A Guide to Starting 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. While numerous people flee to other countries to escape graft and war, the majority of immigrant are university educated and seek better jobs to provide a better life for their families. Immigrant-run companies have succeeded over time meaning and show that everyone can still chase and live the American Dream. However, there is a difference when it comes to the requirements to start a business between immigrant entrepreneurs and native entrepreneurs. That is because an immigrant will be required to hold an entrepreneur’s visa. Beneath are all the details an immigrant should be aware of regarding starting a business.
It is a good idea that before you start looking for an entrepreneur visa, first try to be conversant with the typical business types in the US. 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.
As far as matters regarding visas are concerned, you should know they come in different types and it is imperative that you understand each and every one of them to know what would be the right one for you. The first option is the EB-5 Immigrant Investors Visa. It is the perfect visa for you if you have significant capital that you wish to invest in the American market. The beauty about the EB-5 immigrant investors visa is that you and your family automatically get green cards but, it also has a lot of paperwork and will cost you one million dollar. 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. Determine the state that you will want to set up a business and understand that some will be more lenient to immigrants than others when it comes to registering and operating a company. 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. The next thing would be getting your taxation information which will need you to get your EIN.
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