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Originally posted by bvahan
Have H1B during 6 years, expires in mid Feb 2007.
Want to apply for E2.

Here is my plan and I would appreciate any remarks and/or advices.

Jan 10 – registered a new corporation, openned account
Jan 15 – applied for 2 loans from 2 different banks (home equity, credit score 750)
Jan 20 - signed a purchase agreement for buying a business, gave a $10K check for escrow company (to be cashed upon removing contingencies, including INS)
Jan 22 – to get OK from a Seller

Business description

Nationwide known franchise store in the shopping center (lease $4.7K / mo)

Gross sales / income / Owners earnings per years, $
2003 – 228K / 108K / -8K
2004 – 289K / 132K / 12K
2005 – 325K / 162K / 36K
2006 (estimate) – 365K / 182K / 51K

Besides owner there is 1 full time worker 28K / yr

My investment, $
Loan – 90K
Personal cash – 25K
Assets – 15K
Total – 130K

Purchase price – 105K
Working capital 10K

New business plan – 2007-8-9 years
Gross – 400-420K
To hire/keep 2 full time employees
Owners earnings – 60K

Jan 23 – to OK Sellers Books&Records
Jan 26 – to get OK on Loan
Jan 26 to get OK from Landlord

Jan 27-28 – to send papers to INS, to pay for Premium processing (15 days)
(application to file 2 weeks before expiration of current visa)

Feb 1 – to get a Loan
To send a notification to INS
Feb 2 – to send a check with the rest money to escrow company (to be cashed after OK from INS)
To deposit remaining working capital – on business account
To send a notification to INS

Feb 7 – to get first OK from franchise company (second OK will be after training within 20 days)
To send a notification to INS

Feb 13 – to get OK from INS
Feb 13 – escrow company to cash a check, openning escrow

Feb 25-Mar10 - to pass a training at Franchise company and to get second OK from them
To drop all contingencies, escrow company to cash all money, to close escrow

Mar 13 – to take over in full a business, to report to INS

Thanks in advance for comments.

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Originally posted by bvahan

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Originally posted by florida4sun
1 -They do not like to see you borrowing money to finance the business, not impossible but frowned upon.

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Form 526
At the time of application I will show full amount on Business account in the bank, and some (10K) amount in escrow.
I've read that there is NO restrictions where money comes from - however it should be personal responsibility, not a loan for business (business is not a borrower). A source of my money is MY personal HOME equity loan.

Can you please point an official source that states what you said? Thanks.

quote:

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Originally posted by florida4sun

2 - your owners draw is nowhere near enough to satisfly the criteria that an E2 application business must be able to support you. You really need to be showing aound $70,000 in the first year, if you have family you will need more.

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Where it says about 70K?

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Originally posted by florida4sun

3 - Sorry but I cannot get my head around why someone would invest in a business that will only pay you $50,000 pa after 5 years. 50,000 will not get you much of a life in Florida. If you have family you will be applying for food stamps!

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I did not make a projection of 50K after 5 years
I wrote FACTUAL numbers for years 2003-2006 for previous owner, ending with 50K.
My own projection is 60K for 2007.
I know its very tough to live in Diamond state of Florida. My state is California, just a golden one ;)

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Originally posted by florida4sun

4 - Have you looked into healthcare?

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First years I will have the most economy health plan, will not visit casinos, night pubs, etc. ;)

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