Foreign businesses should obtain the appropriate business permits or licenses required at the federal level before beginning operations. Specially, the business operations that federal agencies directly oversee.
Federal business licenses apply to businesses that federal a government agency regulates. Federal laws permit foreign companies in the US to vary widely based on industry type, activities, and whether they are conducting business or exporting goods/services.
For example, the Securities and Exchange Commission (SEC) is the federal agency that oversees investment offerings and financial markets. Any non-US person engaging in the business of a broker or dealer with or for US persons and/or US securities may be subject to registration as a broker or dealer with the SEC, unless an exemption applies.