A Guide to Starting a Business as An Immigrant
The life of an immigrant in the US is full of challenges, but that doesn’t keep the numbers from growing; statistics show that there were about 44.5 million of them in 2017. While numerous people flee to other countries to escape graft and war, the majority of immigrant are university educated and seek better jobs to provide a better life for their families. The American Dream continues to thrive and immigrants being able to own companies confirm that no one is excluded from being prosperous in the Land of the Free. However, there is a difference when it comes to the requirements to start a business between immigrant entrepreneurs and native entrepreneurs. You will require to get an entrepreneur’s visa. We will make things less stressful by providing all the info you need to know when putting up a business in the US.
It is a good idea that before you start looking for an entrepreneur visa, first try to be conversant with the typical business types in the US. 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.
Furthermore, another thing to know before you list your company is that there are different entrepreneur visa options which you should understand to know what you are eligible for. One of the EB-5 Immigrant Investors Visa. If you have amassed a huge amount of money as capital and intend to put it in the US market; then this is the kind of Visa that will suit you best. The advantages associated with the EB-5 immigration investors visa is that green cards are issued straightaway to both you and your family, but you should note you will need 1 million dollars for the visa and be ready for some hefty documentation. Similarly, there is the F-2 Investor Visa which empowers you to stay in the US but temporary which will require you to run or put in money in American business. You also have the choice to apply for an L-Visa if you run a firm in your home country and intend to expand business to the US.
Once you have obtained a visa, register your business. Identify which state would be right for since there are states that are friendlier for immigrants to run business. Depending on the business, you may need to have a physical business address.
In addition to that, ensure that you come up with your business name that will also act as the DBA or trade name. Make sure that you attain your tax information which will require obtaining an EIN.