If you’ve gotten your company registered in the US, congratulations are in order. However, while having your company registered in the US is one thing, maintaining the registered status of same is another. In this article, we’ll be sharing a few important tips we believe will help you with maintaining the good standing of your company with the United States government especially in situations where you had your company registered in the US as a non-resident.
WHAT TO DO AFTER HAVING YOUR COMPANY REGISTERED IN THE US AS A NON-RESIDENT
1. Get your Employer Identification Number (EIN)
The EIN is a tax identification number issued by the United States Internal Revenue Service (IRS) to identify registered businesses in the United States. The EIN is a mandatory requirement to be obtained regardless of whether or not your business has employees.
The EIN is important for several reasons;
a. It is used for setting up your corporate bank account
b. Your business can’t file tax returns without the EIN
c. Hiring employees in the United States requires the EIN and
d. The EIN is a requirement for obtaining business permits
2. Ensure your company files its tax returns when due
Taxes in this sense includes both federal, state, and franchise taxes (where applicable). The due date and the tax assessment rates/fees applicable to businesses vary from State to State. It is therefore important that you get clarification about what taxes to pay, when to pay it as well as how to go about it.
If you need help with tax filings, you may reach out to us through the Whatsapp icon on your lower right or here, and we’ll have you sorted.
3. ENSURE YOUR COMPANY’S ANNUAL REPORT IS ALWAYS UP TO DATE
Your annual report is different from your regular tax returns. It is filed with the relevant Secretary of State where your company is registered.
Your company’s annual report I simply filed to notify the State that your US company still exists and operates as a going concern. In addition, in situations where there are major changes in the structure of your US company such as; a change in registered address, a change in the number of members of your company, or even an increase in share capital, you can always include such changes in your annual report as a form of notice to the authorities.
The annual report is filed with filing fees and such fees vary from State to State.
Should a company fail to file its annual report when due, such a company will in most cases face the risk of an administrative dissolution by the relevant division of the Secretary of State.
4. MAINTAIN THE SERVICES OF A US-REGISTERED AGENT
As part of your US company formation process, your company is as a matter of law, required to be filed by a US registered agent. A registered agent could be a private individual such as the owners of the company (in cases where founders live in the US) or a commercial agent. Where you do not live in the United States, it is essential that your US company secures the services of a registered agent.
A registered US agent serves the following purposes;
a. Receives important notices and legal correspondence on behalf of your company
b. Notifies you of such correspondence and sends them to you.
To qualify as a registered agent in the United States, such an agent must have a physical address that is verifiable. In other words, a P.O Box address will not suffice.
You can always secure the services of a US-registered agent for your US company for a fee.
5. GET A US COMMERCIAL ADDRESS (WHERE NECESSARY)
If your nature of business requires moving goods within and outside the US, a mailing or commercial address might be a good option for your business.
This is different from a US registered agent’s address. A US mailing or commercial address is simply a mail forwarding address that enables you to receive business-related items and packages.
You can always get one for a few dollars.
6. GET A BUSINESS LICENSE WHERE APPLICABLE
The question about whether or not your business needs a business license depends on several factors such as;
a. Your business sector
b. Whether or not your business has a physical presence in the US
c. Whether or not such a license is required in the State your company is registered and operates.
No matter what circumstance your US company falls under, ensure you get adequate advice from experts to avoid unpleasant situations with the US authorities where it concerns your business.
CONCLUSION
Ensuring your company remains in good standing after registration may feel tedious, particularly in situations where the founders of such US-registered businesses are non-US residents. It is, however, attainable when you have the right and experienced team to outsource such aspects of your business.
In partnership with our US colleagues, we can assist you with the necessary filings required to maintain your US company as a non-resident such as;
a. includes tax filings
b. annual reports filings and post-registration changes and
c. maintaining a US-registered agent
Need help with any of these? Or do you need assistance with setting up your business in the US, feel free to reach out to us through the Whatsapp icon on the lower right part of this page or HERE, and we will attend to you.
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