Nearly 30% of new entrepreneurs in the US are immigrants. They are an important part of the American economy, creating new jobs and bringing in valuable capital. Unfortunately, getting there is not as easy as it sounds. Like any other country, obtaining the legal right to stay so that you can engage in a commercial activity is challenging, and may be fraught with obstacles. If you’re planning to go overseas and become an entrepreneur, here’s what you need to know and plan for.
The Visa Program
There are several types of work visa that you can apply for if you intend to move to America. The H1-B visa is for temporary workers, requiring that you hold a bachelor’s degree to qualify because this type of permit is meant for highly technical work. It is used by companies to bring in foreign workers when they can’t find native employees to fulfil the role. Another type of travel document is the L1 visa, which is intended for company executives and ‘special skills’ employees. In this case, the company must already exist in the US.
Some countries also have special agreements with the US for the E1 and E2 visas, which are granted to individuals who plan to go to America to start a new enterprise or be part of an existing one. E1 is targeted at traders, while E2 is for treaty investors. The required documentation is massive, including a five-year plan showing the money that is already invested in the US and how it will be used. The key, of course, is to find out first if your country has a treaty with the US or not.
If you’re granted either type of visa, you can bring your spouse and children with you for as long as your permit is valid. For E1 visa holders who end up marrying an American citizen, the spouse can sponsor you for a green card. Since you are already in the country, there is no need to use a K-3 visa, which is meant for foreign nationals and their American partners to be reunited while awaiting the approval of the immigrant visa petition. You will, however, need to file US Citizenship and Immigration Services USCIS Form I-485 for the Adjustment of Status.
Building a Business
One of the first things that you should do when opening a business is to select a company structure then register in the state where you will be conducting your operations. Ideally, a state that offers flexible corporate rules, such as no requirement of a bank account or a local physical address, can streamline the admin process. You must also have a company name and get an Employer Identification Number for tax purposes, to open a bank account, and to get a business license.
There are also various sites that can help you get started, such as the US Small Business Administration (SBA), which has resources for financial assistance and education, while Immigrant Biz provides a directory of possible programs that you can access. Moreover, there are grants that you can use if you are socially or economically disadvantaged, aiding immigrants in achieving financial literacy and even providing cash support.
Starting a business on foreign shores is never an easy endeavor. However, by learning your legal options and resources, it is possible to succeed as an immigrant entrepreneur.
