How to Register a Business in the US from Syria

Step 1: Benefits of starting your US business from Syria

Starting a US business from Syria comes with a myriad of benefits, offering entrepreneurs an opportunity to tap into a larger and more diverse market. The US market is renowned for its stability, extensive consumer base, and robust economic framework, which can provide Syrian entrepreneurs with a secure environment to grow their business. By leveraging the vast network of resources, financing options, and technological advancements available in the US, entrepreneurs from Syria can position themselves in a competitive landscape that fosters innovation and expansion.

Additionally, the legal and regulatory frameworks in the US are designed to support and protect business ventures, ensuring a level playing field for all entrepreneurs. This can be particularly advantageous for Syrian business owners looking to scale their operations swiftly. The US also offers extensive support through various programs aimed at assisting international businesses, including mentorship programs, networking events, and market entry resources. By establishing a presence in the US, Syrian business owners can not only benefit from the local market but also access a global network of opportunities that can drive long-term success and sustainability for their enterprise.

Step 2: How to start your US business from Syria

Starting a US business from Syria involves a few essential steps, even though you are physically located outside the United States. First, you need to choose a business structure, such as an LLC, corporation, or partnership, by considering factors like liability, taxation, and management. Once you decide on a structure, you typically have to register your business with a state, such as Delaware or Wyoming, known for being business-friendly.

After registration, obtaining an Employer Identification Number (EIN) from the IRS is crucial for tax purposes. You can apply for an EIN online through the IRS website. Additionally, you might need to open a US bank account to manage your finances, which can be done by working with international banks or financial institutions that have operations in the US. It is also essential to comply with federal and state tax laws, and consulting with a US-based attorney or accountant familiar with international business can be beneficial.

Step 3: Opening a Business Bank Account

A business bank account is a separate account that is used exclusively for business transactions. But why is it important to open a business bank account?

Keeping your personal and business finances separate is crucial. A dedicated business bank account allows you to do just that, making it much easier to track your business’s income and expenses. This clear separation translates to simpler tax reporting come tax season.

But the benefits go beyond bookkeeping. Having a separate account can provide legal protection. It establishes your business as a distinct entity from yourself. In the unfortunate event of a lawsuit or bankruptcy, this separation can help shield your personal assets from business liabilities.

Furthermore, a business bank account can boost your credibility and project professionalism.

It demonstrates to clients and vendors that you take your business seriously and are committed to maintaining accurate financial records. This can be especially important in establishing trust with potential partners.

Finally, a business bank account is essential for accepting payments, even if you utilize a merchant account. Whether you use doola or another service, funneling those customer funds into a dedicated business account is necessary.

doola partners with banks that allow you to open a bank account remotely from anywhere in the world, like Mercury. Shop around and compare different banks’ fees and services.

Look for a bank that offers the features you need, such as online banking, mobile banking, or overdraft protection.

You may also want to consider working with a bank that specializes in small business banking.

Step 4: Understanding Your Compliance Requirements in Syria

Understanding Compliance Requirements for Running a US Business in Syria

Operating a US business in Syria involves navigating a complex landscape of compliance requirements. These regulations ensure adherence to both US and Syrian laws and involve several critical considerations. Below are key considerations to keep in mind:

1. Sanctions and Export Controls

The US government has imposed comprehensive sanctions on Syria. These sanctions restrict the export, re-export, sale, or supply of goods, services, and technology to Syria. Therefore, businesses must:

• Review the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) guidelines.
• Ensure they are not transacting with designated entities or individuals on the Specially Designated Nationals (SDN) list.
• Seek licenses where necessary for certain transactions.

2. Anti-Bribery and Corruption

The Foreign Corrupt Practices Act (FCPA) prohibits US companies and individuals from making payments to foreign officials to influence their decisions. Businesses should:

• Implement rigorous internal controls to detect and prevent corrupt practices.
• Conduct thorough due diligence on local partners and agents.
• Train employees to recognize and report corrupt activities.

3. Due Diligence and Vetting

Due diligence is crucial for compliance. US businesses must vet potential local partners, suppliers, and customers to ensure they are not associated with prohibited entities. This involves:

• Conducting background checks and verifying the legitimacy of Syrian businesses.
• Regularly updating and reviewing compliance procedures.
• Utilizing third-party compliance tools and resources for continuous monitoring.

4. Reporting and Records

Maintaining accurate records and reporting is essential for compliance. Businesses should:

• Keep detailed records of all transactions and communications.
• Report any suspicious activities to appropriate authorities.
• Follow OFAC's guidelines on recordkeeping for five years.

5. Engaging Legal and Compliance Experts

Given the complexities of operating in Syria, seeking expert advice can be beneficial. Businesses should consider:

• Engaging with legal experts specializing in international trade and sanctions.
• Consulting with compliance professionals to develop robust compliance programs.
• Participating in industry groups or forums to stay informed on regulatory changes.

By understanding and adhering to these considerations, US businesses can navigate the regulatory environment in Syria while minimizing legal and financial risks. Compliance is an ongoing process that requires vigilance, diligence, and a proactive approach.

doola offers a Total Compliance package, including bookkeeping services, to help you stay on top of your compliance requirements. This ensures your business operates smoothly and adheres to all legal and regulatory standards.

Step 5: Understanding Your Tax Obligations in Syria

Understanding Tax Obligations for Running a US Business in Syria

Running a US business in Syria comes with unique tax considerations that require careful planning and compliance. This article aims to provide an overview of key factors to understand when dealing with such tax obligations.

Types of Taxes

Businesses in Syria are subject to various types of taxes. It is crucial to be aware of the following:

1. Corporate Income Tax: This tax is levied on the profits of companies operating in Syria. The rate and regulations might differ from those in the US.
2. Value-Added Tax (VAT): VAT is imposed on goods and services at varying rates. Businesses must register for VAT and comply with filing requirements.
3. Withholding Tax: Payments to non-residents may be subject to withholding tax. This includes dividends, interest, and royalties.

Double Taxation Agreements

Syria has agreements with certain countries to prevent double taxation. These agreements can help US businesses reduce the tax burden, but it is important to verify if such an agreement exists between the US and Syria.

Tax Registration and Compliance

Ensuring proper tax registration and compliance is essential. The following considerations should be taken into account:

• Registration: Businesses must register with the Syrian Tax Authority to obtain a tax identification number.
• Filing Requirements: Regular filing of tax returns and declarations is mandatory. Late submissions may attract penalties.
• Payment Deadlines: Timely payment of taxes is crucial to avoid interest and penalties.

Legal and Regulatory Framework

The legal environment in Syria may have specific regulations affecting foreign businesses. Consulting with local tax advisors or legal experts can help navigate these complexities.

Currency and Exchange Controls

Understanding currency and exchange controls is important for financial planning. These controls can impact repatriation of profits and financial transactions involving foreign currency.

Working with Professionals

Engaging with tax professionals and legal advisors who are knowledgeable about both Syrian and US tax laws can provide valuable guidance. This includes ensuring compliance and optimizing tax planning strategies.

In conclusion, understanding and managing tax obligations for running a US business in Syria requires a comprehensive approach, considering local regulations, international agreements, and professional advice.

It’s a good idea to consult with a tax professional or an accountant (or to hire these roles in-house) to make sure you’re not missing anything.

doola's Total Compliance package can handle your tax filings for you, ensuring you remain compliant with federal, state, and local tax requirements.

Step 6: How doola Can Assist

doola simplifies the incorporation and setup process for your company, ensuring you’re ready to charge customers, hire your team, and raise funds as quickly as possible.

Fill out your company details in the doola form in less than 10 minutes. Then, we’ll incorporate your company in any of the 50 US states, get your IRS tax ID (EIN) for you, and file your 83(b) tax election if needed. 

doola can also help you open a bank account and start accepting payments even before the IRS assigns your tax ID.

doola founders also gain access to exclusive discounts at leading software partners, one-click onboarding with select partners, and free CPA consultations.

The doola Application

It takes less than 10 minutes to fill out the details of your new company. You’ll choose your company structure (C corporation, limited liability company) and pick a company name.

Our instant company name checker will let you know if it’s available before you submit your application. You’ll add an address and phone number and review and sign your EIN SS4 letter in one click.

Forming the Company

doola will review your application and file your formation documents in the state within one business day. doola charges $297 for our Starter Plan and your first year of registered agent services (a state compliance requirement), and $297 each year thereafter to maintain your registered agent. 

You can also opt for our Total Compliance plan.

Getting Your IRS Tax ID (EIN)

After your formation in the state is complete, doola will file for your company’s IRS tax ID. Founders who provide a US Social Security number, US address, and US phone are eligible for expedited processing. All other users will receive standard processing. 

For standard orders, doola will fax your form SS4 to the IRS and then call the IRS to retrieve the EIN for you to expedite the process if we can, using real-time IRS data to determine when your filing is likely to be available.

Filing Your 83(b) Tax Election

Many startup founders choose to file an 83(b) tax election to potentially save on future personal taxes. doola can file and mail your 83(b) tax election in one click for both US and non-US founders — no trip to the post office required.

We’ll file it using USPS Certified Mail with tracking, and you’ll get a copy of your signed 83(b) election and proof of filing in your Dashboard.

Partner Perks and Discounts

doola partners with a range of third-party tools to offer special pricing or access to founders. We offer discounts on engineering, tax and finance, compliance, and operations tools, including Amazon Web Services.

doola also partners with Mercury to provide faster, automatic onboarding using your doola company information so you can get ready to bank and fundraise even faster.

Founders may also access discounts on other doola products, including up to one year of free credits toward payment processing.

Read our guides for startup founders, or learn more about doola and how we can help you set up your new business quickly and easily.

Turn your entrepreneurship dream into reality today!

We do our best to provide accurate and up to date information, however the information provided here are just guidelines. Please speak with a tax and compliance professional in your country