part of your success in this area. One way to think about it is by evaluating the cost of your time. If the “hourly rate” at which you would have to pay yourself to complete a task (research and all) is greater than the cost of outsourcing said task, then, by all means, outsource.

5 – Conserve Physical Energy

The fact of the matter is that you are no longer a 20-year-old who can work outside long hours every day, indefinitely. It is also more likely that you have additional responsibilities such as holding your current job before you are able to fully launch your business, or you may have children and a family who need you.

You need to pick and choose what is important for you to do and what can be delegated to others so that you can conserve your energy for the important things. Hiring people to take care of moving office furniture or hanging signs can be a great way to inexpensively improve your quality of life as an entrepreneur over 50.

Along these same lines, health risks for various health concerns often increase as you age. So, taking care of yourself physically (mentally, spiritually, etc.) is of utmost importance if you want to succeed on this long term journey. You might even consider building in time for 20-30 minutes of physical exercise as a way to re-center throughout your day and come back fired up for making your vision come to life.

6 – Become an Expert

If you are not already an expert in your field of choice, then you should be getting to know the field you are going into. Chances are, you are going into something you are already knowledgeable in. With starting a business at an older age, you have the advantage of using your life skills that have been acquired over a longer timeframe than some other younger entrepreneurs. 

With that said, it takes a lot to become an expert in the field and to be able to conquer your business goals. Utilize free online resources, continuing education, and online courses to become an absolute expert in your field. The more you know and can show your value, the better your business will grow.

It is also important that as you go on this route, you recognize that becoming an absolute expert in one or two areas and outsourcing the rest (to other experts) can help your business to go from average to exceptional. Play to your strengths; this will save you time, money, and energy, and will ultimately help your business to succeed for the long haul.

If you are interested in starting a business focused on the senior market check out my list of the best business ideas here

7 – Build a Well-Structured Business Plan

Being knowledgeable and personally prepared is important for the success of your business, but on an equal footing is the necessity of having a well thought out business model. Knowing what to expect for your business, growth, and overall structure is crucial to succeeding. 

You could consider this your blueprint before you begin to truly structure and see your business take shape. There are many categories to include in your business plan including financing, product sourcing, advertising, and more.

If you are not sure where to start, you can usually find free templates online. However, it is best to consult with a professional once you get the basics down. Find someone in your field who can point you in the right direction, and begin with framing your financial plan for your business. Without this, there will be no business to start in the first place.

8 – Know the Startup Costs

Once you have a business plan and a personal finance plan in place, you can figure out the startup costs. Many times these will depend on what you are able to put into it. Be prepared for unexpected expenses in your startup costs, and know when the payoff will begin.

The startup costs will likely be estimated at first, and that is ok. But, you need to be able to provide for yourself and your business as you venture into this post-50 journey. Being financially prepared can help to provide you the confidence you need to succeed.

Again, it is recommended to do your research well and speak with people in your industry of interest. They can point you in the right direction and also offer tips and tricks that can save you time, energy, and money. Learn from the successes and failures of others as you become an older entrepreneur.

9 – Marketing Plan

Almost no businesses grow unexpectedly by the owners. Having a solid marketing plan can be one of the most important aspects of your business. In today’s world, you have an (almost) infinite audience, so you need to have a plan to reach that audience. 

Your marketing plan can be physical advertisements in your local community, and you can also branch into the digital realm. Be sure that whatever avenue you choose, you are sure to carry the vision and mission of your business with it. Professionalism is key to gaining a future client or customer’s trust.

Just like a business plan, forming a marketing plan is something that you can gain insight from people in your industry. Do your research online and with your network. See what works and what does not through other’s mistakes so that you do not have to suffer the costs of lost resources.

10 – Learn Social Media

If you do not already understand the ins and outs of popular social media platforms, then you will need to spend time beginning to understand this. Get to know media types, hashtags, people in your industry, and growth tactics to build your brand. Most importantly, be social on social media. People like to feel connected to brands. 

Often, generational trends point age-specific demographics towards particular social media platforms. You will need to be familiar (or outsource to someone who is) with the social media platforms that are most popular with the age group you are attempting to reach.

If your plan is to reach all demographics (age non-specific), then be sure to use the most popular ones like Facebook, Instagram, and Pinterest among others. You can begin by asking those around you- specifically targeted in differing age groups- what their preferences are and go from there.

11 – Have an End in Place

Similar to having a business plan, you also need to have an end in place. If it is a low-cost business, maybe you can afford to hold out for a long time. If it is going to cost you your livelihood, regular large amounts of money, and is not successful – you should have a plan to pivot and increase income or stop altogether. 

Of course, the financial risk is why older entrepreneurs are less common to find. The risks that you were able to take when your retirement (and family) were not really in the picture are not the same as they are now. 

With more at stake, you need to be confident in your decision no matter how the end result turns out. Now, of course, you will hope that your business is successful and that you will see the benefits of its profit, but if this does not happen, you need to have a long-term plan in place.

12 – Do Not Sacrifice Retirement Assets

One of the most common mistakes I see in any entrepreneur is the desire to invest retirement capital into their new business. While this would make sense for someone who ends up with a highly successful business, this is not a prudent decision for most people. 

If your business fails, or is not generating a large income within a few years, you will be losing out on your future livelihood over this decision. Additionally, if you have a family or other dependents who are relying on your income, then this can have even more devastating consequences.

Instead of sacrificing your retirement assets to start a business when you are over 50-years-old, seek out other financial opportunities. As mentioned above, you can use the time you have had to build excellent credit to your advantage as you negotiate for a lower interest rate on your bank loan. Then, your personal finances are secure.

Why Start a Business Over 50

People of all ages have great ideas, knowledge, and abilities to share with the world. Thankfully, with technology and an abundance of information, you do not need to be young or in a “perfect” position to start a business. 

Why start a business when you are over 50? Contrary to popular thought, entrepreneurs over 50-years-old are significantly more likely to succeed in their business ventures than those under 30. Often, they are looking to take their career to the next level, or they are hoping to turn it into an extra source of income and adventure in retirement. 

Whatever the reason may be, starting a business as an older entrepreneur can be a great experience when done properly. Make sure you take everything necessary into account, and have a plan in place to ensure that your future is secure. This will allow you the best chance at success on this entrepreneurial journey.