Steps to Creating a Business as An Immigrant.
The life of an immigrant in the US is full of challenges, but that doesn’t keep the numbers from growing; statistics show that there were about 44.5 million of them in 2017. Many people go to other countries to escape conflict and corrupts but for immigrants, they are people with college degrees seeking greener pastures for their career as well as loved one. The American Dream continues to thrive and immigrants being able to own companies confirm that no one is excluded from being prosperous in the Land of the Free. However, immigrants who want to take the entrepreneurship route will require different requirements than the natives. That is because an immigrant will be required to hold an entrepreneur’s visa. We have outlined all you should understand in regards to setting up a business in the US.
It is recommendable that you get familiar with the leading US structure of business first before you apply for your entrepreneur’s visa. Some of the business structure consists of an S-Corporation, accessible to citizens only, a C-Corporation, what you would refer as a corporation or Inc, as well as a Parnership which is two or more entities jointly owning a company.
Furthermore, another thing to know before you list your company is that there are different entrepreneur visa options which you should understand to know what you are eligible for. One of the visas offered to immigrant entrepreneurs is the EB-5 Immigrant Investors Visas. It would be the best option for you have amassed huge capital that you want to channel into American. The good side with the visa is that upon qualification and getting it, you and your family are instantly given green cards; however, the downside is that the expenses of obtaining the visa will be 1 million dollars and you should be ready for a lot of documentation. Likewise, you can apply for an F-2 Investor Visa which only enables you to live in the US for a particular timeline and to qualify you are needed to operate a company or be an investor in American business. Next is the L-Visa; which involves you branch out a business from your native country to the US.
Once you have obtained a visa, register your business. identify the most convenient state to set up the firm and bear in mind some state are better than others for immigrant-run firms. It would be helpful to understand that your business needs requires physical residence if contingent the type of business you are interested and youcan check here for more.
It is essential that you find a name for your company which includes your business name and trade name. The next thing would be getting your taxation information which will need you to get your EIN.