Are you thinking of moving from Lithuania to the US for business? Doing so can be a good move as the market in the US has a lot more potential for certain industries, especially those that revolve around entertainment and retail. Making the move can be a tricky one, though, so if you’re struggling with where to start, keep reading.
This article will go into more detail about how you can start a business in the US. There are a lot of steps involved, but this list will provide a helpful rundown on the steps necessary to set you on your way.
Decide on the Industry That Best Suits You
The very first thing necessary for starting a business, regardless of the country you decide to do it in, is picking which industry is right for you. This will influence your next steps forward and could even act as a deterrent in moving in the first place. For instance, if you are starting a business in the realm of energy supplies, furniture, petroleum refining or food processing, it may be worth staying put as these are booming industries within Lithuania.
Decide on Your Suited Business Type
Once you have decided on the industry you intend to work in, you will need to decide on a business type. There are multiple different kinds of businesses types, all of which come with pros and cons depending on where you are and where you plan to go.
The different types of business include:
- An LLC
This is the most common type and a very popular choice if you are a non-U.S. citizen that is hoping to start a business in the USA. It protects all of your assets from both debts and lawsuits. This means that if something happens, then your assets such as your personal bank account, your car and your home will all be protected.
- C-Corporation
These can also be beneficial to non-U.S. citizens as they are favoured more by investors who are able to invest in and hold shares in your company without having to worry about tax consequences if they sell them later down the line. That being said, corporations can be bad as they are essentially double taxed.
- S-Corporation
Whilst an S-Corporation can come with a range of different benefits, it is usually one favoured by American citizens as opposed to non-U.S. citizens.
Choose an Office Space
Having an office space can be beneficial when setting up a business as there will likely be a range of meetings with the likes of accountants, business advisors and prospective clients. As such, having somewhere to meet can be of benefit. Don’t worry if you are unable to find somewhere straight away, as when you land, if you look up ‘self storage near me’, you will find a range of different storage units where you can keep office supplies and equipment until you’re ready to move in.
Conclusion
There can be a range of benefits to setting up a business in the US, and as such, it’s no surprise that a lot of people from Lithuania choose to do it. If you are considering making the move then completing the above is a good place to start.
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