Once you are done with the planning stage, you can incorporate the US enti- ty. Doing this in Delaware offers tax and legal advantages. At the same time, apply for an Employer Identification Number (EIN) or Individual Taxpayer Identification Number (ITIN). Incorporation and getting an EIN can take ap- proximately two weeks to two months depending on the company’s holding structure. Most startups incorporate as a C corporation (C-Corp), which is an indepen- dent legal entity, separate from its shareholders and paying its own taxes. The alternative, a limited liability company (LLC), differs in multiple ways, including passing through profits to its owners, who are then liable personally for taxes. “There are 50 states to choose from. When companies choose a location, they should go where they think they can have more value for growing the business.” — Gilad Pinhas, ERB With incorporation and an EIN, you can open a bank account. Pick your bank carefully—you need one that understands global startups. A bank that has a presence in your home market is an advantage. If a bank knows your VC investors, that can also speed up the process of opening an account. Incorporation doesn’t impact where you set up your office—very few compa- nies actually operate in Delaware! Don’t necessarily pick Silicon Valley or New York for your office—many states offer incentives to attract companies in specific industries through the SelectUSA program. You may also find it helpful to be closer to investors and advisors. 53