Opening an LLC in the United States is a very important task that can come with its complications, so it's recommended to hire a company that offers formation and administrative management services.
However, the agency in question has to be reliable, secure and effective. Does Globalfy meet these requirements?
P.S.: If you're looking for a more reliable and cheaper alternative to Globalfy, fill out this form with a detailed brief of your project and we'll connect you for free with the best provider for your needs.
Our verdict
Globalfy is a very effective platform for opening your LLC and bank account, but above all for outsourcing the company's accounting and tax management.
They offer 3 plans: Starter ($588/year), Essential ($1308/year) and Scale ($5748 year), with Essential being the most interesting.
If you want to pay and forget about the administrative management of your LLC, Globalfy is an excellent option. If you're looking for cheaper but less complete options, Firmaway is a better choice.
4.5
4.5/5
- From $49 per month
- Processing in 15 days on average
- No free plan
Pros
- A variety of plans depending on your business needs
- Full support for managing your LLC in Spanish, English and Portuguese.
- Several discounts with business partners.
Cons
- The plans are standard and sometimes include things you don't need
- They are more expensive than the competition for the same service
What is Globalfy?
Globalfy is a company founded in 2015 that offers an all-in-one solution to create an LLC or a corporation in the United States and open a bank account in the country.
Globalfy presents itself as the comprehensive solution for entrepreneurs looking to broaden their horizons and conquer the U.S. market.
What services does it offer?
Globalfy offers various services for technology, e-commerce, digital marketing, consulting and online training companies that want to do business in the USA, but they can be grouped into four main categories.
Full LLC registration
First, Globalfy provides full registration of an LLC or S-Corp in the U.S. state of your choice. They will ask you for the relevant documentation and handle the entire process, entering the data and verifying that everything is in order.
Within about 15 business days, clients will have their formation documents, a registered agent, and their EIN. That way, they can get their business running internationally.
This is basically what's included in the Starter plan, for $588/year, along with opening the bank account.
Bank account and Visa card
In addition, the platform lets you open a bank account with its own Visa card to receive and send transactions in dollars and other currencies. The essentials to know about the Globalfy bank account are:
- Financial security: Its partnership with Blue Ridge Bank, N.A. insures funds up to $250,000.
- Easy access: no Social Security number (SSN) or ITIN is required, allowing international entrepreneurs to open an account with just their passport.
- The platform is fully online, eliminating the need for in-person visits or sending physical documents, a big plus for those who operate remotely.
The Visa debit card they offer is another strong point, accepted at more than 50 million merchants and ATMs worldwide. This, together with no fees for maintenance, initial deposit or debit cards, as well as free access to ATMs and ACH transfers, makes Globalfy a very attractive option for your LLC to accept and send payments.
Accounting and tax support
Meanwhile, Globalfy provides accounting and tax support to its users, which means its specialists can resolve any question or issue related to paying taxes and managing tax documents.
Globalfy's accounting service is included in its "Scale" plan, and offers basic bookkeeping, with monthly reports and tax preparation. However, it doesn't cover key areas such as accounts receivable and payable, or payroll processing. Basically, Globalfy's service is accounting support geared to the specifics of LLCs, not a company to which you can fully outsource your accounting.
Something important to know is that Globalfy has a $50,000 limit on monthly expenses and support for a single state. Large companies could face restrictions and additional costs with Globalfy's services.
Globalfy's tax preparation service, included in the "Essential" and "Scale" plans, makes it easier to file the annual tax return with the IRS. However, it's important to note that the plan must be activated for a certain period before the end of the tax year. Other companies such as Firmaway offer this service for a one-time fee of $200.
Partner discounts
Finally, Globalfy has agreements with partners such as Zoom, Balance, Deel, Shopify, HubSpot, Salesforce, Intercom, Google Ads, Slack and many more. This way, clients can save tens of thousands of dollars if they work with any of these services.
What did we like about Globalfy's service?
If we had to describe Globalfy's service in one word, it would be "complete". Although it has several plans and at first it may seem hard to tell which one is most useful, the truth is that the company can handle practically every aspect of creating and maintaining an LLC in the United States.
In addition, its partnerships with other platforms that help you get discounts are a very attractive extra, because professionals who use any of those platforms can save money.
Also, according to users themselves, Globalfy's customer service is very effective and fast, able to resolve all kinds of questions and problems that may come up.
What are its disadvantages?
Among the disadvantages that keep Globalfy from being a perfect platform for everyone is its high annual and monthly cost compared to competing alternatives.
While its services are very complete, some small freelancers may not need all of them, which starts to weaken the cost-benefit ratio.
How much does it cost to open an LLC with Globalfy?
Opening an LLC with Globalfy has a variable cost depending on the plan you choose:
- Starter: $49 per month.
- Essential: $109 per month.
- Scale: $419 per month.
In all cases, you can make a single annual payment. You also need to factor in the state filing fees for the various procedures.
Who do we recommend Globalfy for?
Unlike other alternatives, Globalfy is best suited for mid-sized companies that:- Are looking for all-in-one solutions to manage their company
- Are looking for a reliable company, even if it is a few hundred dollars more expensive than the competition
- Are looking for long-term advice and support, rather than simple execution of administrative tasks
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Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, founder of Start Companies and a specialist in U.S. companies for entrepreneurs, freelancers and digital businesses in Latin America. With training in international taxation and studies at UCEMA, he advises non-resident clients on forming and maintaining LLCs, opening bank accounts, invoicing, accounting and taxes. His experience combines tax strategy, compliance and practical vision for operating in the U.S. in a simple, organized and professional way.
