Company Formation in Hungary for US Entrepreneurs
Company formation in Hungary offers access to the EU market, low taxes, and residency options. Learn about the steps, costs, and compliance rules.
If you’re looking for a place where your business can truly grow and thrive, Nevada is hard to beat. The state’s $206.5 billion economy isn’t just big—it’s growing fast, with one of the top growth rates in the country and a vibrant community of over 375,000 businesses to date.1
No state income tax, clear regulations, and robust protections for business owners are just a few reasons why people from around the globe choose Nevada as their launchpad into the US market. This guide will navigate you through each step of the foreign qualification process so you can reap all the benefits without risking non-compliance with the latest regulations. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.
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To transact business in Nevada as a foreign limited liability company, you’ll have to complete the Nevada foreign LLC registration process.
Let’s look at all the essential steps for getting started.
Any business entity registering as a foreign LLC in Nevada must designate a registered agent with a physical address in the state.2 This registered agent will act as the official contact for both legal and state communications.
You can appoint an individual or hire a professional service to act on your behalf. No matter who you choose, you’ll need to make sure that they’ll be available during regular business hours to receive official correspondence.3
Your business name will need to comply with Nevada’s naming rules. That means the name will have to contain words like Limited Liability Company, Limited Company, or a related abbreviation like LLC or LC.
If you find that your company’s original name is already in use, you may need to prepare Nevada business filings under a different name.4
Next, you’ll submit the Application for Registration of a Foreign Limited Liability Company to the Secretary of State.
This form requires details such as the business entity name, jurisdiction of formation, date of formation, and the address of the principal office. You’ll also need to include the name and address of your registered agent and an initial list of managers or members.5
Nevada charges a combined fee of $425 for a foreign LLC qualification. This amount includes the foreign LLC registration fee ($75), the initial list filing fee ($150), and the state business license application fee ($200). Expedited processing is available for an extra fee.6
All foreign LLCs will need to get a business license to operate in the state of Nevada. It’s a legal requirement for anyone looking to do business in the state.
Once registered, your foreign limited liability company must file an annual list and renew the state business license each year. The annual list is due by the last day of the anniversary month of your initial registration.7
Once you have established your business with an LLC, you’ll need a business account to manage your US finances. A Wise Business account is easy to open online and comes with no monthly fees. You can convert funds from your home currency to USD with low, transparent fees.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to countries.
Some key features of Wise Business include: |
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As a nonresident, it’s easier to keep your LLC in good standing than you might think. Just remember to stay on top of annual filings and keep your registered agent up to date.
Each year, you’ll need to file an annual list of managers or members with the state and pay the associated fee. Also, you’ll need to renew the state business license each year. The combined cost for the annual list and the business license tax comes in at $350.
You’ll also have to maintain a registered agent in Nevada at all times. You can appoint an individual, but if you live outside the US, it may be easier to hire a professional service instead. If your registered agent changes, you’ll also need to update your records with the Nevada Secretary of State.
Also, foreign LLCs need to keep accurate records of business activity, managers, and members. Nevada requires you to maintain a physical or digital copy of your documents either at your principal office or with your registered agent.9
While Nevada doesn’t have state income tax, your business may still be subject to federal taxes and, if you operate in other states, their respective tax laws. Consult legal counsel to ensure you’re compliant with all relevant business licenses, tax, and reporting requirements.
Nevada is a welcoming, forward-thinking state that’s a top choice for many nonresidents looking to register a foreign LLC. Here are some of the top reasons to establish a presence in the state:
For those located outside of the US, forming a Nevada LLC is a great way to establish a presence in the US market. As a registered foreign LLC, your company can do business, open bank accounts, and enter into contracts with US customers and partners.
Nevada’s lack of state income and corporate taxes makes it an attractive location for business entities looking to minimize tax liability. It’s especially beneficial for businesses that generate income outside of Nevada or operate online.
Nevada’s laws provide strong protection for business owners, so personal assets are shielded against business liabilities. This is a key reason why many companies choose to expand their operations into Nevada.
The Nevada Secretary of State has streamlined processes for business filings, so it’s relatively easy for foreign entities to register and maintain their status. The state’s legal framework encourages business activity and growth.
The costs associated with a Nevada foreign LLC are on the higher end, especially in comparison with some nearby states. However, the lack of state income tax is appealing to many entrepreneurs.
Filing Fee | Annual Report/List Fee | State Income Tax | Franchise/Privilege Tax | |
---|---|---|---|---|
Nevada | $75 (Application) + $125 (Initial List) + $200 (Business License) | $125 (Annual List) + $200 (Business License) | None | $200 (Business License Tax) |
California | $70 (Statement & Designation by Foreign LLC) | $20 (Annual Statement of Information) | Yes (up to 13.3% for individuals, 8.84% corporate) | $800 minimum franchise tax per year |
Colorado | $100 (Statement of Foreign Entity Authority) | $10 (Periodic Report Fee) | Flat 4.4% corporate tax | None for LLCs |
New Mexico | $100 (Application) | N/A | None for LLCs (individual owners may owe tax on NM-source income) | None for LLCs |
If you’re interested in skipping state income taxes and enjoying strong asset protections, setting up a non-resident LLC in Nevada can be a smart move. Just keep in mind that the state’s fees and yearly paperwork can be a bit higher than what you’ll find in some other states.
No. A foreign LLC is for out-of-state or international companies expanding into Nevada. So if your business entity was formed in another state or country, and you’re now seeking to transact business in Nevada, you’ll register as a foreign LLC. Nonresidents can simply form a new Nevada LLC directly if they choose.
A Nevada LLC is formed in Nevada, while a foreign LLC is formed elsewhere, then registers to operate in Nevada. Both must have a registered agent and a business license.
The total fee is $425 for the initial LLC foreign filing ($75 application, $150 initial list, $200 business license). You can pay an extra fee for expedited processing if you choose.
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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