Commerce – Markentry USA

01Mar 2024 by ggarciadme@gmail.com

How to open a company bank account in the US?

Business

One of the first steps that foreign companies must take when launching their business in the US market is to open a bank account. This can be complicated when the company does not have employees residing in the country or does not have a permanent physical address, something that happens frequently at the beginning of an internationalization project and even in later phases. Many foreign-owned US companies are permanently managed by non-resident staff, with occasional support from a local representative. The availability of a US bank account is of great importance for multiple reasons: It will make it easier to get local services and be paid for sales. For example, some online markets require the availability of a bank account in the US.It is an essential element when trying to…

31Mar 2022 by ggarciadme@gmail.com

War in Ukraine: Impact on international companies doing business in the US

Business

Introduction World attention has been focused on the very serious events that are taking place in Ukraine as a result of the attack launched by Russia on February 24. We dedicate this article to analyzing the impact that this crisis is having on international companies that participate in some way or plan to enter the US market. Some aspects such as sanctions or export restrictions can indirectly generate problems in your operations. Others are a source of potential opportunities.The United States government immediately initiated a series of punitive actions in response to the Russian attack, through executive orders from President Biden translated into concrete actions managed by the Bureau of Industry and Security (BIS) of the Department of Commerce, and the Office of Foreign Assets Control (OFAC) of the Department of…

14Mar 2022 by ggarciadme@gmail.com

Do you know form 5472? Ignoring it could cost you $25,000… or a lot more!

Laws and regulations

INTRODUCTION Creating a company in the US is extremely easy compared to other countries, it is a process that we explain in detail in our free guide. However, there are some details that must be taken into account. Ignoring them can be extremely costly. An example is form 5472 of the US tax authority, the Internal Revenue Service or IRS, which, with few exceptions, must be completed annually by foreign companies doing business in the US, as well as US companies that have more than 25% of its capital in the hands of foreign persons (individuals or legal entities), directly or indirectly. WHAT IS FORM 5472? This form is used to inform the IRS of the activities in the US of foreign companies or activities of US companies with more than 25%…

28Nov 2021 by ggarciadme@gmail.com

How to win contracts from the world’s largest client: the US Government (2): Regulations, barriers and solutions

Government Contracts

Introduction This is the second installment of the series on "How to win contracts from the world's largest client, the US Government". In the first article we talked about the structure of the government, the ways a non-US company can access this gigantic market, the initial procedures that must be followed, types of government contracts and aspects to take into account when preparing proposals.In this second article we deal with the regulations that must be taken into account, how some of them pose entry barriers of special relevance for international companies or their US subsidiaries and what solutions can be used to avoid them. We talk about aspects such as the FAR, the 'Buy American Act', ITAR & EAR, restrictions on classified contracts, CMMC, CFIUS and barriers to outsourcing abroad. We…

28Oct 2021 by ggarciadme@gmail.com

How to win contracts from the world’s largest client: the US Government

Government Contracts

Introduction The federal government of the United States is the largest customer in the world. According to USA Spending, the budget for fiscal year 2021, out of a total of 8.5 trillion dollars, includes 832 billion for services and supplies, as well as 165 billion for asset purchases. On the other hand, states and local governments (counties and cities) manage budgets totaling more than 4 trillion dollars. International companies often ignore or avoid the US government market because they incorrectly understand that it is closed to them or is very difficult to access. If they do, they may miss out on great opportunities. Of the top 100 companies that win contracts with the US government, about 35 are headquartered in other countries. As an example, BAE Systems, a British aerospace…

22Oct 2021 by ggarciadme@gmail.com

Important agreement between the US and several European countries to eliminate certain tariffs linked to the “Google tax”

International Trade

On October 21, the United States signed an important agreement with Spain, Austria, France, Italy and the United Kingdom to eliminate certain taxes and tariffs, according to statement from the US Trade Representative. The agreement comes after these countries agreed to join the global pact promoted by the Organization for Economic Cooperation and Development (OECD) to set a minimum global tax of 15% on the profits of companies with annual revenues of more than 750 million euros. Thanks to this agreement, the United States will not impose the tariffs on products from those countries that had been applied in retaliation for taxes applied in those countries on certain digital services, which some media have called the "Google tax". The US had announced at the beginning of June the imposition of an…

24Sep 2021 by ggarciadme@gmail.com

End of US travel ban for vaccinated passengers

Blog

The White House announced on September 20th that the travel bans to the United States, which we have reported on previous articles in our blog on June 2020 and July 2021, will be eliminated "at the beginning of November" for vaccinated travelers. These bans were progressively imposed by the Trump Administration between January and May 2020 and have had an immense impact on the activities of international companies and executives with interests in the country. The head of the White House COVID-19 Response Team, Jeff Zients, said foreign travelers must show proof of vaccination and a negative COVID-19 test (made three days before boarding the plane) upon entering the country. Zients said the US Centers for Disease Control and Prevention (CDC) will determine which vaccines will be accepted. These are long-awaited…

21Jul 2021 by ggarciadme@gmail.com

US Travel Bans: News and Expectations

Blog

What are the travel bans currently applicable to citizens of certain countries when coming to the US? What recent changes have taken place? What is their impact? Why are they maintained? What evolution can we expect? In this article we try to answer these questions. 1) Status As is well known, since January 2020, the US government has been imposing a series of entry bans on travelers from a group of countries as a result of the pandemic caused by COVID-19. These bans, which have hardly changed and currently affect 33 countries, prevent entry when the traveler has been in one of them in the previous 14 days. The countries affected are, in chronological order of their ban, China, Iran, the Schengen Area, the United Kingdom, Ireland, Brazil, South Africa…

28Apr 2021 by ggarciadme@gmail.com

Immigration and Travel to the US: Update

Blog

End of immigration suspension Unsurprisingly, quietly and with little media attention, the restrictions on the issuance of nonimmigrant visas H-1B, L-1 and J-1, which had been in force since June 24, 2020, expired on March 31st. Since then, US consulates around the world have restarted the issuance of H-1B, L-1 and J-1 visas without the need for an additional request for a national interest exception. This joins the elimination of the suspension on immigrant visas or 'Green Cards' ordered by President Biden on February 24 and that we already discussed in our article Important news about immigration to the US.Therefore, US consulates have restarted the processing of visas that had been blocked and have started accepting new visa applications. It is expected that it will take some time before consular activity…

20Jan 2021 by ggarciadme@gmail.com

The Biden Era Begins: Impact on International Companies

Business

By Gonzalo Garcia, Founder and CEO of Markentry USA CONTENTS 1. Introduction 2. Biden's real ability to drive meaningful change 3. Biden's priorities 4. People appointed to key positions 5. International trade 6. Immigration and travel bans 7. Opportunities for international companies 8. Conclusions 5. Conclusions 1. Introduction The inauguration of Joe Biden as President of the United States on January 20 represents a radical change of course with respect to what has been the period led by Donald Trump. Without a doubt, it is going to have a significant impact on international companies that compete or want to compete in the US market, which we will analyze in detail in this article.We will study the depth of the expected changes, taking into account the nuances of the US political…

Tag: Commerce