View Full Version : The Best Business to Buy In Florida?
Hi,
Can anyone tell me which is the best kind od business to buy in central Florida that would provide the E2 visa? The reason I ask this is because there already seems to be a mass of fast food resturants and also there are a lot of people now with villas which they rent out so I'm guessing that a small motel wouldnt be that good an investment as say it would have been 10 years ago. Any thoughts are very much appreciated.
keith_harrison
21-11-2003, 23:32
Welcome to the forum.
You will find some great topics on this site, it is very informitive and gives good feedback. Hope you get some answers in what your looking for? Good luck in your business adventure
Regards
The Harrison Family :)
florida4sun
22-11-2003, 00:30
It does not matter what type it is provided it has proven record. Your problem will be buying one that can support you. Of course most corps will show a loss and you need one that is showing a profit.
Look very closely at any corp that is showing a profit as this is very poor accounting.
It is not easy to get here and once you do you will need loads more money than you think to get started. Health care is extremely expensive for good coverage. Also if you are taking a business with 4 or more employees you need workers comp, this is so expensive and difficult to get that it is putting some small businesses out of business.
I always err on the negative side of being here, this is so it is not a shock to people. We love living here but it is not an easy road.
quote:Originally posted by poopppy
Hi,
Can anyone tell me which is the best kind od business to buy in central Florida that would provide the E2 visa? The reason I ask this is because there already seems to be a mass of fast food resturants and also there are a lot of people now with villas which they rent out so I'm guessing that a small motel wouldnt be that good an investment as say it would have been 10 years ago. Any thoughts are very much appreciated.
There is no best business. What do you want to do? Remember E2 ties you to that business for life. So think do I want to do this business for the rest of my life. Dont buy something just to get a visa or you will end up stuck with it. A modest income doesnt suffice. You need to show immigration that the business makes at least $60,000 in owner benefit. Popular businesses are villa management ( hard to get through now as a bit too popular with Brits), pool care, lawn care and cleaning, also convenience stores and dry cleaners. If you do something in the UK remotely transferable, stick to what you know.
Good business are scarce. There is a lot of overpriced dross out there which would be worth half the selling price if it was being marketed to an American or was in a different area of the US. I have heard of businesses being set up specifically to sell to some unsuspecting Brit visa applicant. So be very careful and get a good accountant to look at the books. And come over and shadow the owner for a few days and see what he does and decide if that is what you want to do.
My visa attorney would not put any businesses without proper tax returns showing a profit to the embassy, Martin.
Other than that, I agree totally with what you say. Workers comp really hit us hard. The first few months here can be very difficult, in a new country with a new business often in a field you know nothing about and with no experience at handling staff. We are just beginning to settle down after 5 months. It isnt all plain sailing though. But the sun shining in November is lovely!
Thanks for your replies they are very much appreciated. I do have my own business her in the U.K. I am in mail order/direct mail which i operate from an office at home and this has given us a very good living for the past 7 years or so, but it is a business that is aimed directly at the U.K market and not the US market, although I could run my business from anywhere in the world without much f a problem, but would this business allow me the E2 visa if i were to try and move over to the US?
Why not try for an L1 visa and open a branch of your current business in Orlando. You cn then transfer employees (ie. yourselves) across to your US branch. I know a couple of people who have done this. You have to keep the UK business going too.
Thanks Carla.
That was going to be my next question. But will there be a problem with the L1 visa due to the fact that my business is quite small and there is only two other employees other than myself in my bsuiness and one of those is my wife whose a partner in the business with me?
Get yourself a good immigration lawyer, as he/she is probably the best person to answer this for you. I know of two couples who have done this and they only had small businesses to start with and only a couple of employees. If you both came over to Florida, you would probably have to leave at least two people in charge back at the UK end to keep that running. However you have to keep the UK end running otherwise you would be breaking the requirements of an L1 visa and could be deported.
I think that the UK business must have been running for a minimum of 1 year with employees, so you qualify on those grounds.
They have tightened up considerably in L1 in the past year. Before then, pratcially any business would qualify. Now it needs to be substantial ( our attorney told us a service industry turning over £80,000 pa , almost all of it profit, was no use for L1) Also they like to see real employees back in the UK not fsmily members. People are getting L1 for a year currently and then have to renew. On renewal, you need to show that both your UK and your US business are successfuly trading. E2 got me 5 years before renewal. But the big advantage of L1 is it does lead to green card wheras with E2 it is only can and with difficulty.
There is an attorney called Matt Selby in Fort Lauderdale good on L1. Dont have his address off hand, but he should come up in searches,
Reading what you've all had to say, it looks as though my best bet is going to be buying a Florida based business and getting the E2 visa as my small home based UK business turned over £120,000 last year and I only have my wife and one other lady that works in the business so I think I'll probably get knocked back with my L1 application by the sound of things as it sounds like my UK business will be too small to allow me the L1 visa.
One other question - If i busy a business and get my E2 visa, will i also be able to run my UK business at the same time or does all of my income need to come from my Florida based business?
florida4sun
25-11-2003, 16:58
quote:Originally posted by esprit
My visa attorney would not put any businesses without proper tax returns showing a profit to the embassy, Martin.
This is my point if you are buying a business rather than setting one up, then who in their right mind is going to show a profit of $60k or more. This shows the complete and utter foolishness of the visa rules. If a business is showing that much profit then something must be up.
I can understand this thinking from the point of view of a brand new business but one that has been bouyant and employing people.
Martin
If i busy a business and get my E2 visa, will i also be able to run my UK business at the same time or does all of my income need to come from my Florida based business if I am living over here on a E2 visa?
You can run both. You will have to show a substantial owner benefit for the US business, both initially to get the E2 and on renewal ( $60,000 is the figure I was given) so dont divide it up too much, If you are going to be continuing to run the UK business anyway, why not try for L1 first and then it you fail to get it, then apply for E2. I dont think that applying for one stops you applying for the other. L1 is loads better as it easily leads to green card.
I KNOW, Martin. Mad situation isnt it? You wont believe how many businesses my visa attorney turned down because they were showing a zero profit on tax returns. The embassy want to see you can make a decent living. The vendor wants to show as little profit as possible because of tax. Impasse. People who want to sell their businesses to visa applicants have to do a kosher set of returns and take the hit. Thats what mine did, only solution,
sunbreaks
02-12-2003, 01:19
Description
The L-1 intra-company transferee visa allows executives, managers, and employees with specialized skills to transfer from the foreign company to a U.S. office, subsidiary, or affiliated company to perform temporary services.
ADVANTAGES
Processing Time
The United States Citizenship and Immigration Service usually decides petitions in 30-60 days.
Duration
L-1 visas are granted initially for 1 to three years with extensions available in two-year increments, with a total stay not to exceed seven years.
Permission to Work in the U. S.
The intra-company transferee is allowed to work for the U.S. subsidiary or affiliate company.
Includes Spouse & Children
The spouse and children under 21 are allowed to accompany the L-1 visa holder during the period of the transferee status. The Spouse may receive work authorization.
Conversion to Permanent Residence
In limited circumstances, it may be possible to convert the L-1 visa for executives and managers to lawful permanent residence status.
REQUIREMENTS
Previous Employment
The applicant must have been employed by the foreign "parent company" for at least twelve months during the three year period immediate prior to filing the L-1 visa application.
Capacity Of Employment (Past)
The applicant must have been employed as an executive, manager, or as a specialized skill worker for a minimum of twelve months during the three years immediately preceding the filing of the L-1 visa petition.
Capacity of Employment (Future)
The applicant be employed as an executive, manager, or as a specialized skill worker for the same company, or its U.S. subsidiary or affiliate.
Intra-Company Relationship
The current (foreign) and prospective (U.S.) companies must be either the same company, or related by subsidiary or affiliate ownership.
LIMITATIONS
Seven year Limitation
L-1 visas may not be extended beyond a total of seven years.
New employees Excluded
New employees may not be transferred prior to serving one year abroad as an executive, manager, or specialized skill employee of the foreign parent company.
Foreign Company's Existence
There must be continual existence of the foreign company during the transferee's stay in the U.S.
Employment for Dependents
The spouse and children are allowed to reside in the U.S. The Spouse may receive work authorization. There is currently no work authorization provision for children (just spouses).
Intra - Company Relations Continue
L-1 visa holders may remain only as long as the U.S. company qualifies as the same company or subsidiary or affiliate status with the foreign company.
DOCUMENTS & FEES NEEDED TO BEGIN APPLICATION
L Petition Requirements.
A U.S. employer or foreign employer may file the petition, but a foreign employer must have a legal business entity in the U.S. The petition must be filed with:
Evidence of the qualifying relationship between the U.S. and foreign employer based on ownership and control, such as:
An annual report
Articles of incorporation
Financial statements
Copies of stock certificates
A letter from the alien's foreign qualifying employer detailing his/her:
Dates of employment
Job duties
Qualifications
Salary
Proof that the alien worked for the employer for at least one continuous year in the three-year period preceding the filing of the petition in an executive, managerial or specialized knowledge capacity
A description of the proposed job duties, qualifications and evidence the proposed employment is in an executive, managerial or specialized knowledge capacity
If the alien is coming to the U.S. to open a new office, also file the petition with copies of evidence the business entity in the U.S.:
Already has sufficient premises to house the new office
Has, or upon establishment will have, the qualifying relationship to the foreign employer
Has the financial ability to remunerate the alien and to begin doing business in the U.
sunbreaks
02-12-2003, 01:23
Green Card for L-1A Visa Holders
Advantages:
No Labor Certification is required.
Who Qualifies:
A U.S. employer, which is a multinational business, or the U.S. subsidiary or affiliate of a multinational business may file I-140 Petitions on behalf of alien employees who qualify under USCIS definitions as executives or managers.
A "multinational business" is one which conducts business in two or more countries, one of which is the U.S. The U.S. employer must have been doing business for a least one year.
To qualify as an Executive, the worker must:
Direct the management of the organization or a major component or function of the organization;
Establish the goals and policies of the organization, component or function;
Exercise wide latitude in discretionary decisionmaking; and
Exercise wide latitude in discretionary decisionmaking; and
Receive only general supervision from higher level executives, the board of directors, or stockholders of the organization.
To qualify as a Manager, the worker must:
Manage the organization, or a department, subdivision, function, or component of the organization;
Supervise and control the work of other supervisory, professional, or managerial employees, or manages an essential function within the organization, or a department or subdivision of the organization;
Have the authority to hire and fire supervised employees, or recommend them for promotion or other personnel action, or (if there are no immediate supervisees) function at a senior level within the organizational hierarchy; and
Exercise direction over the day to day operations of the activity or function over which the worker has authority.
The management of employees is not essential to qualify for classification in this category.
The alien may supervise and control the work of other supervisory, professional, or managerial employees, or mange as essential function within the organization, or a department or subdivision of the organization.
If he/she directly supervises other employees, the alien must have the authority to hire and fire, or to recommend other personnel actions such as promotions, or leave authorization.
If the alien does not directly supervise other employees, then he/she must perform at a senior level within the organization, or with respect to the function managed, exercising direction over the day-to-day operations of his/her assigned activities.
A first line supervisor cannot be considered a manager unless the employees he/she supervises are professionals.
Requirements:
If the alien is outside the U.S., he/she must have been employed outside the U.S. for at least one year in the past three years in a managerial or executive capacity by a firm or corporation or other legal entity, or by its affiliate or subsidiary.
If the alien is already in the U.S. working for the same employer, or a subsidiary, or affiliate of the firm or corporation or other legal entity by which the alien was employed abroad, he/she must have been employed by the entity abroad in a managerial or executive capacity for at least one year in the three years preceding his/her entry as a nonimmigrant.
Filing Procedure:
The USCIS Form I-140 is submitted with a company financial statement, evidence which demonstrates that the U.S. employer has been doing business for a least one year, evidence that the alien has been employed by the U.S. company for at least one of the past 3 years, and a a job offer letter which indicates that the alien will be employed in an executive or managerial capacity and clearly describes the duties to be performed by the alien.