Hi. I would like to expand the business abroad. But I am not sure how to do it. Should I open a bank account there? Can I do it online? Any recommendations?
Hi Austin, I had a similar situation, I also wanted to open a business in another country, but I needed an account and I wanted an account in a digital Bank for use throughout the world. And I found Ecompany dot org is an online company registration where you can also open an account. However, if you only want an account you can contact Finclusion dot com. It helped me a lot, but what I didn't like is the $100 price, a bit expensive. But I'm also sure that there are other digital banks, I hope my advice helped you. Good luck!
Hi Austin, depending on the country you want to expand your business to, its important to review the business tax laws, most countries require you to obtain a tax number, and be incorporated in that country. So look into some of these things. Also if you are expanding softly(digitally) this might not matter, but if you are expanding physically - e.g. setting up operations, etc in the country this will.
which country or continent?
which type of business? services/products
any shipping involved?
any legally bound products involved?
If your question is about opening a bank account in another country, you may start asking your bank whether it partners with or it has offices in the country of preference.
That's a big topic. I assume you have done sufficient market research to confirm demand for your product or service and that you have identified your target countries. Depending on what you're selling there are a number of different approaches. If it's a product then you would probably start as an exporter. You don't need a foreign bank account yet. Assuming you are successful you may then increase your presence in the target countries. As an exporter you'll want to locate a distributor or wholesaler. The US Commercial Service is a great resource. The Export Import Bank can finance your overseas customer. Whether you can sell online depends on what you're selling and who you're selling to. There are some additional issues but this should get you started.
We are expanding our soft product into the USA. From my limited research, the indication is that if it's not a Physical Expansion(no physical presence ) , you can do so without any formalities. However, it's wise to be cautious as some states are looking to maximize their tax revenues, so you should check each place you want to target by doing the research. To do this on a limited budget, you should contact some locals in the states you where you are targeting and get some free advice. Be sure to speak to more than one contact and sum up the advice before proceeding.
As for a bank account, payments can be easily made using electronic means, like Credit, Debit or services like Paypal, without needing a USA bank account. Payments are automatically deposited into our Canadian bank account. You may also approach the export entity in your country that has tons of experience with this. In Canada, we have the Export Development Corporation(EDC), in the USA I believe Export/Import (EXIM) Bank may be the one to approach.
We are currently doing this in our expansion state by state, and learning as we go. So if you have contacts in New York, California or Florida, please message me, I would love to make the connections.
You haven't said why you think you need a bank account abroad; is it to pay in cash? If so, you'd need an account with a convenient branch network. If you're accepting payments by other methods, though, why not just open a currency account with your current bankers?
If you're at the stage of needing to change money from one currency to another, try Midpoint Holdings (www.midpoint.com) for the best exchange rates.
Hi, where do you want to expand your business?
Hi. If you think about Brazil, for example, you should not just open a bank account but all of your business registration to make sure all of your sales and operations will be under the law. As an accountant I can help you with all the paper work even with the representation if you need. Please take a look at my web site www.accountingexpert.com.br.