With Donald Trump’s promise to scrap the Trans-Pacific Partnership (TPP) trade deal on his first day at the White House it seems that the world’s export-import industries will have to brace themselves for change once again.

Just as the UK grapples with having to renegotiate trade deals with EU countries after the Brexit vote, the 11 countries that were part of the TPP deal will also have a battle on their hands now Trump has decided to drop the partnership.

Outgoing President Obama set up the deal between the US, Japan, Malaysia, Vietnam, Singapore, Brunei, Australia, New Zealand, Canada, Mexico, Chile and Peru which makes up a massive 40% of the world’s economy. But as the deal had yet to be ratified by congress and with Trump’s promise to safeguard American jobs and industries, it seems unlikely that the partnership will ever go ahead.

But for entrepreneurs and businesses within the TPP countries (and indeed those UK businesses affected by the Brexit vote), all is not lost. The simple way around these trade difficulties is to set up a company in the country you wish to do business with.

Related article: Business Brexit: How to Relocate Your Business to France

Most of Europe is pretty straight forward when it comes to company formation – every country has its advantages and its particular procedures - but people are often put off setting up a company in the US due to the sticky business of EIN numbers, visas and bank accounts.

Due to tightened security measures after the tragedy of 9/11, opening a bank account in the US means more forms to fill in and more items of identification required. And before doing that you’ll need an Employer Identification Number (EIN) which is a tax office number. But be warned, don’t get hoodwinked by illegal websites who offer cheap deals on opening bank accounts without EINs – you’ll find yourself without a working bank account and out of pocket.

Related article: How To Open Your Business in the US

The best states to open companies in are Delaware and California. Delaware is particularly interesting to foreign entrepreneurs because there is no corporate income tax provided you do not actually trade in Delaware. You can effectively incorporate your business in Delaware, operate in another state (or even another country!) and pay no corporate income tax in Delaware.

If you’re unsure of any of the formalities of setting up a branch of your business abroad – either in the US or in Europe - or if you’re worried about paperwork, language barriers or tax and accountancy implications, it’s always better to seek the advice of a company formation specialist.

For more information about company incorporation in the USA, along with any other issues including remote bank accounts, EIN numbers and visas, please contact us on 0033 (0)1 53 57 49 10 or email us from our contact page and we’ll be happy to help.

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