Steps to Creating a Business as An Immigrant.
The population of immigrant in the United States reached 44.5 million in 2017, and despite life being hard for immigrants today, their population continues to expand. Although many of people opt to run away from their country due to conflict and graft, most of the immigrants are people who have gone through university and seek better opportunities for their families as well as their profession. Immigrant-run companies have succeeded over time meaning and show that everyone can still chase and live the American Dream. If you are an immigrant and want to start business, you should know that you will be treated uniquely compared to US natives. It is essential to obtain an entrepreneur’s visa. Beneath are all the details an immigrant should be aware of regarding starting a business.
Before you decide to apply for the entrepreneur visa, make sure that you are versed with the popular structures of business in the country. There is the S-Corporation, only limited to citizens of the US, C-Corporation; compromises of the “inc” outlook, and a Partnership which is business owned jointly more than an individual.
When it comes to registering a business, you need to know that there are various options regarding your visa, and you need to know what may apply for your case. One of the visas offered to immigrant entrepreneurs is the EB-5 Immigrant Investors Visas. It would be the best option for you have amassed huge capital that you want to channel into American. The good side with the visa is that upon qualification and getting it, you and your family are instantly given green cards; however, the downside is that the expenses of obtaining the visa will be 1 million dollars and you should be ready for a lot of documentation. The other type of visa is the F-2 Investor Visa which lets you reside in the US but for a specific time and to qualify you only need to start or invest in an American Business. Next is the L-Visa; which involves you branch out a business from your native country to the US.
Once you have obtained a visa, register your business. Determine the state that you will want to set up a business and understand that some will be more lenient to immigrants than others when it comes to registering and operating a company. Depending on the business, you may need to have a physical business address.
It is essential that you find a name for your company which includes your business name and trade name. Make sure that you attain your tax information which will require obtaining an EIN.