How An Immigrant Can Start A Business
Statistics done in the year 2017 indicated that the immigrant population was around 44.5 million; even with the numerous challenged they face currently, the number of immigrants is always rising. 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, there is a difference when it comes to the requirements to start a business between immigrant entrepreneurs and native entrepreneurs. You will require to get an entrepreneur’s visa. We will make things less stressful by providing all the info you need to know when putting 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. There is the S-Corporation, only limited to citizens of the US, C-Corporation; compromises of the “inc” outlook, and a Partnership which is business owned jointly more than an individual.
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. If you have amassed a huge amount of money as capital and intend to put it in the US market; then this is the kind of Visa that will suit you best. The advantages associated with the EB-5 immigration investors visa is that green cards are issued straightaway to both you and your family, but you should note you will need 1 million dollars for the visa and be ready for some hefty documentation. The other type of visa is the F-2 Investor Visa which lets you reside in the US but for a specific time and to qualify you only need to start or invest in an American Business. If you are planning to expand your business registered in your state and open offices in the US, then you will need to seek an L-Visa.
After you have gotten the right visa, the next step is making sure that your business is listed. Identify which state would be right for since there are states that are friendlier for immigrants to run business. State will require you to have a company residence depending on the kind of firm you want to set up.
In addition to that, ensure that you come up with your business name that will also act as the DBA or trade name. Make sure that you attain your tax information which will require obtaining an EIN.