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Opening a Delaware Corporation: an Incorporation Guide for Foreigners
- bernardoporto 15y agoVery interesting! ;)
- AmaralHerberth 15y agoTks a lot :)
- lucianot 15y agoThis is really helpful. Thanks for the post.
- kennethologist 15y agoThank you for sharing! I've been researching this for quite some time and now I finally know how to do this. The StartupLawyer mentioned in the article should be releasing articles and guides like this!
- diegogomes 15y agoGlad you liked! He is, have you seen his bloig startuplawyer.com? Helped us a lot!
- mateusbicalho 15y agoThanks! Very useful :)
- kseudo 15y agoOn a similar vain we are thinking of incorporating in the US but we will also need a bank account there. Anyone know what the procedure/requirements would be for this?
- diegogomes 15y agoOn the next post we will publish about opening a bank account. We chose Silicon Valley Bank. Great entrepreneur support there.
- kseudo 15y agoCool... Im looking forward to reading it already, great work.
- sanswork 15y agoI did this in June. I'm from Canada and my partners are Australian so for us it was a bit easier. I took all the incorporation documents and my personal identification and drove across the border to open our accounts. The process was straightforward and simple and the business manager at the bank knew how to handle it. That said I think its easier for Canadians than people from other countries.
- ajg1977 15y agoYou need a corporate resolution authorizing you to perform financial actions on behalf of the company, and this needs signed by officers of the company (which may also be you) and stamped with the company seal. There are plenty of examples online. Take this, along with copies of your articles of incorporation and government issued photo id, to a bank of your choice and you're all set. To speed things up you may want to call ahead and make an appointment with whoever deals with new business accounts at the branch.
- eusouomatt 15y agotks for sharing it, truly helpful!
- jpresende 15y agoAwesome guide! Will definitely help us in the future. Thanks!
- alexpogosyan 15y agoThanks for sharing. As far as I know there is no double tax treaty between Brazil and the US. Does this mean you will have to pay income tax twice? Also very interested to know how did you get a US bank account. As far as I know it is not possible to do it remotely since Patriot Act has been passed.
- diegogomes 15y agoSince we're not in the U.S. (yet) we do not need to pay taxes twice. We work from brazil as contractors to our U.S. company. So the company pays taxes in the U.S. and the individuals pay income taxes in Brazil.
- samdalton 15y agoI managed to set one up last week with Wells Fargo. They wouldn't set up a credit account without a SSN, but I have check and savings. Granted, it was because I'm moving there next week, but the process only took an hour, and a few scanned documents.
- diegogomes 15y agoIn our case we have a board member that lives in the U.S. and helped us with the U.S. address. We also have a virtualpostmail address for mailing purposes only.
- justincormack 15y agoThe US doesnt have any double tax treaties. If you are Brazil resident, but have US income you may well be double taxed if you are employed in the US. If you are not Brazil resident then Brazil wont tax you. Only the US taxes non resident citizens I think.
- jrmg 15y agoThe US doesnt have any double tax treaties. That's not true. http://www.irs.gov/pub/irs-trty/ http://www.irs.gov/pub/irs-trty/
- lucasarruda 15y agoVery nice post! Thanks for sharing all the process and info.
- cmer 15y agoI wrote this for Canadian startups wanting to incorporate in the US, but it applies to most countries AFAIK. http://blog.carlmercier.com/2011/08/29/us-incorporation-for-canadian-startups/ http://blog.carlmercier.com/2011/08/29/us-incorporation-for-...
- deleted 15y ago[deleted]
- chaostheory 15y agoGoing on a tangent, what are the primary reasons people incorporate in Delaware as opposed to say Nevada or Wyoming? Is it mainly because more lawyers nationwide are more familiar with Delaware laws?
- justincormack 15y agoNo its about trying to pay less tax. It will cost more in fees etc.
- chaostheory 15y agoIf I understood you correctly, I don't believe either Nevada or Wyoming have state income tax. Though in the case of Nevada, given its state deficit, this may or may not change in the future.
- justincormack 15y agoNo its the corporation tax for firms not actually operating there but that are Delaware registered. Income tax depends on where you earn it.
- jpdoctor 15y agoDelaware law is very favorable to the corp. As an aside: Nevada used to be a big flag to the IRS, since it was one of the few states (the only?) that did not data share with the feds.
- chaostheory 15y agoI agree with the Nevada statement.
- diegogomes 15y agocheck this out! -> http://news.ycombinator.com/item?id=2997975 http://news.ycombinator.com/item?id=2997975
- jpdoctor 15y agoNote: $2K is about $750 too high. (Hell, I think the whole thing is way high for what is a cut and paste exercise to a junior lawyer. I think this industry is ripe for a startup to make a boilerplate, perhaps open-source.)
- diegogomes 15y agoI don't think so. The lawyer helped us a lot with incorporation, TOS, Stock options, so we spent U$2k. This is not directly related to incorporation, but we did some of this stuff in the same pack. Will clarify on the next post.
- jpdoctor 15y ago> The lawyer helped us a lot with incorporation, TOS, Stock options, I was guessing that's true; it's pretty standard for a lot of people.
- bgrossi 15y agoGreat! Thanks for sharing...
- markmccraw 15y agoIt seems that this post may have been artificially upvoted by the author of this post. The oldest comments are all at the bottom and are short, trivial and grayed out comments. One of those comments appears to be legit and another appears to be from a fellow Brazilian entrepreneur. However the rest are suspect. The submitter/author of the post created his account 23 days ago. The following accounts were all created 22 and 23 days ago and have only commented on everwrite related posts. http://news.ycombinator.com/user?id=mateusbicalho http://news.ycombinator.com/user?id=mateusbicalho http://news.ycombinator.com/user?id=bgrossi http://news.ycombinator.com/user?id=bgrossi http://news.ycombinator.com/user?id=lucasarruda http://news.ycombinator.com/user?id=lucasarruda These accounts were created shortly after this was submitted and have only posted on this submission with the same short, positive comments. http://news.ycombinator.com/user?id=jpresende http://news.ycombinator.com/user?id=jpresende http://news.ycombinator.com/user?id=eusouomatt http://news.ycombinator.com/user?id=eusouomatt These all do have real name formats, so perhaps these are all employees of everwrite and were asked to come vote this up? I'm not sure what the official rules are here, but it certainly leaves a bad taste in the mouth to send five associates here to vote this up and comment on the article in the early stages of the post, where five upvotes likely makes a large difference. And if it's straight up sock puppeting, it's simply unacceptable. EDIT: I take back that one of the early comments seems legit, this account http://news.ycombinator.com/user?id=lucianot http://news.ycombinator.com/user?id=lucianot is also associated with everwrite in some way. http://twitter.com/#!/lucianot/status/114152173767639042 http://twitter.com/#!/lucianot/status/114152173767639042 I hate to be the one who makes the drama, but the whole thing seems disingenuous to make all these fluff comments without disclosure and is not beneficial for the community. Imagine if a company with 2000 employees sent an army this way!
- bobds 15y agoGoing to all this trouble to create accounts and upvote, then making empty blogspam-like comments... seems like a waste.
- diegogomes 15y agoWe shared the post with some friends, that's for sure. But everybody seems to have liked it. ain't that a good post? We thought that by writing about our incorporation adventures we would be giving back to the community. Sorry if you didn't like it, unfortunately we can't please everybody.
- diegogomes 15y agoCheck out the second episode of this series here: http://news.ycombinator.com/item?id=3018620 http://news.ycombinator.com/item?id=3018620