The United States of America (USA) is a North American country constituted in a federal constitutional republic composed of 50 states and a federal district. It is located between the Pacific and Atlantic Oceans, and borders Canada to the north and Mexico to south. The state of Alaska is in the northwest of the continent, bordering Canada to the east and separated from Russia to the west by the Bering Strait. The state of Hawaii is a Polynesian archipelago in the middle of the Pacific Ocean, and it is the only American state that is not located on the American continent. The country also has several territories in the Caribbean Sea and in the Pacific.
With 9.83 million sq. km, and with more than 324 million inhabitants, the country is the third largest in total area and in population.
Its capital is Washington D.C., although its trade and financial center, and most populated city is New York, with over 8 million inhabitants, or 22 million when counting its broader metropolitan area. Other large urban areas include Los Angeles, Chicago, Dallas, Houston, Philadelphia, Miami and Atlanta, among others. English is the official language of all states and territories, although some of them have their own co-official language. As it is one of the world’s most ethnically diverse and multicultural nations, there are more than 20 languages with a significant number of speakers, such as Spanish, Chinese, French, German, Tagalog, Vietnamese and Italian, among others.
Its official currency is the US Dollar (USD), which is the most traded currency globally, the world’s primary reserve currency and the currency used in the international markets for commodities such as gold and petroleum.
The USA is the largest economy worldwide in nominal terms and the second, after China, in purchasing power parity terms. It is home of the largest multinationals and well-known brands worldwide and a leader in technological innovation and scientific research.
It has a mixed capitalist economy, characterized by abundant natural resources such as coal, natural gas, oil and uranium, developed infrastructure and high productivity. Its economy is mostly based on the services sector, but it maintains a large and competitive industrial sector, specialized in high technology, where the chemical, military, energy, oil, metallurgical, steelworks, automotive, aeronautics, electronics and IT sectors are highly dominant. It is the third largest oil producer in the world, as well as the largest importer. It is also the first world producer of electric power and nuclear power, as well as liquefied natural gas, sulfur, phosphates and salt. Despite its primary sector accounting for just 1% of its GDP, the country is one of the world’s largest producers of a wide variety of agricultural, livestock and fishing products.
Regarding the services sector, which is the largest sector of the US economy, its most important activities are banking, insurance, education, healthcare, research, transport, trade and tourism. The US financial market is the most extensive and the most complex worldwide, and stands out for its influence in any economic decision at an international level. New York is the most important financial center worldwide – the New York Stock Exchange (NYSE) is also the world’s largest capital market and the NASDAQ is the third largest. The USA is also the second most-visited country worldwide for tourists, ranking after France and ahead of Spain.
The USA also has one of the largest “offshore” jurisdictions worldwide, Delaware, with almost 1 million entities incorporated there. Corporate holdings may benefit from a tax friendly environment and LLCs in the hands of nonresidents not doing business within the country, may not be subject to taxes. Companies incorporated also benefit from confidentiality, an advantageous legal framework and a developed jurisprudence system, which gives greater guidance on corporate governance issues and liability issues in transactions. In addition to Delaware, Wyoming, South Dakota and Nevada are other attractive jurisdictions to incorporate a company and banking.
At Flag Theory, we’re here to help you during every step of your internationalization and structuring plans, and are constantly researching the best global locations to increase your privacy, freedom and wealth.
If you want to set up a company, open a bank account, immigrate and/or obtain residency permits in the USA, you can view some of the articles and more information below about why and how to set up a company and banking in states such as Delaware, Wyoming, South Dakota and Nevada, or get in contact with us directly for a free private consultation to discuss business and investment opportunities, and residency visa options in the USA.