Hiring qualified professionals will help you to avoid these failures.
There are several avenues to obtain immigration status that allow foreign investors to operate their business in the United States. In this article I will talk about the business visas and their main failures.
Each one has different requirements according to the purpose for which the visa is designed. For B1 visa, foreigners are authorized to perform limited business tasks in the U.S. such as:
- Holding business meetings.
- Attending seminars, conventions, scientific, educational or commercial exhibitions.
- Acquiring real estate properties.
- Negotiating contracts, among others.
The purpose of the trip must be to enter the U.S. for business of a legitimate nature and intend to stay for a specific period.
Actively Operate a Business in the U.S.
However, if you as a foreigner wish to actively operate your business, you must apply for another immigration status. Choosing what is the right way for you requires a thorough interview to analyze:
- Your personal and family interests.
- The time you plan to stay in the United States.
- The type of investment that you want to develop, among many other things.
One of the most frequently seen visas is the L-1 visa. L-1 allows foreign companies to transfer an employee to a branch or subsidiary in the U.S. Often, those interested in these visas are business owners who want to expand their business to the North American market. These business owners usually act as executive directors of their own companies. Also, they have being the most knowledgeable of their trade. They are those who wish to lead the new entrepreneurship in the U.S.
Every day that passes, the immigration department has become more demanding with this type of visa. Therefore, it is important to take care of all the details in the preparation of the application. There is the need to clearly present the evidence showing the applicant’s eligibility. In other cases, investors are business owners in the countries that maintain a Treaty of Commerce with the United States. This is because their nationality are eligible to apply for an E-2 investor visa. This visa allows them to come to the U.S. to invest its capital and operate and direct its investment.
Three of the most common mistakes that investors incur when they start a business in the United States are:
Buy a business without proper professional advice.
On many occasions, clients come seeking immigration advice after they have acquired a business. They acquire their businesses without the proper representation of a lawyer. The attorney will make sure to investigate the possible legal and financial problems associated with the business.
Assume that your business works in the same way in all markets.
We repeatedly see clients who, confident in the vast experience acquired in their country, make the mistake. Usually, because they have not being advised by professionals in the US market. Markets work differently, the right financial studies for each business are an important tool. It allows to manage the risk of the investment, forecast break-even and determine the operating costs of the business.
Rush to apply for a visa without anticipating what you will need to renew it.
When analyzing the eligibility of our clients, we make sure to anticipate what you will need when renew your visa. Obtaining an initial approval without real probabilities of qualifying for a renewal could become a very damaging situation.
Visa Business Plans
When submitting an application for a business visa, it is necessary to have a business plan. When applying for an investor visa, you have to provide a business plan demanded by the Immigration Department. But in any case, we always recommended to conduct financial and market studies before starting or acquiring a business. With this, you would avoid future mistakes that could have negative consequences for the business, and consequently, for your visa.
As you may heard, the business plan is “the flight plan” of the business. It is a living document that must be updated frequently, in a way that reflects business changes. Its implementation should be delegated to experts in the field. Sometimes foreign entrepreneurs are tempted to carry out their business plans without having the necessary experience or tools.
If you need business advice, do not hesitate to contact us.
The best advice is have the appropriate advice in each areas in order to make informed decisions in every aspect of the investment.