Am I eligible for residency if I set up a business in Florida?
Since Florida is part of the United States, the same residency rules apply as the rest of the country because Immigration is a federal competency. You can learn more about possible residency pathways on the US FAQs page.
Can I set up a company in Florida with 100% foreign ownership?
Just like the rest of the United States, all corporations can have full ownership by foreign owners. The Miami area is a popular part of the state for incorporating these entities. However, just like in all US states, “S” corporations must have owners who are either citizens or residents of the United States.
What are the tax benefits of setting up in Florida?
Florida does not have any personal income tax, making it an attractive state for business. It also happens to have some of the lowest incorporation fees in the US. The state does not have any property tax nor any property tax on your inventory, as well as on goods that are in transit for 180 days. You also will not have to pay tax on any goods that you are manufacturing to be sold outside of Florida, as well as for purchasing raw materials you use for products you wish to resell. The lack of business taxes, as well as a myriad of other exceptions, make Florida one of the most business-friendly states.
Can I open an offshore bank account in Florida?
While non-US residents can open a bank account, some banks may require a Social Security Number (SSN) that comes with residency status. It’s recommended you do businesses at bank branches and banks more accustomed to working with non-US resident customers. Fortunately, many branches in Miami are more used to clients of this calibre. You can find out more about offshore bank accounts in the United States here.