AGN Country Portals
Untitled Document

Doing Business in the United States

Published in March 2020


So many international companies and firms have business in the United States. With a market of more than 329 million people, AGN North America has excellent firms to help you and your clients do business here. While most of this market speaks English, Spanish ranks second followed by Chinese and French.

Technology is a huge part of the economy and technological developments and applications are at the forefront of US companies. Manufacturing, fracturing, medical, and clean energy companies are also among the fastest growing sectors in this vast and somewhat diverse country.

Growth in 2020 exceeded 2.3%. The GDP per capita income is $62,694.60 and so is categorized by the World Bank as high income. The United States is the second largest exporting economy in the world, after China. Their top exporting industries in 2020 include:
1. Aircraft, Engine & Parts Manufacturing - $120,9B
2. Petroleum Refining - $99,3B
3. Oil Drilling & Gas Extraction - $86,9B
4. Brand Name Pharmaceutical Manufacturing - $50,4B
5. Organic Chemical Manufacturing - $41,6B
6. Car & Automobile Manufacturing - $40,3B
7. Plastic & Resin Manufacturing - $37,9B
8. Navigational Instruments Manufacturing - $29,2B
9. Semiconductor & Circuit Manufacturing - $27,4B
10. Medical Instrument & Supply Manufacturing - $26,1B

Companies and individuals make most business decisions, and the federal and state governments buy goods and contracts mainly in the private market.

Doing business in the US is easier than in most other countries. There is a lot of flexibility on the part of private companies to make decisions about expansion, new product development and employment. Nearly every sort of business already exists and start-ups are plentiful and common. Tax and other laws can be complex so it is best to seek the advice of a good accounting firm to help with tax incentives, taxation and regulation.

American companies also are amongst the largest sources of Foreign Direct Investment (FDI) abroad.

For the most up-to-date statistics, this portal incorporates various live data feeds from:

  • The Organisation for Economic Cooperation and Development (OECD)
  • The World Bank
  • The observatory of Economic Complexity

 

 

Use the navigations buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

OECD Country Comparison Portal

The window below is a direct feed of regularly updated information from the OECD. It provides data concerning everything from GDP growth, fiscal balance, investment, and unemployment rates to consumption, import volume and export volume. The window allows comparisons between The United States and other countries of the OECD average for these factors.

Inflation (CPI)

Total, Annual growth rate (%)

World Bank Development Indicators

The window below is a feed from the World Bank website and shows the primary World Bank collection of development indicators, compiled from officially-recognized international sources. It presents the most current, accurate and global development data available, and includes national, regional and global estimates. Amongst others it covers critical areas of Agriculture & Rural Development, Climate Change, Economy & Growth, Education, Energy & Mining, Environment, External Debt, Health, Infrastructure and Labor & Social Protection.

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from the United States.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into The United States.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from The United States.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities:

BIG TAX INCENTIVES TO LIVE, WORK AND INVEST IN ITALY! 
     (February 2020)

The Italian Government has introduced measures intended to encourage workers and entrepreneurs to move to, and invest in, Italy:
  • HIGH NET WORTH INDIVIDUALS – 100K€ LUMP SUM TAX 
  • SPECIAL TAX REGIME FOR WORKERS AND (INDIVIDUAL) ENTREPRENEURS TRANSFERRING THEIR RESIDENCE TO ITALY
  • 7% FLAT TAX FOR FOREIGN PENSIONERS TRANSFERRING THEIR RESIDENCE TO ITALY

For further information and take action, please contact us.

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BREXIT 3: AN UPDATE – WHERE TO NOW?       (December 2019)

The UK’s new Conservative-led government now has a clear parliamentary majority of 80 seats to enable it pass into law the Brexit Withdrawal Agreement (the ‘Deal’) by the deadline of the 30 January 2020.

So it would seem the election result has brought some clarity. Or has it?

On the 12 December 2019 the Conservative party won Britain’s General Election with a large majority and thus with it the power to fulfill their pledge to secure parliamentary approval of the Brexit Withdrawal Agreement by Christmas and leave the EU by 31 January 2020.

Despite the positive initial reactions of capital and currency markets, as well as they party’s election slogan “Get Brexit Done”, this isn’t the end of the matter. That is because the Withdrawal Agreement contains only the legalities around the divorce of Britain from the EU. It does not cover the future relationship.

So in fact, this is probably only the end of the beginning of the Brexit process. Prime-Minister Boris Johnson now has until December 2020 to agree a favorable forward-looking trade deal with the EU. Although he has until 30 June 2020 to ask for a further extension of Britain’s regulatory transition (standstill) period with the EU, Mr Johnson insists he will not ask for any extension. If a deal is not reached, Britain would then revert to World Trade Organisation tariffs and rules (i.e. a ‘No Deal’ or Hard Brexit).

Thus we are likely looking at another cliff edge deadline. Trade deals historically have taken years to deliver, but there are only some 6 months until the 30 June deadline. Perhaps because negotiations are not starting from scratch (it being a case of altering trade arrangements that are already in place) the PM must presumably be confident that a deal can be reached within this time, and is said to be looking as the so-called “Canada-plus” model.
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BREXIT: UNCERTAINTY IS THE WATCHWORD, BUT INVESTMENT OPPORTUNITIES STILL EXIST!      (May 2019)

The Brexit leave date has come and gone and the future of the UK relationship with the EU is plagued with uncertainty which looks set to continue - but with a new deadline of Oct 31 2019.   

MORE OF THE SAME - WHAT TO SAY TO BUSINESS LEADERS? 

The UK Prime Minister's resignation only serves to confirm the now familiar message to business i.e. that they must continue to plan for uncertainty:
  • In the near term, consider exposure to possible disruptions in movement of good/services for both suppliers and customers, model scenarios of price changes (whether through logistical costs, tariffs & taxes or exchange rate movements) and consider if changes in mobility of people might impact the workforce or customer base.
  • Thereafter, think about scenarios for the possible opening up and closing down of opportunities in various markets, how the competitive landscape might alter and, perhaps in addition to planning for the downside, consider what upsides might present themselves?     
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AGN News in the region:

May 2020

Press Release #3: AGN GBV: Remote Working – Is the genie out of the bottle? 




In the third edition of a series of special reports, our survey highlights that almost all firms will retain some aspects of this new reality. Malcolm Ward, Global CEO comments, “For many being forced to introduce remote working has accelerated changes often already underway, and also created positive developments in areas like communication, technology and security – it’s also put a question mark over the use of traditional working practices in particular the future role of the office”.

Read the Press Release

April 2020

Press Release #2: AGN ‘Global Business Voice’ special report on COVID-19




In this second edition of these special reports, composed from a global survey of AGN member firms, we show the facts and figures to support the questions, when will this economic nightmare be over and when we will get back to pre-COVID-19 levels of economic activity? Interestingly, our global member firms fall into two very distinct camps.

Read the Press Release

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