20 Reasons Why Every Colombian Student Needs to Setup a Company in the United States Now

Timing, more so than anything else, often determines success. COLOMBIA, and its people, are beautiful, talented, and hardworking, and today remote work combined with a historically strong US dollar has created a once-in-a-generation opportunity to transform the way Colombians live, learn, and earn.

Colombia is now a Digital Nomad hot spot for both Colombians and foreigners alike, and when I traveled to Medellin in August 2022, I found co-working spaces full of both. The ability for Colombians to earn USD while living in Colombia is now unprecedented. Many Colombians are finding remote work on Fiverr and other gig economy sites. They are importing and selling Colombian specialty coffee and other products on Etsy . They are also finding remote work via their networks of friends and family members living in the US. For example, a Colombian student studying in the United States can set up a company, which allows him to open a US bank account. An LLC is a company or a simple way to legally form a company in the United States . He then can hire his friends in Colombia to build Shopify e-commerce websites. I know of a student doing just this. The company pays his friends living in Colombia in US dollars. This student’s company makes a monthly profit. These profits are used to repay the money his parents loaned him for his college tuition and living expenses. He owns the company and is a member of the LLC, which is allowable under his Student Visa status.?See legal comments and more information

His Colombian friends trust him, they are eager for more work and love the flexibility and pay. The current arbitrage gain from USD to COP is massive , as $15 per hour USD is equal to 69,728.70 COP*. This adds up to a nice living in Colombia. *Based on January 20, 2023, exchange rates

$15 USD Per hour = 69,728.70 COP per hour

557,829.60 COP per 8-hour day

2,789,148 COP per 5-day workweek

11,156,592 COP per month

20 Reasons Why Colombian Students Need an LLC in the United States

1.????Establishing a company in the United States will NOT violate your F1 or F2 visa status. See legal comments and more information , best to consult your immigration professional for the most up-to-date information.

2.????The historically high exchange rate between USD vs COP makes this the ideal time to establish a company in the United States and take advantage of the currency arbitrage. Timing, my friends, is everything!

3.????Give back to your Comuna! I believe the BEST reason to start a company and earn lots of money, is to give back by lifting others up, empowering entire communities, and inspiring others to do the same. If GIVING excites you, then set up your company, make money, and help others. “EARN all you can, SAVE all you can, and GIVE all you can.” -John Wesley.?

4.????Creating a US-based company and generating revenues can help pay for or pay off college. American college students do this every day.?

5.????Use your company to create a lucrative side gig or a potential high-paying job for yourself after Graduation!

6.????Use your company to create high-paying jobs for friends and family living in Colombia.

7.????Colombian students can set up a complete, legal LLC 100% online in under ten minutes . While I recommend you set up the LLC in the state you live in, you can file in any state. These online LLC services have been used by thousands of students, entrepreneurs, and business professionals to set up their legal companies here in the United States. I recommend selecting a full-service provider that can create and file your company's operating agreement, and provide a bank resolution so you can open up a business bank account.

8.????Nobody is coming! At this point, you MUST know that the government is not responsible for your success, your future, or your financial (or personal) security. You are responsible for this effort, in fact by not educating yourself and taking full responsibility for your future, you put yourself at great risk.??

9.????Once you set up your company you can establish a bank account, and secure a business credit card.

10. ?Status! Setting up your company and creating a company elevates your status. The minute you become a company Founder you officially declare to the world that you intend to control your own destiny.

11. ?The US also has well-developed capital markets, which can provide Colombian student entrepreneurs with access to additional debt and equity funding needed to grow their businesses.

12. ?Your new company will give you access to business credit cards. Once you secure a credit card, you can build a credit history in the United States, which will enable you to secure future financings like a mortgage or a vehicle loan.

13. ?The United States has a large and diverse economy, which can provide Colombian student entrepreneurs with access to a much larger market than they would have in Colombia alone.

14. Colombian student entrepreneurs can use Fiverr to find clients in need of services like Shopify, App, and Website development, Graphic Design, Translation, Call Center Services, or sell products online.

15. ?Brand recognition: Setting up a company in the United States can also provide Colombian student entrepreneurs with access to the American market, which can help to establish their US brand and increase their visibility.

16. Flexibility: An LLC can have multiple members , which means that the student can bring on partners or investors.

17. Political stability: The United States has a more stable political environment than Colombia, which can be important for businesses that operate in uncertain or high-risk environments.

18. Liability protection: An company can provide personal asset protection, meaning that the student's personal assets are not at risk if the company is sued.

19. Tax benefits: There may also be tax benefits to setting up a company in the US, such as lower corporate tax rates or more favorable tax treatment for certain types of income. LLCs are considered pass-through entities for tax purposes , which means that the company's income is only taxed at the individual level. This can provide tax savings for students.

20. Legal and regulatory environment: Compared to other nations across the globe, the rule of law is largely corruption free in the United States. This well-developed legal and regulatory system can provide a high degree of protection for business owners and investors.

When you establish your company in the United States it gives student entrepreneurs more options. In general, the older the company, the more access to capital and other resources. Colombian student entrepreneurs can build credit, hire friends and family, or just set up the company, secure a new bank account, and a business credit card, and test business ideas. Timing often determines success in life and business, and the historically strong USD vs. COP makes this the ideal time to set up your company in the US!