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:

EU-UK Trade and Cooperation Agreement (TCA) 
UK VAT Requirements
(January 2021) 

Technical Alert: EU-UK Trade and Cooperation Agreement (TCA), UK VAT Requirements

An update to earlier 'Post Brexit UK VAT Requirements 

On 1 January 2021, the UK formally left the EU after the end of its transition period. A new “Trade and Cooperation Agreement” was reached in principle between the UK and EU on 24 December 2020. The deal will cover the future UK-EU relationship, with the two parties having now implemented the agreement.

What impact does this have on the previously foreseen changes from a VAT & Customs perspective?
For more information, contact with the author of the Technical Alert: 

Chiene + Tait LLP VAT Support
Iain Masterton
Indirect Tax Director
+44 131 558 5800
Iain.masterton@chiene.co.uk
Connect with AGN UK Firms. AGN International has an expansive and diverse list of AGN firms in the UK.

OPPORTUNITIES TO SELL TO CHINA! DESPITE COVID, MASSIVE SHANGHAI EXPO SHOWS LUCRATIVE MARKETS ARE OPEN TO FOREIGN COMPANIES 
     (October 2020)

Potential for lucrative Chinese markets still very much present for businesses who may be otherwise suffering during the pandemic.

The upcoming Chinese International Import Expo (CIIE) in Shanghai illustrates how the Chinese are intent to move on from the impact of Covid 19.
 

GDP is up and the Chinese economy has effectively bounced back. Robust pandemic safety measures mean the import expo comprised of 1,400 foreign exhibitors will open its doors to buyers hungry for Western goods and services on 5 November. CIIE is likely to be one of the very few major commercial exhibitions not to have been cancelled in 2020.  

Foreign direct investment (FDI) into the Chinese mainland, in actual use, grew 18.7 percent year on year to 84.13 billion yuan in August. This marked the fifth consecutive month for the country to witness positive growth in FDI.


If you want to know what to export into China and for further information and take action, please contact us.

Find the AGN Firm best prepared to serve you


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.

Find the AGN Firm best prepared to serve you


AGN News in the region:

March 2021

AGN welcomes Debbi Warden to the North America team!


 


We are excited to announce that Debbi C. Warden, CPA, CGMA, MBA, has joined AGN North America as the Director of Member Services.

Debbi has more than 30 years of accounting, business and management experience. Most recently, she served as a Partner in RubinBrown's Entrepreneurial Services Group. Before joining RubinBrown in 2016, Debbi founded the Denver-based firm, The Business Manager, LLC.

 
Read the full article
January 2021

James Moore's Tax Director has been named a recipient of the Horizon Award!


 


Every year, the Florida Institute of Certified Public Accountants (FICPA) recognizes a handful of young Florida CPAs who are at the forefront of our profession. Congratulations to Carrie Boynton - Tax Director at James Moore & Co., who has been named a recipient of the FICPA Horizon Award! What a great achievement, and a great asset to AGN member firm, James Moore.

 
Read the Press Release

AGN Firms in the country


US