Cyprus Mail

Doola gives entrepreneurs the chance to set up a US LLC and bank account for global transactions

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There are many reasons why European investors and business owners are interested in branching out to the US. For one, the US is known for having the highest GDP in the world and has managed to maintain this despite economic turbulence.

The European Commission has outlined its goal to move away from individual digital markets, to a single digital market. In a paper, titled ‘Balancing ambition and pragmatism for the digital single market,’ researcher Paul-Jasper Dittrich argues that, “instead of helping to alleviate fragmented markets,” the digital single market, “suffers from over-regulation, vested interests and a general lack of economic liberalization. It is unclear whether the strategy as it stands will lead to the expected economic gains.”

  • The US offers European entrepreneurs the opportunity to tap into a global market and remains a preferred base for thousands of foreigners.
  • Doola just launched a new API and is one of the only entities facilitating remote bank account openings for Europeans and internationals.  
  • Limited Liability Companies in the U.S. offer a variety of tax benefits, and would be best suited for international businesses looking to expand into America.

This illustrates the broader concerns surrounding the digital single market, by identifying the possibility for the European economy to become largely non-competitive and overly regulated.

Dittrich adds that “the EU is still lagging far behind other countries and regions when it comes to digital cross-border trade, digital skills, innovative regulation and investment in digital infrastructure.” Critics of the digital single market outline that without sufficient planning, the EU market could fall far behind that of the US.

With the US economy in mind, it is relatively easy to see why European businesses would strongly consider moving their operations, or opening up, in the US. However, the US offers a variety of business entities, and LLCs appear to be the most appealing to outside investors.

The benefits of a US LLC
LLCs, or Limited Liability Companies, are the most popular type of business entity in the US. LLCs offer a variety of benefits and can prove to be very useful for businesses. These benefits can be compounded by state laws regarding tax.

Taxation benefits
LLCs are subject to pass-through taxation on all profits. This means that profit is sent to each member without the intervention of tax at a corporate level. Members are taxed at an individual level, where their portion of the profit is admitted on individual income tax returns. This is beneficial for businesses, as it not only makes the process of tax more simple, but it allows for businesses to reduce their overall tax liability.

Limited liability benefits
LLCs are formulated in such a way that they are separate and distinct from their owners. This means that members are not liable for debt or any lawsuits. If the company is subject to debt, or a lawsuit is filed against it, the personal assets of members can not be targeted. This is a unique trait to LLCs, and many business owners prefer the business entity because of this protection.

The advent of Doola:
Doola states that their mission is to, “unlock the potential of human entrepreneurship and democratize access to wealth creation by empowering anyone in the world to turn their dream idea into their dream US business.” The company offers businesses end-to-end incorporation, banking and other important solutions for European businesses, to allow them to grow and maintain their business within the US. This allows prospective entrepreneurs and business owners to reach the US market in an efficient and simple way.

Arjun Mahadevan, the CEO and co-founder of Doola, understands that there are many reasons why European and British entrepreneurs are looking for US bank accounts and LLCs. He states that, “The US offers a unique opportunity for global investors and entrepreneurs to scale and house their businesses. Not only do you instantly get the global credibility of being a US business but also, you can acccess one of the most lucrative consumer markets in the world.” Doola seeks to help prospective entrepreneurs by providing them with the foundation for business incorporation in the US. In addition to this, Doola aids businesses in ensuring security and protection in the digital space.

By working with Doola, businesses can form an LLC in the US within five business days, on average. This is an incredibly swift turnaround period, and businesses may not be able to reach incorporation in this timeframe on their own. Moreover, Doola’s team of professionals are experts in business incorporation. They know the ins and outs of LLC formation, and will be able to guide entrepreneurs through the entire process. This is particularly important, as European entrepreneurs may not know the most effective way to incorporate, or which state would yield the best outcomes for their business. Working with Doola also allows entrepreneurs and business owners to manage and operate their business within the US in an entirely remote capacity.

Final thoughts
LLC formation in the US – along with obtaining the appropriate bank accounts to trade on Amazon, Shopify, Etsy – and to leverage Paypal. Stripe and other ecosystems remain quite popular with international entrepreneurs. It is also true that the US economy is an appealing target for businesses across the globe, due to its general stability and scale. This creates the opportunity for European businesses to not only expand their market, but tap into an economy that may be more fruitful in the long run. Moreover, businesses need not worry about the digital single market in the US. Limited Liability Companies, as the most popular and sought-after business entity, provide a variety of benefits to outside entrepreneurs who are seeking to incorporate in the US. Doola is a company that allows international businesses to set up and incorporate an LLC in the US, as well as provides them with a US bank account. This means that, through Doola, businesses can operate in the US and complete global transactions.

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