Sole Proprietorship in the US: A Guide for Greek Entrepreneurs

In Greece, the sole proprietorship is a popular business structure, especially for freelancers and small businesses. However, entrepreneurs who choose this company type face various challenges, primarily due to the tax burden and fixed annual expenses.

Taxation for sole proprietorships in Greece is progressive and can reach up to 45% of income, depending on revenue levels. In addition to income tax, entrepreneurs are burdened with annual fees, such as the business activity fee, social security contributions, and other fixed expenses that can significantly impact a small business's budget.

The solution: US Single-Member LLCs

An alternative for Greek entrepreneurs seeking a lower tax burden and greater flexibility is to form an LLC (Limited Liability Company) in the US, specifically in Wyoming. Single-member LLCs offer many advantages that can be particularly attractive to Greek entrepreneurs.

Wyoming is known for its favorable business environment, with zero corporate tax for foreign citizens who are non-resident aliens. This means that entrepreneurs who choose to form an LLC in Wyoming are not subject to corporate tax, provided certain conditions are met. Furthermore, the cost of maintaining an LLC is very low, just €100 per month.

Easy LLC formation in just a few hours

One of the main advantages of forming an LLC in Wyoming is the simplicity and speed of the process. Company formation can be completed online in just 10 minutes, and the only document required is a valid passport.

This makes LLC formation extremely accessible for Greek entrepreneurs who wish to start a business in the US without needing to travel there or get involved in complex bureaucratic procedures.

Advantages of zero taxation

Zero corporate taxation is one of the biggest advantages Wyoming offers for LLCs. Entrepreneurs can keep their profits without worrying about US corporate tax. In Greece, LLC members will only pay dividend tax, which amounts to 5%.

This regime offers significant tax relief, allowing entrepreneurs to invest their profits in business growth or achieve higher returns.

The support offered by Growth Business

At Growth Business, we understand that forming a company abroad can seem daunting, especially when accountants in Greece often emphasize the complexity and risks of such a move. However, our team is here to make the process as simple and transparent as possible.

We provide full support to our clients via phone, WhatsApp, Viber, and email. From the initial formation process to ongoing support for maintaining your company, we are here to guide you every step of the way. We handle all procedures, so you don't have to worry about a thing.

Low formation and maintenance costs

The cost of forming an LLC in Wyoming through Growth Business is just €1400, which covers expenses for the company's first year of operation. After the first year, the monthly maintenance cost is only €100, with no additional social security contributions or other costs required.

This low cost makes forming and maintaining an LLC particularly affordable for Greek entrepreneurs, while simultaneously offering all the advantages of the American market.

Global reach

One of the great advantages of forming an LLC in the US is the ability to sell services and products worldwide. Wyoming LLCs can operate internationally without restrictions, leveraging the trust and reputation that American companies enjoy globally.

This opens up new opportunities for entrepreneurs looking to expand their business beyond Greek borders and reach customers worldwide.

Conclusion

Establishing a sole proprietorship company in America, through a Wyoming LLC, offers a range of benefits that can help Greek entrepreneurs reduce their tax burden and expand internationally. Zero corporate taxation, ease of formation, and low maintenance costs make this option extremely attractive.

Growth Business is here to assist you every step of the way, offering full support and guidance. Contact us today to learn how we can help you form your own LLC in America and take advantage of all the benefits it offers.

In any case, the information provided is purely for informational purposes, and you should consult with an attorney or certified accountant before taking any action.