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In a Nutshell: Entrepreneurs who operate from outside the US often find it difficult to form US-registered companies. Doola helps provide all the resources and tools needed to establish a US-based company. Doola offers expert advice on what type of company to form, and the type of banking services necessary for those operating outside of US territories. The banking services include easy access, money wiring, and a business Visa card.
When it comes to doing business inside the United States, many are unaware of the roadblocks that international founders face. To reach a broader US consumer market, those living outside of the US would need to have a company registered within the US.
It is achievable, however, despite the process requiring some paperwork and documentation, such as holding a US bank account. That usually prevents most people from trying right away. But there are some processing techniques and loopholes that can be used, and it’s the main purpose behind the creation of Doola.
As a company, Doola’s goal is to give international entrepreneurs the ability to expand their market reach and turn their dream ideas into their dream US businesses.
Before it was started, Doola’s founders had been in a similar predicament. Co-Founder and CEO, Arjun Mahadevan, recounted that he and Doola’s other co-founder, JP, tried unsuccessfully to launch a business inside the US and had to shut that business down and pivot. When reflecting on what went wrong through the pivot process, they realized that they had spent too much time on legal processes and paperwork and not enough time on running and growing their business.
But although they gave up on their initial business idea and decided to pivot, the painful experience they went through inspired them to help others going through the same struggles.
“That’s where we have this moment, “What if you could just click a button and initialize a company?” And so we had this down as a company initializer, where it’s not just forming a company, but bank account set up, payments, taxes and compliance, maybe even your website,” said Mahadevan.
Doola has already worked with over 1,000 clients in 130 countries.
A Global Desire to Do Business with U.S. Customers
According to Doola, there are a number of reasons why international entrepreneurs want to develop businesses within the United States.
Most international businesses are global in nature, and they prefer to have a global consumer base since it maximizes profit earning potential. But the largest driver for global business is still the US. So having a US business would help create the most opportunities worldwide.
Also everyone outside the US wants to sell to US customers. It’s a highly lucrative consumer base and often dictates trends moving forward.
Another reason to establish a US business is that it just makes more sense to do all transactions in US dollars. The time saved by not having to use multiple currencies is a major stress relief for business owners.
“There’s friction in having a United Kingdom bank account and an Indian bank account selling to US customers.”
The US dollar is still the world reserve currency, and every country accepts it as payment. It’s the most globally accepted and trusted currency available.
“Even if you are selling in Mexico or in the UAE or India, you can sell on the dollar. So people want to sell or transact in the US dollar, and to do that, you need a US bank account,” said Mahadevan.
Lastly, owning a US company or bank account is looked upon as a status symbol in much of the world. “It’s a massive piece of social proof. And it’s a desired dream for many people to own a US company,” said Mahadevan.
“It’s very cliché to say the American Dream, but for people outside the US, holy crap, they can own a US company and have official documents and not be a freelancer, but a true business owner. And that means a lot to customers as well.”
Providing a Platform For Initializing a U.S. Company
Many of Doola’s clients are not aware that it’s possible for them to initialize a company or open a bank account in the US from abroad.
“The US has always been very open to entrepreneurship, and global entrepreneurship, too,” said Mahadevan. “And then for bank accounts, specifically, it’s the same thing. You are actually able to open a US bank account from outside the US. Obviously, you need to have US business activity. That could be selling to the US, expanding to the US, future plans, and so on.”
“People in the past actually had to visit the US to open a US bank account. Things have changed where certain banks are now open to folks applying remotely and you can actually do the full process,” said Mahadevan.
Doola provides all the essentials a business entity would need to start forming a footprint in the US.
Whether it’s acquiring a US mailing address, bank account, state and IRS tax filings, or employee identification numbers, Doola simplifies the process with one-click initialization.
Client’s can register a US company in less than 10 minutes and can choose between an LLC, DAO, or C corporation.
Doola also offers a global business Visa card that eliminates fees for foreign transactions and ATM withdrawals. The card enables payments and transfers anytime, from anywhere in the world, as well as ACH transactions.
Doola’s Educational Focus on Business Formation
Educating people is a key focal point for Doola given the overall lack of knowledge regarding how to set up a US company or bank account from abroad.
“We invest heavily in education. I think the types of questions being asked, not many people know about this, even people at our company. We didn’t notice it, we learned it, and now we have it,” said Mahadevan.
Doola also invests heavily in content, including YouTube videos and educational blogging.
The company offers free consultations as well. People can contact the company directly via live chat, WhatsApp, book a 10-minute consultation, or email Doola and expect a response within a day. “Our work, our goal, is to help educate folks, and really make sure people understand the right options up front,” said Mahadevan.
Feedback is another important component for Doola, and the company treats every response as an opportunity to improve more as a company. “We have this live chat button where people can click at any point and ask questions. Our job is really to build the best solution for their problems. And the only way to do that is by just talking to customers all the time,” said Mahadevan.
Ultimately, Doola’s goal is to give clients ease of mind knowing that the technical part of setting up a company is being handled while they can focus on running the business itself.
“At the end of the day, the value proposition for customers is having peace of mind about staying compliant and having everything handled for their business so that they can grow their business, which no one knows better than themselves about their business,” said Mahadevan.