TransferGo Business Account Review: International Payments & Money Transfers
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Moving a business to another state can be a time-consuming but often necessary step for some businesses. While many requirements are similar from state to state, your business will still need to adjust to some new regulations. One of the most important legal factors to note is the business license requirements in each state. This article will explain what your business needs to do to obtain a business license in Washington State.
Wise Business is a powerful solution for companies that need to manage international payments. Account holders can manage over 40+ currencies in a single account and exchange money at the mid-market rate. Learn more about how Wise Business can help save money on international payments. |
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Applying for a business license in Washington is generally straightforward. However, the process varies from industry to industry, and you may need more than one license.
Businesses may be required1 to get a business license if they meet some of the following conditions:
You can follow several steps2 to get a business license. The first step is to ensure that your business is correctly incorporated in Washington. After this, you will need to apply for an EIN and stay up to date with other state requirements. Once your business is correctly set up, you can apply for a state license. Most businesses require a state license, and you may also need to apply for city and county licenses.
These are some3 of the federal requirements that you should consider. If you already have a business in another state, then the requirements will be the same. Like state and local licenses, these requirements vary based on your industry.
International businesses that enter Washington are subject to extra rules. The main factor to note is that the company registration process will require more documentation. Ordinary processes like4 finding a registered agent, establishing an address, and setting up a bank account can take longer.
One of the main challenges to note is applying for an EIN as a non-resident. Non-residents need to complete5 Form SS-4, which can sometimes take over a month to be processed.
If you already have a company registered, you can gather these documents and submit them when applying for a license. You may need to authenticate and translate these documents. It is also very important to research all of the federal requirements, in addition to the state and local license requirements.
Once you have all of the correct documentation and information, the process moves relatively quickly. You can typically receive a state business license6 in around 10 days. However, city and county licenses may take several weeks or even longer.
Some industries may take longer and even require you to take exams to receive a license. For example, you have to pass two exams within 6 months7 to receive a real estate license in Washington. The combination of exam preparation time and potential exam retakes can drag this process out.
Many businesses may also have several questions about the cost of a business license:
How much is it to get a business license in Washington State? How many licenses do I need? How much do I have to pay to renew my business license?
The fee for a business license is very low. There is only a $19 fee8 to apply for a business license in Washington. The main factor to consider is that your business may need to pay more for professional or occupational licenses.
A standard statewide license only costs9 $90, but you may need other licenses depending on your industry. The license for some industries can cost under $100, and most are very affordable. For example, a cosmetologist license only costs10 $35, while a real estate license costs $44311 for a business license and exam fee. The renewal fees can sometimes be less than the initial registration fee.
Once you receive your license, it is important to keep this information on file permanently. This can be very helpful if you undergo a business license audit or need it for any other steps, such as a business license renewal. It may also be helpful to get a copy of your license. If you need a copy12 of your business license, you can visit the Department of Revenue website and apply for one, or call the department. This website can also be used to apply for a business license renewal.
There is no set age limit requirement for applying for a business license, but minors may face more restrictions. Since minors are not legally allowed to own a business, a parent or guardian will have to be involved in the process. They will need to file the company and perform other administrative tasks. They will also need to apply for a work permit13 endorsement.
Wise Business is a convenient and user-friendly account for businesses that need to make and receive local and international payments. While many companies may offer attractive fees, the unattractive exchange rates can result in hidden losses. Wise allows businesses to bypass this loss by allowing its customers to exchange at the mid-market rate.
It's easy to open an account online, you don't need to book appointments or wait in line to get a business account.
A Wise Business account allows customers to manage over 40+ currencies in one account. The account is easy to set up, and we don’t charge any monthly fees. Click here to learn more about how Wise can help you save money on international payments.
Open a Wise Business account online
Some key benefits of Wise Business include: |
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*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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