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. Although many of people opt to run away from their country due to conflict and graft, most of the immigrants are people who have gone through university and seek better opportunities for their families as well as their profession. The American Dream continuous to prevail and the businesses run by immigrants that succeed attest to the fact that anyone can be successful in America. However, immigrants who want to take the entrepreneurship route will require different requirements than the natives. It is essential to obtain an entrepreneur’s visa. We have outlined all you should understand in regards to setting up a business in the US.
Before you decide to apply for the entrepreneur visa, make sure that you are versed with the popular structures of business in the country. 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.
When it comes to registering a business, you need to know that there are various options regarding your visa, and you need to know what may apply for your case. 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 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. 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. 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 which state would be right for since there are states that are friendlier for immigrants to run business. 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.
You will then need to name your business which would be the trade name and business name. Make sure that you attain your tax information which will require obtaining an EIN.