An LLC is required to file a biennial statement. If the LLC is owned by a sole member and carries on activities with no connection in the USA or has any USA source income, it will only pay the filing of a biennial statement. LLCs that are treated as partnerships for federal income tax purposes and have income from New York sources must pay a sum correspond to the total number of members.
For further information on taxation requirements and filing of income tax returns in the U.S. please contact our offices.
Movement of Funds
There are no exchange controls and LLCs may transfer funds with complete freedom. The US Dollar is the currency utilized locally.