LLCs have become a highly profitable and convenient structure to start a business. In American Samoa, LLCs get the chance to leverage a variety of benefits. Besides, starting your own Samoan LLC is not difficult.
An LLC or limited liability company pairs the best elements of a sole proprietorship with the personal liability protection for the owners of the firm. It is a perfect mechanism that allows business owners to hold onto their assets separately from the assets, losses, and debts of the LLC.Yes, foreigners can acquire Samoan LLC or start a new liability company in American Samoa. In fact, anyone can lay the foundation of an LLC in American Samoa. Foreign companies as well as foreign citizens have the freedom to form a limited liability company in American Samoa.Think of LLC through the lens of limited liability protection that works in favor of business owners. It is an invaluable feature of the American Samoan LLCs that continues to draw the attention of more business owners.
Ownership of Assets by Non-American CitizensYes, non-American citizens can own the assets when it comes to forming a limited liability company. The fact of the matter is that residents, non-residents, corporations, and foreign people within the U.S. can own a Samoan LLC.
The process to start a new LLC remains the same for American citizens and Foreigners. The business owners just need to follow the 1 Step process at LLC.AS.GOV.
When it comes to the start-up process, different states can have minor changes. In American Samoa, owners are free to include as much information as possible in the official statement. What Foreigners Should Consider If your goal is to form an American Samoan LLC as a foreigner or non-resident, then make sure to take into account key considerations:
File for the VisaIf you plan to work in the company that you’re planning to form within the U.S., then you will need to get a visa. With E-2 Treaty Visa, you can travel back and forth from the States to take care of business operations for two years. But this visa depends on whether or not your country of origin has a treaty with the United States.
Apply for an EIN and Get Your ITINSince foreigners don’t need a social security number, they can opt for an ITIN or Individual Taxpayer Identification Number. The ITIN makes it possible for non-residents to get EIN or Employee Identification Number. You can apply for your Employee Identification Number by filing Form SS-4.Owners of LLCs can act as registered Agents.
What about Taxes for Foreign Individuals?As a foreigner, you can pay taxes on more than one type of income. Oftentimes, it all boils down to tax treaties and treatment that may or may not impact put a dent in terms of taxation. Also, when it comes to direct money exchanges involving real estate, stock shares, or other transactions, the involved parties have to report taxable income through Form 1042-S.
Typically, American Samoan LLCs don’t have to worry about taxation due to the pass-through of mechanism to move profits and loss to income taxes. But make sure not to overlook any tax treaties that may impact your LLC formation process. But for the most part, American Samoan LLCs don’t face corporate income taxes. No State Taxes on LLCs.
Start Your American Samoan LLC Today!Of course, there are basic rules and regulations in place to form an LLC in American Samoa. As long as you want to pursue the American dream, you will find the process simple and easy to follow.
Whether you’re from Europe or Asia ready to start business operations in American Samoa, the online portal will make the process easier. In hindsight, using the online portal allows business owners and entities to streamline their American Samoa LLC formation process and save valuable time and resources.