A land of opportunities, the United States has always been a magnet for entrepreneurs.
To get a step closer to their dream, ambitious startup founders from around the world pay the high price of sleepless nights and endless working hours. What does it take for a foreigner to succeed in the U.S.?
Sergey Brin of Google and Elon Musk of Tesla are often cited as examples of the “American dream” becoming a reality for immigrants. Millions of dollars in investment and photos of legendary parties in Silicon Valley boost the human flow of startup founders to the U.S.
More than 40 percent of Fortune 500 companies were founded by immigrants or a child of immigrants. In New York, the proportion is even higher at about 59 percent.
How do they make it despite the obstacles of strict immigration laws, the language barrier, and other challenges?
Great opportunity, many people would think. Big markets and finally the possibility to go on a well deserved holiday in Southern Spain after a huge million dollar raise (translated to Dutch: vakantie Zuid Spanje).
Don’t call too early. Wait with getting the wine out of your wine cooler (translated to Dutch: wijnklimaatkast 2 zones). You have to know what you are doing before you register for the KOR.
No quarterly declaration
Practically you don’t have to charge VAT over your products and services to your clients and you don’t have to do a quarterly declaration. That makes a difference talking about more profit and it takes less time.
Nevertheless, you must know what you are doing. How much money do you earn and how much will you invest and spent.
Accountants say that the new KOR is for entrepreneurs who work with individuals and have low costs. You also have to know how your business will develop during the next three years.
Ask yourself why
Some advice and questions:
- How do you feel if you are named: small entrepreneur
- You don’t have to pay any VAT. The consequence is that you can’t ask any money in return
- If you want to invest and grow, you better can’t sign up for the KOR
- Cliënts maybe get confused if they first get a bill with VAT on it, and then a bill with no VAT. Then you have to explain.
So take your Cowboysbag and contact your accountant to decide whether this is the best way to run your business.