Doing business in an international context can be daunting. WeiserMazars serves as a bridge between the United States and the global markets, making doing business easier and less risky for our clients. We connect overseas clients with American professionals and service the tax, transaction services and financial reporting needs of foreign entities based in the U.S.

1. UNITED STATES OF AMERICA
2015 DOING BUSINESS IN THE
WeiserMazars LLP is an independent member firm of Mazars Group.

2. DOING BUSINESS IN THE UNITED STATES OF AMERICA2
TABLE OF CONTENTS
Entering The American Market
Foreign Business Restrictions
Investment Incentives
Work Permits and Visas
Taxation
Federal Taxation of Corporations
Employment
Audit and Accounting
About WeiserMazars
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5
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WeiserMazars – Building a Bridge to Better Communication
Doingbusinessinaninternationalcontextcanbedaunting. WeiserMazarsservesasabridge
between the United States and the global markets, making doing business easier and less
risky for our clients. We connect overseas clients with American professionals and service
thetax,transactionservicesandfinancialreportingneedsofforeignentitiesbasedintheU.S.

3. DOING BUSINESS IN THE UNITED STATES OF AMERICA 3
ENTERING THE AMERICAN MARKET
Entering the American market can be achieved
through either the purchase of an existing entity (the
“buy” option) or the creation of an entirely new one
(the “build” option). Buying can be attractive because the
purchased company will have already incurred most of the
start-up costs and risks. While generally reflected in the
acquisition price, the buyer acquires a going concern with all
of its work force and assets in place.
Having senior management in place and being integrated
into a particular community can be of significant benefit in
dealing with cultural barriers to foreign investors entering
the U.S. economy. When opting to “build,” the market
entrant usually already has a strong existing brand and
business structure, which it is more advantageous to
leverage. Other viable ways to enter the U.S. market with
less initial investment include joint ventures or alliances
with American companies.

4. DOING BUSINESS IN THE UNITED STATES OF AMERICA4
Location: Northern America
Capital City: Washington, DC (-5 GMT)
Chief of State: President Barack H. Obama
Head of Govt.: President Barack H. Obama
Currency: United States Dollar (USD)
Major Languages: English 82.1%, Spanish 10.7%
GDP $16.72 trillion
GDP Growth 2.2%
Inflation 1.6%
Population 316M
GDP per Capita $52,800
World Bank Ease of Doing Business Rank 4
FOREIGN BUSINESS RESTRICTIONS
Foreign investors in the U.S. face little in the way of government regulations or restrictions on their investment and there are
relatively few controls over foreign exchange transactions.
Approval by the U.S. Department of the Treasury or other authorities is not required for foreign persons to make an investment.
A foreign-owned business may invest capital, pay interest and royalties, and repatriate profits and capital to a foreign investor
without government limitation or authorization, subject to certain tax requirements. The U.S. government does, however,
monitor foreign exchange transactions of U.S. and foreign persons, generally for amounts greater than $10,000. Foreign
investors, generally, enjoy equal access to federal and state investment incentives and benefits.
THE UNITED STATES AT A GLANCE

5. DOING BUSINESS IN THE UNITED STATES OF AMERICA 5
The regulations and restrictions that do exist are limited to specific activities and interests. Major items for consideration
are:
• The 1988 Omnibus Trade and Competitiveness Act — This Act gives authority to the President of the United States
to review certain acquisitions, mergers, and takeovers of U.S. businesses by foreign persons when there is credible
evidence that the foreign person might take action that threatens to impair U.S. national security.
• The International Investment Survey Act of 1976 — Requires foreign-owned enterprises to make periodic, direct
investment reports to the U.S. Department of Commerce when 10% or more of certain enterprises are owned by a
foreign person.
• The Hart-Scott-Rodino Antitrust Improvements Act of 1976 — For both foreign and U.S. acquirers, this Act
requires that, prior to a merger, notification be filed with the U.S. Department of Justice and the Federal Trade
Commission. The notification requirements are subject to certain size of party thresholds. The filing thresholds as
of February 24, 2014, will generally be met if one party to the transaction has total assets or net sales of $151.7
million or more and the other party to the transaction has total assets or net sales of $15.2 million.
• Foreign Investment in Real Property Tax Act — Foreign persons investing in real estate are required to make
certain reports to U.S. tax authorities under this Act. In addition, the acquisition and transfer of agricultural land
must be reported to the U.S. Department of Agriculture. Real estate acquisitions may also give rise to other state or
local reporting obligations.
Ownership by foreign persons in certain industries is restricted or regulated by the federal government or some state
governments. Restricted industries include defense, banking, insurance, radio and television broadcasting, U.S. air or water
transportation, and fishing. Foreign buyers considering investment in any of these industries should consult with U.S. legal
counsel regarding these restrictions.
INVESTMENT INCENTIVES
The tax credits and incentives at the federal, state and local level are too numerous and various to list. All of them focus
on development of productive capacity through investment in capital assets and workforce development. Programs that
create or retain jobs, or develop the skills of the workforce (training) can attract significant grants and credits. Most local
governments in the U.S. are funded through property and sales and use taxes – very often, incentives can take the form of
abatement of or exemptions from these taxes. Some state and local programs are statutory and can be claimed without
significant processes, others may be negotiated and require advance approval. It is particularly important that you enter
into negotiations in advance of reaching your decision to invest.

6. DOING BUSINESS IN THE UNITED STATES OF AMERICA6
U.S. federal tax incentives are not as varied. There are several that focus on specific activities like research and
development, alternative energy and energy efficiency, and manufacturing. Some of the more significant include:
Domestic Production Activities Deduction — The American Jobs Creation Act of 2004 created a tax deduction for
domestic production activities. The deduction is based on 9% of the lesser of qualified production activities income or
taxable income. In general, the amount of deduction allowable for any taxable year is limited to 50% of W-2 wages paid
by the taxpayer.
Research & Experimentation Tax Credit — Also known as the R&D Tax Credit is a general business tax credit for
companies that incur R&D expenses in the United States. The R&D Tax Credit was originally introduced in the Economic
Recovery Tax Act of 1981. Since the credit’s original expiration date of December 31, 1985, the credit has expired eight
times and has been extended 14 times. The current extension expires on December 31, 2013, but is likely to be extended
as part of budget resolutions.
The R&D Tax Credit allows for three alternative calculation methods — The Traditional Credit Calculation and Start-Up
Credit Calculation provide a credit of 20% of the taxpayer’s qualified research expenditures that exceed a calculated base
amount. The Alternative Simplified Credit is equal to 14% of the taxpayer’s qualified research expenditures that exceed
a calculated base amount. Regardless of calculation method, the base amount cannot be less than 50% of the taxpayer’s
current year qualified expenditures. Modified Accelerated Cost-Recovery System - Under the federal Modified Accelerated
Cost-Recovery System (“MACRS”), businesses may recover investments in certain property through accelerated
depreciation deductions.
Work Opportunity Tax Credit — The Work Opportunity Tax Credit (“WOTC”) is a Federal tax credit incentive to private-
sector businesses for hiring individuals from 12 target groups who have consistently faced significant barriers to
employment.
Foreign-Trade Zones — A foreign-trade zone (“FTZ”) is a designated location in the United States where companies can
use special procedures that allow delayed or reduced duty payments on foreign merchandise, as well as other
savings. The primary benefits of a Foreign Trade Zone are:
• Duty Exemption — No duties or quota charges on re-exports.
• Duty Deferral — Customs duties and federal excise tax deferred on imports.
• Inverted Tariff — In situations where zone production results in a finished product that has a lower duty rate than
the rates on foreign inputs (inverted tariff), the finished products may be entered at the duty rate that applies to
its condition as it leaves the zone.
• Logistical Benefits — Companies using FTZ procedures may have access to streamlined customs procedures.
• State and Local Benefit — Foreign and domestic goods held for export are exempt from state/local inventory
taxes. FTZ status may also make a site eligible for state/local benefits which are unrelated to the FTZ Act.
There are also non-tax financial incentives related to subsidized or guaranteed financing for which investors may qualify.

7. DOING BUSINESS IN THE UNITED STATES OF AMERICA 7
WORK PERMITS AND VISAS
U.S. immigration law is a major concern for non-resident aliens wishing to do business in the country. Administered by the
Department of Homeland Security, the Immigration and Nationality Act contains the body of law relating to the entry of
aliens. Under immigration law, an alien is any person who is not a citizen or a national of the United States.
Legally speaking, all visitor applicants are presumed to be applicants for immigration. To qualify for a nonimmigrant visa, ap-
plicants must state the purpose and specific length of their trip and show that they have binding ties outside the U.S. There
are two broad categories of visa – temporary nonimmigrant and permanent resident.
The following summarizes the significant aspects of the U.S. federal income tax system as it relates to foreign-based entities
doing business in the U.S. Taxation of foreign individuals and of businesses at the state and local level are extremely
complex and should be discussed with your professional advisor. For purposes of this discussion, we assume a foreign-based
multinational that is subject to U.S. income tax. The question as to when a foreign entity is subject to U.S. income tax is a
matter of U.S. domestic law and, where applicable, the treaty between the U.S. and the country within which the foreign
based entity is resident. U.S. income tax treaties do not, generally, apply to state and local tax jurisdictions.
Foreign-based entities doing business in the United States have to decide whether they want to operate through an entity
that is treated as a branch, partnership, or corporation for U.S. federal income tax purposes. A joint venture can be operat-
ed in either the partnership or corporate form. An attractive aspect of the U.S. income tax system is that all of these entity
forms can provide limited liability protection even for individual investors. This is effectively accomplished through the use
of a Limited Liability Company (“LLC”) that gives the investor the option to elect its status for federal income tax purposes.
TAXATION
A Visas → Government & Diplomatic Officials
B Visas → Temporary Visitors for Business or Tourism
E Visas → Treaty Traders or Treaty Investors
F, J & M Visas → Students, Interns, Scholars, Teachers
H-1 B Visas → Professionals in a “Specialty Occupation”
L Visas → Intra-company Transferees
An alien under a permanent resident visa
is allowed to lawfully work and live in the
United States for an indefinite period of time.
There are three primary ways to obtain this
status: through a job opportunity from a U.S.
company, through a substantial investment
or through a relationship with a U.S. citizen.
TEMPORARY NONIMMIGRANT PERMANENT RESIDENT VISAS

8. DOING BUSINESS IN THE UNITED STATES OF AMERICA8
Essential Entity Characteristics
Limited Liability
CompanyBranch Joint VentureCorporaƟon Partnership Sole Proprietorship
Business
Owned by
Length of
Existence
Liability
Management
Income Taxes
Audit
Legal
Requirements
Raising
Capital
DissoluƟon
1 person
ownership
Partners MembersShareholders
When owner dies or
ceases business
Depends on partnership
agreement
Depends on StatePerpetual
Limited to stock
investments
UnlimitedPartners equally liable
(Unlimited)
Limited
From the unique ownerFrom the partners
Stocks & various
instruments
From the members
Paid by the owner
Paid by the partners except
if under corporate tax
system
Paid by the corporaƟon Paid by the Members
EasyEasyComplex Complex
OwnerPartnersBoard of Directors Members or Elected
Manager
No No No NoNo
No unless subject to
SEC RegulaƟons
Numerous A FewA Few A Few
Partners
Terminated when
goals are achieved
Similar to that of a
Partnership
Similar to that of a
Partnership
Similar to that of a
Partnership
Similar to that of a
Partnership
Similar to that of a
Partnership
Similar to that of a
Partnership
Parent Company
Parent Company
P
Paid by Parent Company
on Global Income +
Branch Profits
A Few
Perpetual
Easy
From the parent
company
FEDERAL TAXATION OF CORPORATIONS
Corporations are taxable business entities taxed on net profits at the corporate level. A domestic corporation is one created
or organized under the laws of the United States, any constituent state or the District of Columbia. Domestic corporations
are subject to taxation on their income worldwide. A foreign corporation is one created or organized in any other
jurisdiction. A foreign corporation is subject to taxation based on its U.S. activities.

9. DOING BUSINESS IN THE UNITED STATES OF AMERICA 9
[Gross Income Exempt Income DeducƟons] Applicable Tax Rate[Gross Income Exempt Income DeducƟons]
Taxable Income
Broadly defined as
income from any source
Interest, depreciaƟon, DomesƟc Product
ActiviƟes, other business expenses
FEDERAL TAX
0
$50,000
75,000
100,000
335,000
10,000,000
15,000,000
18,333,333
Taxable Income
Over:
$50,000
75,000
100,000
335,000
10,000,000
15,000,000
18,333,333
-
But not Over:
0.00 +15%
$7,500 + 25%
13,750 + 34%
22,250 + 39%
113,900 + 34%
3,400,000 + 35%
5,150,000 + 38%
35%
Tax Is
0
$50,000
75,000
100,000
335,000
10,000,000
15,000,000
0
Of the Amount
Over:
0
$50,0 000
7577 ,5 000
100,0 000
335,5 000
10,0 000,0 000
15,5 000,0 000
18,8 333,3 333
TaTT xable Income
Over:
$50,0 000
7577 ,5 000
100,0 000
335,5 000
10,0 000,0 000
15,5 000,0 000
18,8 333,3 333
-
But not Over:
0.00 +15%
$7,77 500 + 25%
13,3 7577 0 + 34%
22,2 250 + 39%
113,3 900 + 34%
3,3 400,00 000 + 35%
5,5 150,00 000 + 38%
35%
TaTT x Is
0
$50,0 000
7577 ,5 000
100,0 000
335,5 000
10,0 000,0 000
15,5 000,0 000
0
OfO the Amount
Over:
The Internal Revenue Service (IRS) is authorized to allocate or apportion income, deductions, or credits between or among
related taxpayers whenever it is determined that non-arm’s length dealing has distorted the income of any of them. Parties
that are under common control must therefore deal with each other on a basis that achieves the same economic results as
if they were not under common control. Thus, when a foreign-based multinational sells inventory to its corporate subsidiary
in the United States, it must do so at a price that reflects what an unrelated party would pay, if the product were sold to
that party on the same terms.
A federal income tax return of a corporation must be filed within 2-1/2 months after the end of its taxable year. For
partnerships and individuals, the income tax return must be filed within 3½ months after the year end. Automatic
extensions of the time allowed to file such returns are routinely granted for up to six months.
U.S. tax returns are potentially subject to audit. Not all tax returns are audited, and the level of audit can vary. The IRS can
spot-check returns for specific issues. If the IRS has audited a return, it issues a revenue agent’s report of proposed changes.
Taxpayers who disagree with a change in their reported tax liability are allowed to have an independent review and several
levels of appeal through the courts.
Assessment of any internal revenue tax must generally be made within a three-year period, beginning with the later of the
date a return is filed or the date the return is due. The tax generally must be assessed within the succeeding three-year
period after that date. This general period of limitations on assessments applies to interest and penalties as well as tax. If no
return is filed or if the return is fraudulent, there is no statute of limitations on assessment and collection of the tax as well
Corporate Income Tax Calculation

10. DOING BUSINESS IN THE UNITED STATES OF AMERICA10
EMPLOYMENT
Employment Regulation
Department of Labor — The DOL has the “purpose to foster, promote and develop the welfare of wage earners of
the US, to improve their working conditions and to advance their opportunities for profitable employment.”
Occupational Safety & Health Administration — OSHA deals with workplace safety and health threats,
including toxic chemical exposure, excessive noise levels or unsanitary conditions. It issues and enforces
standards to prevent work-related injuries, illnesses and deaths.
Equal Opportunity — U.S. Law prohibits discrimination on the basis of race, color, sex, age, religion or national
origin. Equal pay must be provided to workers performing the same job.
Immigration — Non U.S. citizens/permanent residents may need to apply for an Employment Authorization
Document (EAD)
Employee Compensation
Minimum Wage — The federal Fair Labor Standards Act mandates a Minimum Wage of $7.25 per hour and a 40-hour
work week. Any hours in excess must receive an overtime pay rate of 1.5 of the regular rate.
Labor Unions — In the U.S., labor unions are legally recognized representatives of workers and are active in many
industries. Their primary role is to collectively bargain on their members’ behalf in regards to wages, benefits and
working conditions.
Unemployment Compensation — Workers who lose their jobs are often eligible for compensation at the time of
their unemployment.
Unemployment Insurance — UI programs provide benefits to eligible workers who become unemployed.
Executive Compensation — Executive compensation centers on: base salary, short-term incentives, long-term
incentives, retirement and deferred compensation plans, and employee benefits and perquisites.
Social Security
Social Security Benefits — These benefits are paid to a worker upon his or her retirement, disability or death. The
benefits are funded by taxes levied on employers, employees and the self-employed.
Totalization Agreements — The U.S. has entered into international social security agreements with several countries.
These provide relief from double social security tax – ensuring that only one country will impose its social security tax
on an individual. Benefits for the individual are also totalized.
Medicare
Medicare Benefits — These include hospital, medical and drug insurance.
Medicare Tax — 1.45% on both the employer and employee.
Employment Taxation
FICA — 6.2% on both the employer and the employee, up to the FICA cap.
SECA — For self-employed people, with earnings greater than $400. Rate is 15.3% up to FICA cap, and 2.9% above.

11. DOING BUSINESS IN THE UNITED STATES OF AMERICA 11
AUDITANDACCOUNTING
All publically-traded companies registered with the SEC are subject to certain audit and accounting requirements including
being legally required to disclose financial results on a periodic basis in financial statements filed with the SEC. Public
companies’ year-end financial statements must be audited, and their quarterly financial statements reviewed by an
independent, registered public accounting firm.
Annual Audited
Financial
Statements
Balance
Sheet
Equity
Statements
Cash
Flows
Income
Statements
Equity
Statements
Balance
Sheet
Cash
Flows
Income
Statements
Audited Financial Statements must be issued by an
independent accounƟng firm registered with the Public
Company AccounƟng Oversight Board (PCAOB)
Interim Unaudited
Financial
Statements
Balance
Sheet
Income
Statements
Interim Unaudited Statements
of income & cash flows for any
stub period
Selected Financial
InformaƟon S-K Item 301
If proceeds from sale of debt or
preferred equity used to repay
outstanding debt or to reƟre
other securiƟes and change in
raƟo > 10%, pro forma raƟo for
the most recent fiscal years and
interim period
Selected income statements &
balance sheet data for each of
the past 5 years – Fiscal year and
any interim period included
A foreign private issuer is any issuer incorporated or organized under the laws of a jurisdiction outside the United States,
unless more than 50% of its outstanding voting securities are directly or indirectly owned of record by U.S. residents and any
of the following apply:
— The majority of its executive officers are U.S. citizens or residents
— More than 50% of its assets are located in the U.S.
— Its business is administered principally in the U.S.
KEY DIFFERENCES
• 1st time registration with SEC submission of state-
ments on a confidential basis to SEC
• Financial Statements prepared under U.S. GAAP,
IFRS, or Local GAAP
• No requirement to file quarterly statements with
the SEC if home country reporting requirements do
not call for them
• Financial Statements can be in any currency
• No submission on a confidential basis for a 1st time
registration with SEC
• Financial statements prepared under US GAAP
• Requirement to file quarterly statements with the
SEC
• Financial Statements in USD
FOREIGN PRIVATE ISSUERS: DOMESTIC US ISSUERS:

12. WeiserMazars LLP is an independent member firm of Mazars Group.
CONTACT
Louis Osmont
Partner
Head of International Services
WeiserMazars LLP
212.375.6944
Louis.Osmont@WeiserMazars.com
Since 1921, WeiserMazars LLP has provided a unique combination of foresight and experience when fulfilling client needs
in accounting, tax and advisory services. Named a top U.S. accounting firm by Accounting Today, WeiserMazars’ team of
professionals brings technical expertise, industry insight and an integrated, customized approach to dealing with the critical
issues and competitive challenges facing the firm’s clients. Whether on the local level or internationally, the firm guides
clients through their day-to-day operations and works with them to ensure they have the right financial structure in place to
meet their business goals.
WeiserMazars’ team of over 100 partners and approximately 650 professionals is based out of eight U.S. offices, Israel and
the Cayman Islands. As the independent U.S. member firm of the Mazars Group – a prominent international accounting,
audit, tax and advisory services organization with over 14,000 professionals in more than 70 countries on six continents –
WeiserMazars represents clients of all types, including owner-managed businesses, complex, multi-national organizations
and high net worth individuals in a multitude of industries.- See more at: http://www.weisermazars.com/about-us#sthash.
oMynNndO.dpuf
ABOUT WEISERMAZARS
Gene Ferraro
Partner
Head of International Tax Services
WeiserMazars LLP
212.375.6559
Gene.Ferraro@WeiserMazars.com