Running a solo business can be challenging, especially in emerging nations. The economic and political environment in developing countries plays a huge role in the life of sole entrepreneurs looking to grow their practice. The best option in these cases is expanding to a place like the US, where freelancers, digital entrepreneurs, gamers, and digital nomads can thrive.
This is why Globalfy has launched a package tailor-made for sole entrepreneurs and the challenges they might face. It’s a bundle of services with a flat-fee rate delivering everything you will need to reduce the friction and restrictions while doing global business.
Find everything you need to know about this new service.
How can the sole entrepreneur package help your business?
The American finance, legal, and tax structures offer stability to your business. Compared to other markets, such as Brazil, Argentina, India, Pakistan, Nigeria, South Africa, or Spain, the US offers great opportunities to grow in digital-based practices.
Globalfy’s Global Sole Entrepreneur Package was designed to help rising professionals enter the global market with more security and comfort. Other than working in the American market, establishing a US company will help entrepreneurs to find new global opportunities through a legitimate business environment.
With our solution, an entrepreneur can have a legal and tax entity in the US state of Wyoming, an American business bank account—insured by the FDIC—and an international Visa debit card. Since the entity is an LLC with only one member to offer remote and digital services from outside the US, neither the company nor the owner has to pay taxes in the US. Effectively making it a US tax-free entity.
What is included in the Global Sole Entrepreneur Package?
The Global Sole Entrepreneur Package was created as a one-click solution for digital entrepreneurs. From company setup to dissolution, Globalfy will offer the support digital business people need to start closing global deals.
The process of opening an American single-member LLC in Wyoming will be done by Globalfy. Entrepreneurs won’t need to worry about all the paperwork required to run a business globally. Also, there is no need for visas, ITIN, or social security numbers. The package already includes all the fees required to set up your business on state and federal levels.
Physical presence in the US
Get a business address in the US to receive official mail and documentation. The Virtual Address service is different from a PO box. Other than receiving correspondences, it will be available for remote access within 24 hours, and processes such as sorting, opening, scanning, and depositing checks will be automated without needing to travel to the US.
All the paperwork and registration process will be taken care of! You can enjoy the advantages of having a US company and focus on growing your business in the global market. Entrepreneurs will also be able to access an invoicing platform to charge their clients and get access to training and level 1 customer service to help them with operations.
Globalfy’s banking platform is made for global entrepreneurs. The banking services are fully insured by the FDIC and include a Visa debit card that can be used worldwide. On the Global Sole Entrepreneur package, founders get their account set up as soon as their company is ready to start operating. There is no minimum deposit, no maintenance fee, no domestic ACH transfer fee (sending and receiving), and access to ATMs all over the world.
Company taxes and renewal
One of the biggest headaches for international entrepreneurs is doing taxes in a different jurisdiction. Globalfy’s new package is designed to make this easier for digital professionals. Federal and state fees, paperwork, and compliance are included.
Every year, we will take care of the state renovation (annual report) for subscribed businesses. State fees are included (US$60) as well as the IRS reporting: 5472 + 1120F. If there are any remaining questions, entrepreneurs can solve them in an annual 30-minute call for tax or business-related questions.
Plan B support
Even in stable circumstances, owning a business always comes with uncertainty. If digital entrepreneurs face any trouble in the US, our team will take care of the state dissolution, final report to the IRS, and close your EIN account with no extra cost, if your annual fee is paid. This service is already included in the 1st year package and in the additional years, too!
Keep reading to understand why this package was formulated this way.
The new package includes an entity formed in Wyoming. This state was chosen because it offers advantages concerning taxes and privacy to international entrepreneurs. Wyoming also has one of the most business-friendly climates in the country with a low maintenance cost: $60 annually—against $300 from Delaware, for example.
According to TaxFoundation.com, Wyoming’s tax system ranks 1st overall on the 2022 State Business Tax Climate Index. The state has no corporate or individual income taxes. Furthermore, members of an LLC in Wyoming don’t need to be listed on public databases. This will help you to have more security and avoid legal liabilities.
If you want to incorporate your company in another state, no worries. You can count on us, click here and start your business.
Why open a single-member LLC?
Single-member LLCs are treated as a “disregarded entity” in the US. This means that even though these companies are legally registered, they don’t have to pay taxes. There is an exception to this rule that happens when a single-member LLC is FDAP or effectively connected to US Trade or Business.
If you’re looking to register a company with two or more members, click here, and we’ll help you.
Why is this package only for digital entrepreneurs?
Entrepreneurs with a single-member LLC considered Engaged in Trade or Business (ETBUS) have to pay taxes in the US. This indicates that the company can’t have a physical presence in the country, such as, but not limited to, employees, office, or warehouse.
Globalfy’s Global Sole Entrepreneur Package is designed to help digital entrepreneurs, influencers, nomads, gamers, and freelancers that are conducting their businesses outside the US. This way they can run their US business tax-free.
Start closing global deals without restraints!
It’s time to expand your business and start making deals in USD! The global market is booming with opportunities for freelancers, digital entrepreneurs, and digital nomads.
With Globalfy’s Global Sole Entrepreneur Package, you will have access to everything you need to find new clients and avoid the headache of managing an international business. Open your single-member Wyoming LLC now!