Banks play a significant role in the US economy. Wealth that is created by banks strengthens the national purchasing power which results in a more stable economy. Billions of dollars are paid in taxes by the banking sector each year. It also plays an important role in the economy as an employer – in 2013, 20 biggest banks in the US employed over 1.2 million people, from which 228,000 people were employed by JP Morgan Chase & Co alone.

Role of the banks in the economy
Banks also play a significant role as an intermediary in our everyday life. Generally, banks have three main functions: it is a place where people can safely deposit their savings and earn interest; banks issue loans to people and businesses and banks are responsible for electronic payment system. Banks also do variety of other things, for example, help gaining access to capital to corporations as well as assist in mergers and acquisitions. Generally, banks are the intermediary between the ones who want to invest their money and those who have the idea on how to use it.

There are numerous banks and other financial institutions in the United States. In the years after the financial crisis, the US banks have grown substantially bigger. Currently, top 10 largest banks of the US hold USD 11.8 trillion in assets. Further we will take a look on the list of 10 biggest banking financial institutions in the US as of April 25, 2017.

List of the top 10 biggest banks in the U.S.A.
Below you can find a full list of top 10 biggest banks of the United States.

JP Morgan Chase & Co was formed in 1996 as a result of a merger of several companies. It is a multinational financial service provider with 94 branches in over 100 countries and headquarters in New York City. The largest bank in the US is also ranked 6th globally in terms of its asset base. Currently, JP Morgan Chase & Co has an asset base of USD 2.35 trillion. It provides various financial services to millions of private customers, small and medium businesses as well as large corporations, institutions and even governments. Their services include commercial banking, investment banking, treasury bills and bonds, markets and investor services, private banking, investment management, wealth management and brokerage.
Bank of America was formed in 1904 by Amadeo Giannini and it was initially known as the Bank of Italy. The bank is a multinational financial institution with 5,100 banking outlets and headquarters in Charlotte, North Caroline. With USD2.185 trillion it is currently the second biggest bank in US in terms of the asset base.
Wells Fargo was founded in 1852 by Henry Wells and William Fargo. While it is only the third largest bank in US in terms of asset base, it was the largest bank in the world in terms of market capitalization in 2016. The bank had 8,700 retail branches across 35 countries and headquarters in San Francisco. The bank is well known for supporting several environmental programs and also has been charged for numerous economic crimes.
Citigroup was founded in 1812 and currently has headquarters in Manhattan, New York. Citibank is the consumer division of the multinational Citigroup with 983 branches in North America alone. The bank’s services include retail banking, market insurance and credit cards. With total asset base of USD 1.801 trillion it is the fourth largest bank in the US. It experienced massive losses during the financial crisis and was rescued by the federal government and as of June 2012, it had the largest cash reserve among all commercial banks in the US.
Goldman Sachs Group was established in 1869 by Marcus Goldman and Samuel Sachs. This bank is one of the few financial institutions that managed to generate profit during the financial crisis. Meanwhile, it was later charged with USD 5.06 billion fine for falsely assuring investors that the securities it sold were backed by quality mortgages. With USD 861 billion in assets Goldman Sachs Group closes the top 5 list of the US largest banks.
Morgan Stanley with USD 807.5 billion in assets;
U.S. Bancorp with USD 428.6 billion in assets;
Bank of New York Mellon with USD 372.9 billion in assets;
PNC Financial Services with USD 361 billion in assets;
Capital One with USD 330.3 billion in assets.

As more and more jurisdictions open to foreign trade, companies can gain access to large pool of resources abroad. They can establish relationships with foreign partners and move their production to foreign locations or simply export their products to new markets. IT and software development businesses also seek to benefit from moving the production to foreign jurisdictions.

Generally, the main benefit for moving the software development abroad is lower costs in comparison to the home-country. For example, the cost of developing exactly the same software is 50% less in India if compared to the US. The savings generally come from lower labour costs, but moving the IT and software production abroad can also broaden company’s access to a wider pool of labour with higher skills and expertise. This might explain why 50% of American Fortune 500 businesses are using offshore IT and software development. Let us look at some of the jurisdictions where opening a software development business might be more beneficial in comparison to others and discuss the reasons why.

India
India has long been one of the preferred outsourcing software development destinations for leading multinational companies around the world. This means that one of the biggest benefits of choosing India for your IT and software development business would be a multinational demand for outsourced software development services. Meanwhile, the company would enjoy relatively lower labour costs, wide pool of skilled labour and business-friendly environment with the government that promotes start-ups and small businesses. Additionally, due to favourable policy and economic initiatives by the Indian government, IT industry is expected to grow in early to mid-teens for the next few years.

United Kingdom
London was recently described as the city that offers the most opportunities to businesses and ranked first for technology readiness. While low labour costs will not be one of the benefits of setting up a software development company in London, there are several other benefits that might compensate for relatively higher wages. Numerous hubs and incubators offer an environment for new start-ups and small businesses with all the necessary functions and support for less than 300 GBP per month. Also the government is committed to support software development and technology sector with such organizations as Tech City UK and Innovate UK with an aim to accelerate the growth of IT businesses. Meanwhile, various tax benefits are available to IT and software development companies in London. Other benefits to consider are skilled workforce and high-speed internet access.

Poland
Eastern Europe is becoming increasingly attractive for IT and software development companies with Poland ranking as the number one Eastern European country. While Poland cannot offer as low labour costs as those in India, it can offer other benefits such as proximity to Western Europe and ability to find common working hours with the rest of the world. Poland also shares a cultural affinity with the Western world as well as other Eastern countries. It is also believed to provide better product quality and business environment in comparison to lower-cost destinations for software development businesses.

More jurisdictions to consider for registering an IT business can be found on each continent – each with their own benefits and peculiarities:

Americas: Brazil, Argentina and Chile;
Asia/Pacific: China;
Europe: Romania, Belarus and Ukraine.
Above countries have large enough populations to have wide labour pool and good education systems to produce skilled software developers. Business risks in these countries are manageable and costs are reasonable in comparison to US, Canada and Western Europe.

It is important to remember, that while a particular jurisdiction can be considered to be the best place for incorporating an IT company for one entrepreneur, it may be unsuitable for another one. Consider the necessities that your business is most interested in. It can be a language, geographical location, regulation of particular activities, skilled workforce or costs.

The development of telecommunications and economic globalization have made it possible for interested investors to set up companies all over the world. With proper research, financial investment and legal backing, business ventures can be safely incorporated in almost any country in the world. Building an international business used to be a complicated entrepreneurial venture, but today it is commonplace with the help of experienced legal and business advisors.

The advantages of founding a company abroad are as numerous as they are obvious. Many countries offer specific locational advantages, ranging from natural resources and well-established infrastructure to beneficial laws and regulations that encourage growth in a particular industry. Likewise, it can be difficult to start a business or an acquisition in your own country due to adverse situations: political or regulatory environment, lack of resources and more. In this situation, it makes sense to consider an overseas option that offers greater opportunities for growth, development, and success.

Company registration in Thailand
When setting up a business in Thailand, an interested investor must conduct due diligence regarding legal procedures, international regulations and sufficient investment for success. It is crucial to understand cultural, social and political factors that influence starting and growing one's business. Failure to do so may result in unintended consequences. Poorly researched and toneless international launches often end in disaster as time, money and energy is wasted due to poor planning.


Legal Documents
Every country in the world presents its own intricate challenges when it comes to starting, developing and maintaining a business. Owners, financiers and investors must make these commitments with the support of a knowledgeable and experienced legal team. Only someone with in-depth knowledge of local and international corporate law will be able to set up an overseas business while avoiding the pitfalls that plague many new businesses.

Additionally, smart business people can consider ways to invest in foreign companies without actually starting their own businesses. In these situations, it is still beneficial for the investor to partner with a knowledgeable global economics and litigation advisor. International investments create a truly diverse portfolio that offers growth opportunities that were unthinkable decades ago.

Potential investors, venture capitalists and entrepreneurs should consider the existing infrastructure in Thailand when planning to start a new business. While extensive infrastructure and systems can help make the process of starting a business a smooth one, it could also represent market saturation and reduced growth potential. On the other hand, a lack of infrastructure is often a major obstacle to growth; However, the lack of infrastructure points to a clear market opening for a creative and efficient new business.

Bank account opening in Thailand
In connection with the incorporation of a company, it is necessary to open one or more bank accounts in Thailand. Confidus Solutions offers the ability to open a bank account in over twenty jurisdictions, making it easy for you to avoid challenging language barriers or bureaucratic hassles.

Virtual Office in Thailand
Since a registered address is a necessity for international business, Confidus Solutions enables foreign investors to set up a virtual office in Thailand. This address allows international entrepreneurs to accept mail, arrange for shipping and set up a registered bank account in their country of business.

Tax regulations
If you are in the process of researching a business formation in Thailand, consult a lawyer or consultant with extensive experience in the field you are considering. This advisor can help you with everything from laws and tax structures to local helpers. You need to consider every aspect from the local office to your highest organizational structure; Make sure you recruit the best possible mentors as you embark on this exciting but challenging process.

Gabon is considered a developing country. A nation's stage of development is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality and quality of life. As a developing country, Gabon may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries can have a lower life expectancy than citizens of developed countries. Gabon exports about US$9.78 billion and imports about US$3.93 billion each year. 19.6% of the country's population is unemployed. The total number of unemployed in Gabon is 405,242. In Gabon, 34% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Gabon is quite high, but nothing to worry about in terms of investments. Potential lenders should look at other economic indicators, including GDP, the rate of urbanization and the strength of the currency, before making investment decisions. Government spending on education is 3.8% of GDP. The country's Gini index is 60. Gabon suffers from severe inequality. The gap between the richest and poorest citizens in this country is quite obvious and highly significant, resulting in dramatically different living standards for rich and poor citizens. Gabon has a Human Development Index (HDI) of 0.674. Gabon has an upper middle HDI score. This suggests that the majority of citizens will be able to lead a desirable life, although some citizens will not be able to attain a high standard of living. The Global Peace Index (GPI) for Gabon is 1,904. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Gabon is very safe in international comparison. The Strength Law Index for Gabon is 6. Overall, it is rated as fairly reasonable – bankruptcy and collateral laws can at least adequately protect the rights of borrowers and lenders; Credit reports are usually sufficient and generally available.

Currency
The currency of Gabon is the Central African CFA franc. The plural form of the word Central African CFA franc is CFA francs. The symbol used for this currency is Fr and is abbreviated as XAF. The Central African CFA franc is subdivided into centimes; there are 100 in a CFA franc.

Credit rating
The credit rating depth index for Gabon is 2, which means that the information is usually insufficient but can still provide some clarity; Accessibility is still a big issue. According to the rating agency S&P, Gabon has a credit rating of BB- and the prospects for this rating are stable. According to the rating agency Fitch, Gabon has a credit rating of BB- and the prospects for this rating are stable.

Central bank
In Gabon, the institution that manages the state's currency, money supply and interest rates is called the Bank of Central African States. Locally, the central bank of Gabon is called Banque des États de l'Afrique Centrale, BEAC. The average interest rate on deposits offered by local banks in Gabon is 2.6%.

National debt
Gabon has a public debt equal to 39.72% of the country's gross domestic product (GDP) as estimated in 2014.

Control information
Corporate tax in Gabon is 35%. Personal income tax ranges from 5% to 35% depending on your specific situation and income level. The VAT in Gabon is 18%.

Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Gabon is $32912 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Gabon was last recorded at $16 million. PPP in Gabon is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Gabon is 16,970 billion. Based on this statistic, Gabon is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Gabon was last recorded at $8 million. The average citizen in Gabon has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Gabon averaged 5.1% in 2014. According to this percentage, Gabon is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.