The Best Business to Buy In Florida?

[florida4sun]

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

[poopppy]

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?

[esprit]

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,

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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.

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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.