Rushton50
13-04-2003, 04:11
Hi gang
Simple yet demanding question!
If i wanted to live and work in the usa and lets say wanted to set up my own business. What criteria would i need to meet as a minimum?
thank all
Do you have a business here in the UK with employees ( kosher, no family members) and a substantial turnover which you have owned for more than a year and which will carry on trading with no downturn while you are setting up in the US? If so you can set up a subsidiary of that business in the US on L1 with little problem. You just need to show you have the capital available to fund the new business. The only trouble is it comes up for renewal after one year and they then look not just at the UK business to ensure it is still trading but also at the US business which must be established by then. The upside is that this visa converts eventually to a green card.
If you dont have a business in the UK, pin back your ears. Life is about to become more difficult as you would need to go the E2 treaty investor route. You can set up your own business on E2 but it is difficult. You have to have a darn good business plan, capital to invest and then jump through hoops. A franchise is easier to get a visa on than a business plan but they own you body and soul. We were going to buy one recently but pulled out when we saw an American franchise deed. You could almost feel the pound of flesh being cut off you. They can terminate you for pretty much anything and remember your visa is attached to this business. Termination equals deportation! An easier way is to buy an existing and trading business on E2. I say easier but it aint easy.
The business must meet the following criteria
1.You must make a substantial investment- no definition but $100,000 or more is the norm. You can get in with less than that but it is at the discretion of the embassy.
2.You must have employees ( not just family members). The idea of this visa is to privide employment for US citizens not just you.
3. The business must not be marginal and should be making enough to pay you sufficient owner benefit to keep your family on. Again not defined but a business making you around $70,0000 pa would usually qualify. Below $60,000 would be marginal.
4. The business must have verifiable financial records, preferably kosher tax returns. This last one is a humdinger. You would be surprised how few American businesses have these. It is common to put everything through a US business. Your boat, all your meals out as business entertaining etc. When it gets to the tax man there is no profit to show. You cannot go to the embassy and say this business is making good money and I want to buy it. Sure it made nothing on paper last year but that is because the owner bought a boat through it to get out of paying tax!!!!
You would not believe the competition in the Orlando area for decent businesses that will satisfy the above criteria at the minute. Even before Escape to the Sun, there were ten Brits after every suitable businesss and they sell in a couple of days. The prices are sky high because it is a supply and demand thing. That has intensified during the showing of the TV programme. My broker told me he is getting 35 phone calls a day off people. The Gulf coast is also difficult. It is slightly easier in other parts of Florida which are none tourist.
Once you have got your visa, you have to go through hoop after hoop to prepare your visa application. It takes weeks. Then weeks more waiting to see if it has been approved. Then finally an interview at the US embassy in London. One you have it, it is issued for 2-5 years depending on the size of the business with renewals every 5 years. It is very difficult to convert to a green card unless you can build something up very big with a lot of US employees and high gross sales. If you wish to know more and have specifics, ask away. I could do a degree in this subject.
steph_goodrum
13-04-2003, 15:02
If you or your wife are lucky enough not to have been born British (Irish is ok) or if you were born overseas while parents were serving in the forces or if you are nationals of another country, you may be eligible to apply for the Green card lottery. If you were born British though we aren't eligible as we have more than the 50,000 over the preceding 5 years who have qualified through another route.