How to get an ITIN if you’re a non-US resident?

Posted on February 20, 2012 by Author

ITIN stands for Individual Tax Payers Identification Number. An ITIN is basically a tax ID given to non-US residence (and some US residents) who need to file tax returns or reports, but do not qualify for an SSN (Social Security Number).

It’s important to point out that although it works in a similar way to an SSN, for tax reporting, it can’t be used for employment within the US. It also can’t be used as ID in the US.

In some cases an ITIN may be useful when applying  for a US bank account. However, you shouldn’t apply for an ITIN to simply apply for a bank account.

The IRS states the following: “If you do not have an SSN and are not eligible to obtain an SSN, but you have a requirement to furnish a federal tax identification number or file a federal income tax return, you must apply for an ITIN.”

Some US companies (if paying a commission to you) require a tax ID. For example, if you’re using services like CreateSpace.com (an Amazon.com company) then they ask you to apply for an ITIN. In this case, CreateSpace.com will provide you with a letter that you can submit with your ITIN application.

There are potentially two main benefits to getting an ITIN as a non-US resident.

1. It will allow you to file a personal US tax return and claim any withholding tax, if applicable.

2. An ITIN may be useful when dealing with other US companies, including banks, corporations, etc.

If you have set up a US company this may also help you to apply for an ITIN.

For more information on getting an ITIN click the link below to visit the IRS website ITIN Information.

To set up your US company go to: myuscorp

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Tapping the Capital Markets:

Posted on February 19, 2012 by Author

Tailor-Made Bond Financing Opportunities for Small and Medium-Sized Enterprises in Germany

In times of “credit crunch,” “Basel III” and “European sovereign debt
crisis,” access to traditional bank loans is difficult, even for seasoned
issuers with good credit ratings. In light of ever increasing refinancing
needs, tapping the capital markets can be vital for the survival of businesses.
Although (high-yield) bond offerings are still mostly centered in
the United States, issues in Europe are becoming increasingly popular.

read more…

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German firms in the U.S. confident despite political and economic uncertainties

Posted on December 14, 2011 by Author

PRESS RELEASE

Companies continue to innovate, grow, and hire 67% plan to create new jobs in 2012, skills shortages an obstacle for 60%

New York City, December 5, 2011 – German companies in the United States are optimistic despite political and economic uncertainties on both sides of the Atlantic. Sales volumes further improved for 72% of firms in 2011, with the result that 86% expect “moderate” to “strong” growthfor their operations in 2012. As they continue to focus on growth-oriented measures like product innovation and entering new customer segments, 67% of companies plan to create new jobs. The majority of the surveyed subsidiaries state that neither EU nor U.S. debt crises discussions have impacted their business decisions in 2011 or plans for 2012 thus far. Rising commodity prices and skills shortages on the U.S. labor market, however, do create challenges for most firms.
These key findings come from the German American Business Outlook 2011, an annual survey monitoring the state of German-owned subsidiaries in the United States. 1,900 firms were approached and approximately 10% of senior management, mostly from the German Mittelstand (small to medium sized companies), responded. The German American Chambers of Commerce, the Representative of German Industry & Trade, and Roland Berger Strategy Consultants conducted this study for the third consecutive year this fall.

read more…

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Beware of Fraudulent “Winner” Notifications for Greencard Lottery!

Posted on November 30, 2011 by Author

Following the PR nightmare and fiasco of the State Department’s horrendous blunder, a second drawing was conducted on July 15 among the entrants who participated in the Fall 2010 Diversity Visa Lottery (”Greencard Lottery”).   While this dashed the dreams of many, for others this represents a second chance to maybe hit that coveted “immigration jackpot”…

In the wake of the July 15 do-over,  there has been a surge of fraudulent “winner notifications” which looks essentially like this:

This notification appears to notify participants that they have in fact won the Greencard, and that processing must continue through the U.S. Embassy in London, after payment of about $800 to a certain individual through Western Union.

DO NOT act on this email.  DO NOT make any kind of payment.

In order to determine the status of one’s actual lottery entry, the U.S. State Department has provided an online check: http://www.dvlottery.state.gov/ESC/

Please also see the USCIS’ online warning about this fraud:  http://blog.uscis.gov/2011/03/e-mail-scam-avoid-green-card-lottery.html

by Steven A. Culbreath, Esq.

Since 2010 MYUSCORP works in cooperation with the Law Office of Steven A. Culbreath

Posted in LAW OFFICE OF STEVEN A.CULBREATH, Uncategorized, US Corporation, US IMMIGRATION, US VISA | Tagged , , , , , , , , , | Comments Off

If you want to do business in United States your best bet is to register as a         U.S. Corporation because the most effective way to reach this market is from the inside, to take advantage of the world’s largest, best integrated national market.

With a US Corporation, it is:

  • Easier to sell in the US market
  • Access the capital markets in the US for venture capital, angel investors and public markets
  • Enhance the reputation of your company
  • Easier to get a visa to work in the US (though acceptance is NOT guaranteed!

Read more

Posted on November 21, 2011 by Author | Comments Off