View Full Version : buying a business
v8anglia
17-01-2004, 14:21
if i buy a small business so i can move to florida, do i need to own it outright or can i own a percentage? if so what percentage is allowed? [8]
florida4sun
17-01-2004, 16:50
I beleive you can buy a percentage but the investment would have to be high. I also beleive you would have to be a major share holder. Also you would have to prove that yur share of the business could comfortbly support you and and your family (typically around $60 - $80k pa).
Hi,
As far as I understand you have to own at least 51% of the business. Place yourself as director or manager. You have to be in a decision making position. It is also true the business has to produce and income to you of at least $60k which would need to be varified via tax returns. Hope this helps
Jimbo
My husband and I own 50% each and that got us both an E visa in our own right rather then one of us being a dependant. But that is between spouses. I would guess if you co-owned with someone else, you would need 51%. And that 51% would need to be able to support you and your family so it would need to be a big business as Martin says. 51% of the income of ours could no way support us.
v8anglia
18-01-2004, 21:04
looks like i can`t invest in a business and be a "sleeping" partner then... do small business`s,coffee shops and the like generate enough income to get a visa or do i need to be thinking bigger? perhaps finding a job would be slightly easier, as i`m extrusion technician although i suspect i`ll need a potential employer on my side to do that. has done it this or am i dreaming?[msncry]
You need an employer to sponsor you and to state that they cannot find an American to do the job.
A business needs to be able to support you and your family. Typcially this is seen as owner drawings of $60,000-70,000 per annum.
florida4sun
21-01-2004, 16:45
I think your looking at this the wrong way. You seem to be putting the business as secondary to your needs (anything will do as long as you live in Florida). If having a business is simply a means of living in Florida then I would seriously reconsider. We only came over here as we had a genuine good business opportunity which knew would make us a good living. I would not have come over here to simply 'live in Florida'.
Living in Florida is nt all its cracked up to be, although overall we do enjoy ourselves here and the climate has a definate advantage for my son who has Muscular Dystrophy.
Take a serious look at health care. We are having major problems with ours at present. They will find any opportunity to not pay out (and we have the best).
I think most people who come over just to 'live in paradise' would be disapointed. I have 6 friends who cam over for that reason 4 of which are selling up within 12 months.
quote:Originally posted by v8anglia
looks like i can`t invest in a business and be a "sleeping" partner then... do small business`s,coffee shops and the like generate enough income to get a visa or do i need to be thinking bigger? perhaps finding a job would be slightly easier, as i`m extrusion technician although i suspect i`ll need a potential employer on my side to do that. has done it this or am i dreaming?[msncry]
Would agree absolutely. The rose coloured glasses come off pretty quickly when you see just how hard it is to earn a living here, just how hard you need to work and just how aggressive and competitive it is. I was not prepared for this. Frankly it is dog eat dog here and other Brits can be the worst. Living in paradise can be harder than you think. The climate is a plus however, my sons asthma has also cleared up since since we have been here.
Come on you Guys.
Were any of you self-employed here in the UK? I have worked for myself for many years and it is dog eat dog. Its hard work everyday. And guess what this place is full of Brits. I have come to the conclusion that you get out of it what you are prepared to put into it. We are going to Florida via e2visa this year and I am under no ellusions that it is the same there as it is here HARD WORK. But, hay the sun shines, the beaches are great the houses are great (with the pool) Your hard work there is certainly rewarded more that it is here. What was the reasons you lot went over there in the first place. I agree with you Julie people have to be prepared to graft or forget it. But the life style and quality of life is far better than here isn't it?
JIM
We were self employed for twenty five years there but it is nothing like being self employed here. I finished work at 10.30 pm last night. We regularly work 80 hour weeks. There is no reccourse to benefits here and limited access to credit when you first arrive so you live on what you make and you need to keep your turnover and your owner benefit up or risk being deported at next visa renewal. Remember your continued presence in the US on E visa depends on you keeping on trading successfully. Your presence here is tied to that business and that is a constant fear at the back of your mind.
The life style is great but I will be frank, those on E2 here have little time to enjoy it. Or at least, not at the beginning. A number of people move into other fields ( realty being one) where it is easier to make a buck after a while. If I had my time again, I would have built up what we were doing in the UK and transferred myself out doing that on a L visa rather than buying a business on E. It would have meant taking extra employees on in in the UK as you have to be able to continue to trade in the UK s well as here. Probably a manager, as I can see how it would be difficult to keep an eye on a UK business from here. On the L visa, you dont have to buy a business but can set up a subsidiary which saves you the cost of buying a business. L also leads to green card which takes all the visa pressure off. E never will. We worry at what will happen when we are too old to keep working physically as we do.
Having said all this, yes the weather is lovely and the sun shines. And I live in a nicer house than I did in the UK and we eat out more, even have the odd day at a park. I must say however that I do feel a pang of jealousy at those I see lolling by their pools as I lug a carpet cleaner in the house next door. And at those in the shops spend spend spending at 1.8 to the £ when I earn in dollars ( it isnt cheap here any more when you earn only in dollars) I expect they are jealous of me too living here and that the other mans grass is always greener. All I am saying is dont expect it to be like it is when you are on holiday as it isnt and dont expect ot to be easy as it isnt, then you wont be disappointed.
Not all businesses mean lugging over a carpet cleaner at 10pm.
Not all businesses mean working 80 hours a week.
And I guess you knew that before you moved there.
But Hay, we are getting away from the point.
v8anglia,
For as many negative points you read on these forums there are positive ones. But on your original question, what these guys are saying is right. Don't let the desire to move to Florida be the reason you buy a business there.
We are in construction and landscaping. Have friends in Florida who do the same thing. We have visited them, seen their business in operation. They certainly don't work 80 hrs per week. But I'm sure they do things which mean they have to work very hard, and in the soring heat. check your motive.
florida4sun
23-01-2004, 05:06
Yes self employed fom the age of 19. It is very different from being self employed over here. I could not buy a house the same as we had in the Uk, even if I wanted to. That said you can get a nice place for a reasonable amount of money.
Legislataion and red tape drives you to frustration, no matter what line of work you are in.
Once you have lived here for while its actually pretty hard to find things interesting to do. Its heaven for a holiday but when you are here day in day out and done all the tourist stuff there isnt much else to do (I love boats and jet skis but lugging them around gets a tad boring after a while). Infact I have just sold a pair of jetskis we had for about 18 months and never used them!
You can drive for 5 or 6 hours and everywhere looks exactly the same. Dont get me wrong I am not unhappy here, but everyone you speak to will say the same thing. I would say more people pack up than stick it out here. Swimming pools and jacuzzi's simply become part of the house after a while (I dont think anyone has been in ours for months).
I came here simply because it was a good opportunity and not because it was Florida. Although I have a disabled child which made Florida our choice over other places, as it it so wheelchair friendly. The life style may be nicer than the uk but the quality of life is only good if you are healthy anf ahve money. What I would give for the NHS at the moment. If you fall on hard times its the worst place to be. Take a look around next time you are and have a look at the middle age generation and their smiles. People simply cannot afford to go to the dentist here and many have a mouthful of rotten teeth.
I see you are in 'construction and Landscaping'. Be very careful with that. To get a construction state license is very very complex. Landscaping is cornered by the Mexicans who are very good, very fast and very cheap at it. Also I believe those types of business are required to offer workers comp for all employees. This is something I would steer well clear of too. 100 degrees and over 100% humidity, phew it takes it out of you.
The weather is the biggest plus here, although when you work here the summer is just way too hot.
I know 10 families that moved here around the same time as us, to do a similar business. There are only 3 of us left here. The others have all gone back to the UK.
I would also agree with Julie abouty it being dog eat dog. Its mostly the brits who spend so much time trying to stab each other in the back, its pathetic. there is more than enough business to go around.
quote:Originally posted by jimbo
Come on you Guys.
Were any of you self-employed here in the UK? I have worked for myself for many years and it is dog eat dog. Its hard work everyday. And guess what this place is full of Brits. I have come to the conclusion that you get out of it what you are prepared to put into it. We are going to Florida via e2visa this year and I am under no ellusions that it is the same there as it is here HARD WORK. But, hay the sun shines, the beaches are great the houses are great (with the pool) Your hard work there is certainly rewarded more that it is here. What was the reasons you lot went over there in the first place. I agree with you Julie people have to be prepared to graft or forget it. But the life style and quality of life is far better than here isn't it?
JIM
Yep, huge problems in those areas with workers comp, you need it in contruction with just one employee and it is very very high You might end up having to do all the work yourself and work that 80 hour week after all, Jimbo!
Seven out of ten families moved hack home within what three years. Phew thats quite a statistic, Martin. Were they not making a living or could they just not hack it here?
Yeh I hear what your saying and I welcome your advice.
What we are both saying here is not dont buy a business at all but dont buy just anything because it will get you to Florida. I must admit it is what I did. I would have liked management but that is hard to get a visa with so I ended up buying janitorial because I could get in with that. We had no interest in janitorial but thought it would grow, however knew within days that we never would have any, not really. So now we are expsnding into other areas alongside hence the long hours. Still need to keep the original one trading, though we could use a manager eventually. I met someone who did it right recently. Saw 60 businesses before comitting when he found the right one. Eventually he bought a small independant trading estate agency. Nice clean job, office hours, no lugging heavy machines about. Very successful. Clue for those of you who may know him, he is Welsh. Follow his lead not mine, find a business you want to do rather than getting obsessed with getting a visa now, even if it takes you years.
hamptonlakes
24-01-2004, 02:59
Hi juile if i was to purchase a management company to start us off and then gradually build it open and open a decorating contracts - is this the correct way if not what would be the best way in your experience ?
Thanks alot, advise will be very greatfully recieved[msnsmile2]
Difficult to get a visa for a management co. You can do it but it needs to be a fairly big one and trading successfully. The "buy a number of management contracts off a man co which continues trading" scheme doesnt wash with the embassy any more on E2. Or at least not the famous one advertised on the Mail on Sunday which drew too much attention at the embassy. Martin may know more about the type he bought and whether that still works. To be frank if you want to do decorating, I would find a decorating firm for sale, seems more logical. Management is very time consuming and involving and once you get involved in that. I doubt you will have time for anything else.
can someone explain management company to me?
florida4sun
24-01-2004, 06:30
2 couples came hear thinking it was a way to retire and failed miserably at the business. The others did quite well but one or the other partner was terribly homesick and it never went away:(
quote:Originally posted by esprit
Yep, huge problems in those areas with workers comp, you need it in contruction with just one employee and it is very very high You might end up having to do all the work yourself and work that 80 hour week after all, Jimbo!
Seven out of ten families moved hack home within what three years. Phew thats quite a statistic, Martin. Were they not making a living or could they just not hack it here?
florida4sun
24-01-2004, 06:33
Actually they are letting them through again now and with very little resistance. It has to be a going concern though. The problem is that attorneys are still very gurded about MC companies and put people off.
They have recently changed the staff at the london embassey and they are way more accomodating now.
quote:Originally posted by esprit
Difficult to get a visa for a management co. You can do it but it needs to be a fairly big one and trading successfully. The "buy a number of management contracts off a man co which continues trading" scheme doesnt wash with the embassy any more on E2. Or at least not the famous one advertised on the Mail on Sunday which drew too much attention at the embassy. Martin may know more about the type he bought and whether that still works. To be frank if you want to do decorating, I would find a decorating firm for sale, seems more logical. Management is very time consuming and involving and once you get involved in that. I doubt you will have time for anything else.
florida4sun
24-01-2004, 06:41
You would have time to expand with an MC business. From the position your in you would be best with an L1. Take advice from a good attorney about the right way to do it. If you going after big painting contracts then check out the pricing first. For instance I kniow one major builder over here pays $1100 for a 3000 sf 2 storey home to be painted in and out. Dunno what the wholesale price is on paint but there cannot be much margin in the rate above.
quote:Originally posted by hamptonlakes
Hi juile if i was to purchase a management company to start us off and then gradually build it open and open a decorating contracts - is this the correct way if not what would be the best way in your experience ?
Thanks alot, advise will be very greatfully recieved[msnsmile2]
florida4sun
24-01-2004, 06:42
You would not have time to expand with an MC business. From the position your in you would be best with an L1. Take advice from a good attorney about the right way to do it. If you going after big painting contracts then check out the pricing first. For instance I kniow one major builder over here pays $1100 for a 3000 sf 2 storey home to be painted in and out. Dunno what the wholesale price is on paint but there cannot be much margin in the rate above. Plus you will be paying backhanders to get the large contracts.
quote:Originally posted by hamptonlakes
Hi juile if i was to purchase a management company to start us off and then gradually build it open and open a decorating contracts - is this the correct way if not what would be the best way in your experience ?
Thanks alot, advise will be very greatfully recieved[msnsmile2]
Jimbo, a management company looks after peoples villas for them doing pool, lawns, cleaning and looking after guests needs. There are abot 700 of them in the Orlando area alone, a large percentage Brits.
Martin. are the blocks of management contracts ( you know who I mean) now going through again?
florida4sun
24-01-2004, 16:53
Nope, just going concerns.
quote:Originally posted by esprit
Jimbo, a management company looks after peoples villas for them doing pool, lawns, cleaning and looking after guests needs. There are abot 700 of them in the Orlando area alone, a large percentage Brits.
Martin. are the blocks of management contracts ( you know who I mean) now going through again?
v8anglia
25-01-2004, 14:51
hmmm, seems i may have given the wrong impression, its not my intention to move to florida at all costs,i do want to move to the U.S.but my funds won`t really stretch to buying an up and running "profitable" business,which is why i asked about the work situation in florida, i`m certainly not afraid of hard work,(60 hrs a week is normal for me) plus i`ve seen several ads for jobs in florida for the work that i do (extrusion technician) although i`ve had no replies to my emails about the vacancies.... if it is possible to work for a company in the us perhaps i would be better flying out to scout the employment situation, any suggestions[?]
First of all, try the local newspaper http://www.orlandosentinel.com
I think the reason you may not have had replies to your emails after jobs is because US employers have to go through loads of paperwork to employ anyone from outside their own country and prove that there are no qualified American workers who could do the job first. This normally takes a long time and most small companies probably wouldn't go to the expense or complications but have a look, you never know...
v8anglia
16-02-2004, 22:29
[yellow]i`m about to start a business here in the uk if(when) its successful will i be able to relocate the company to the u.s. or do i have to start again? does having agood business in the uk have any influence on on visa applications?
chrizzy100
16-02-2004, 22:49
quote:Originally posted by v8anglia
hmmm, seems i may have given the wrong impression, its not my intention to move to florida at all costs,i do want to move to the U.S.but my funds won`t really stretch to buying an up and running "profitable" business,which is why i asked about the work situation in florida, i`m certainly not afraid of hard work,(60 hrs a week is normal for me) plus i`ve seen several ads for jobs in florida for the work that i do (extrusion technician) although i`ve had no replies to my emails about the vacancies.... if it is possible to work for a company in the us perhaps i would be better flying out to scout the employment situation, any suggestions[?]
You're not getting replies because so many Americans are out of work that really companies have very little reason to look outside the State to find workers...let alone the country......that seems to be picking up.....my husbands in Telcoms and after 2 years hes just getting head hunters back on the phone.....
If you have a good business in the UK, you can start a US company and apply for an L1 visa to transfer yourself from one to the other. The business in the UK should have been trading for 12 months and have employees other than you and it must continue to trade in the UK whilst you are in the US. This is a good visa as it leads to green card but the UK business must be big enough to qualify.
v8anglia
22-02-2004, 01:45
how big does the business have to be to qualify? and do family class as employees?
They dont like family as sole employees. I tried this = was going to employ my son and was told this wouldnt work. Really needs two or three proper employees. Size - should be substsntial but this is a subjective opinion.
v8anglia
25-02-2004, 16:25
do the regulations vary from state to state or are they the same everywhere?
The visa is a USA wide one so the rules apply to all the US States.
bajantia
01-03-2004, 20:47
My husband will be the sole invester of our company but i will come over as a spouse but will apply for a h1b as soon as i am over there. This will allow me to work for anyone and provide 2 incomes into the family. Looking for a profitable business is going to be hard, we do not want to do management we do that here and is unrewarding and time comsuming we changed our focus to selling houses which is a lot more profitable and less time is needed. I gather its hard to sell properties over there?
chrizzy100
01-03-2004, 22:03
quote:Originally posted by bajantia
My husband will be the sole invester of our company but i will come over as a spouse but will apply for a h1b as soon as i am over there. This will allow me to work for anyone and provide 2 incomes into the family. Looking for a profitable business is going to be hard, we do not want to do management we do that here and is unrewarding and time comsuming we changed our focus to selling houses which is a lot more profitable and less time is needed. I gather its hard to sell properties over there?
Can you get an H1B while in the States already.....?
What visa are you coming on. If on E2, you dont need to apply for HIB ro work. An E2 dependant with less than 50% ownership of the business can apply for dispensation to work, takes about 6 months. HIB is capped, you need to get a job before you can get the visa and and you will need to show that there is no American that can do the job. Why make life hard for yourself??
bajantia
02-03-2004, 15:25
I thought it would be easier to get green card if i went down H1B visa rather then the dispensation??
quote:Originally posted by esprit
What visa are you coming on. If on E2, you dont need to apply for HIB ro work. An E2 dependant with less than 50% ownership of the business can apply for dispensation to work, takes about 6 months. HIB is capped, you need to get a job before you can get the visa and and you will need to show that there is no American that can do the job. Why make life hard for yourself??
chrizzy100
02-03-2004, 19:51
quote:Originally posted by bajantia
I thought it would be easier to get green card if i went down H1B visa rather then the dispensation??
quote:Originally posted by esprit
What visa are you coming on. If on E2, you dont need to apply for HIB ro work. An E2 dependant with less than 50% ownership of the business can apply for dispensation to work, takes about 6 months. HIB is capped, you need to get a job before you can get the visa and and you will need to show that there is no American that can do the job. Why make life hard for yourself??
I think you can only get an H1B if you're offered a job before you land.....I know my husband was over here working while his was going through and had to leave the country real quick and wait at home till everything was finished before he could go back......
It is. But HIB is hard to get. For example are you a graduate? You need to be a graduate for HIB or in a highly specialised occupation for which there is a need in the US. It is also capped and they run out of spaces early in the year. You also need an employer to sponsor you which is hassle for them as they have to do the paperwork. You would need to convinve them of the need to do that when most know you csn now work as an E2 spouse anyway.
chrizzy100
02-03-2004, 20:27
quote:Originally posted by esprit
It is. But HIB is hard to get. For example are you a graduate? You need to be a graduate for HIB or in a highly specialised occupation for which there is a need in the US. It is also capped and they run out of spaces early in the year. You also need an employer to sponsor you which is hassle for them as they have to do the paperwork. You would need to convinve them of the need to do that when most know you csn now work as an E2 spouse anyway.
I can add that there are no more H1B being given out until Oct.........
bajantia
03-03-2004, 19:12
quote:Originally posted by esprit
It is. But HIB is hard to get. For example are you a graduate? You need to be a graduate for HIB or in a highly specialised occupation for which there is a need in the US. It is also capped and they run out of spaces early in the year. You also need an employer to sponsor you which is hassle for them as they have to do the paperwork. You would need to convinve them of the need to do that when most know you csn now work as an E2 spouse anyway.
Great news i will go that route. Many thanks