Below are a few issues to consider when setting up a business in New York City. Our Division for International Business “One-Stop-Shop” can assist you with these steps.
- Legal: The law requires foreign companies to set up a legal business entity (corporation, partnership, etc). A lawyer can help you do this correctly, so that your particular tax and immigration needs are addressed.
- Taxes: An accountant can advise you how the choice of your corporate entity will affect the amount of taxes you pay, advise you about any tax treaties between your country and the U.S., and discuss Federal, New York State and New York City tax guidelines.
- Banking: It will likely be necessary to set up a local bank account to run your business and to transfer money between the U.S. and your home country.
Five Borough Office Space
Office space in New York’s central business district in Manhattan is vast; keep in mind there are many business districts in Brooklyn, the Bronx, Queens and Staten Island which may also suit your needs. If you want to establish a factory, warehouse/distribution facility, there are industrial parks where tax incentives may be offered for qualifying businesses for electricity, and hiring local employees.
Another alternative is short term office space in Business Centers where you can rent shared space on a short-term arrangement.
Visit our International Business Calendar for an up to date listing of events where you will meet people in your industry and make new business contacts.
You can find information on the different incentives which are offered by the New York City Economic Development Corporation and the New York City Department of Small Business Services.
The Division for International Business is part of the government of the City of New York. The Division for International Business does not endorse, and is not affiliated with, any specific company or product. Please consult an independent professional for individualized advice on legal, tax, or accounting matters.