North America is a highly developed region with many business opportunities in the industry, trade, finance, and other sectors. The most promising countries in terms of doing business are the United States and Canada.

The region's advantages

Opening companies in North America is beneficial because of the following region's advantages:

• stable political and economic environment
• high level of business culture
• high-level infrastructure
• many opportunities for business development and growth
• simple procedure for setting up legal entities
• availability of tax incentives and special programs in specific industries

Business forms

If you plan to buy a business in North America or start a new one, you can do it in one of the forms:

• A limited liability company is a corporate structure that protects its investors from personal responsibility for its debts or liabilities. Participants cannot freely dispose of their shares, and the relevant restrictions are fixed in the founding documents.
• A corporation is a form of business that requires compliance with strict legal requirements regarding registration, share capital, and maintenance of operations. A company is created to raise external financing, and shares may be freely disposed of and offered to third parties.
• A branch is an option acceptable for a foreign legal entity through which it can carry out the same business activities as in the country of primary registration.
• A representative office is an option for a foreign legal entity, which does not imply conducting business. Still, it allows for activities aimed at promoting services or goods of a foreign company, as well as conducting analysis of local markets. In this case, registration is required.

Specific forms of entrepreneurship, as well as their peculiarities, widely vary. Prifinance lawyers will be glad to advise more on the issue after choosing a particular option for forming or buying a legal entity.

Registration procedure

You can register a company in North America by going through several steps:

1. Determine business goals and the appropriate staff for implementation (foreign investors are often chosen in favor of Delaware).
2. Choose the appropriate legal form for the business objectives.
3. Collect data on the founders, beneficiaries, and managers.
4. Draw up and execute incorporation documents.
5. Select a legal address.
6. Set up share capital.
7. Fill out registration forms, pay fees and generate a final package of documents to submit for registration.
8. Submit the documents to the registrar for review.
9. Receive confirmation of registration.
10. Register the business for employment and tax purposes.
11. Open a corporate bank account.
12. Obtain additional licenses and permits for regulated activities.

This is a list of the approximate steps you need to take to start a company in North America. The specific registration plan varies depending on the country or state. Prifinance lawyers will be happy to advise you further on the matter by developing specific solutions for your business needs.

Legislation and regulatory environment

The region's legislation is primarily based on common law (U.S., Canada). It can be characterized as transparent - requirements of laws are unambiguous for application in most cases. The activity of state authorities is also aimed at creating favorable conditions for doing business with a minimum level of bureaucratic formalities to be fulfilled.

The legislation of each country has nuances that must be considered when starting a business in a particular jurisdiction. Some operations, such as banking and financial operations, require licenses. The specific list of activities subject to licensing varies. Prifinance lawyers will advise more on the matter.

Tax aspects

Tax rates vary by jurisdiction. However, you will be required to pay the general types of taxes after company registration in North America.

• corporation tax
• capital gains tax
• income tax
• tax deducted at source  (dividends, interest, royalties)
• a value-added tax (VAT)

How Prifinance lawyers can help

If you want to buy a company in North America or create a new one, the Prifinance lawyers will be happy to advise you in detail on which option is beneficial in your particular case. The lawyers will make a plan of action, prepare and execute the necessary documents, negotiate with local advisors and government agencies, and open a corporate bank account. The lawyers will also be happy to support the legal entity's operations in the future.