Why Doctors Should Start a Business in the United States

Introduction

For doctors in Latin America and Spain, establishing a business in the United States can be a game-changing decision. Not only does it open the doors to a stable and lucrative market, but it also offers advantages like protecting your assets and accessing tax benefits that are not available in many home countries.

In this article, we’ll show you the key reasons why you should consider starting a business in the U.S. and how this can help you overcome some of your biggest challenges.

Earn in Dollars and Protect Your Income

Economic instability and currency devaluation are common problems in many Latin American and Spanish countries, directly impacting doctors' incomes. Starting a business in the United States allows you to earn in dollars, one of the strongest and most stable currencies in the world. According to the World Bank, the U.S. economy has proven to be one of the most stable globally, making the dollar a reliable option for protecting your income against inflation and volatility.

Dr. Juan Pérez, a plastic surgeon from Argentina, saw how inflation reduced the value of his income in pesos. By starting an LLC in Florida, he began charging for his services in dollars, which allowed him to maintain and increase his purchasing power, thereby ensuring his financial stability. Additionally, by having a bank account in the U.S., you can easily receive international payments through platforms like Stripe and Zelle, making it easier to manage your income.

Protect Your Assets with an LLC or Corporation

For doctors, the risk of lawsuits and legal liabilities is a constant concern. Starting a business in the United States, such as an LLC or a corporation, allows you to separate your personal assets from your business assets. This means that in the event of a lawsuit or legal issue, your personal assets, such as your home and savings, will be protected. According to Investopedia, the structure of an LLC is particularly beneficial for protecting personal assets.

Dr. Laura Gómez, a dermatologist in Mexico, decided to establish an LLC in Delaware to protect her personal assets. With this decision, any legal issues related to her medical practice in the U.S. will not affect her personal property, giving her peace of mind and security.

Take Advantage of Exclusive Tax Benefits

The United States offers a very beneficial tax environment for doctors who start a business in the country. From deductions for operating expenses to tax credits for research and development, you can significantly reduce your tax burden. These benefits not only increase your net income but also allow you to reinvest in your practice to expand your services and improve patient care.

Dr. Carlos Rivera, an oncologist from Colombia, took advantage of these tax benefits by starting his business in Texas with the help of Prodezk. By utilizing deductions for office and medical equipment expenses, he was able to reduce his taxes considerably, allowing him to reinvest in cutting-edge technology for his clinic. According to the Internal Revenue Service (IRS), businesses in the U.S. can access a variety of tax deductions that are essential for optimizing doctors' finances.

Access an International Market and Enhance Your Credibility

Establishing a business in the United States not only opens doors to one of the largest markets in the world but also enhances your credibility as a professional. Owning a business in the U.S. allows you to access international patients and collaborators, which can significantly increase your prestige and opportunities for expansion.

Dr. Ana Fernández, a specialist in aesthetic medicine from Spain, founded an LLC in California. This allowed her to expand her practice internationally and collaborate with clinics in Europe and Latin America, strengthening her personal brand and expanding her patient base. According to the World Bank, the stability and reputation of the United States make it an attractive market for international doctors looking to grow.

Flexibility to Innovate and Expand Your Practice

Starting a business in the United States gives you the flexibility to diversify and expand your medical practice in ways that may be limited in your home country. You can open new clinics, offer telemedicine services, or even launch medical products. The U.S. business structure allows you to explore these opportunities with fewer restrictions and greater ease.

Dr. Pedro Silva, an endocrinologist in Brazil, took advantage of this flexibility by starting an S-Corp in Florida. This allowed him to offer telemedicine consultations to patients across Latin America and the U.S., diversifying his practice and increasing his income. According to an article from Harvard Business Review, the flexibility in the U.S. business structure is key to innovation and service expansion in the medical sector.

Conclusion

Starting a business in the United States as a doctor offers significant advantages that can transform your practice and protect your financial future. From earning in dollars to accessing exclusive tax benefits and protecting your assets, establishing a legal entity in the U.S. is a smart strategy for doctors in Latin America and Spain. Don’t miss the opportunity to secure your stability and growth in a competitive global environment.

At Prodezk, we’re here to help you every step of the way. Our team of experts will guide you to efficiently and securely establish your business in the United States.