Most entrepreneurs, irrespective of their home country and nature of business, want to do business with or in the US. The opportunity, volume and quality of doing business attract people to the US. This is what the world calls the American dream. The lure of doing business is not restricted to US citizens since neither permanent residency nor citizenship is required for you to operate a business in the US. However, most entrepreneurs who wish to do business in the US prefer to relocate there and run their businesses.
While embarking on the American dream to start or run your business in the US, it is essential to pay attention to the immigration processes and certain statutory norms you would be required to comply with before moving to the US. For this, it is advisable to seek expert guidance and support from an immigration lawyer US, who can help you to decide which immigration program best suits your requirements. Although the actual setting up of the business is common to foreigners and US citizens, the processes are more or less standard and almost similar.
As a non-citizen of the US or a foreigner, as you would be called initially, you will need to address some critical procedural requirements, which, if not appropriately followed, could cause impediments in your business setup journey.
The basic steps to follow would be :
- Deciding on the type and class of immigration visa best suits you
- Deciding and opting for the most suitable type of business structure you prefer to follow
- Where would you like to locate your business, and how
- What, which and how many types of licenses, permissions, and permits would your business need
- How many employees and workers will you need at the base level
- Which bank would you like to or prefer to be your business banking partner
- Any other essential business pre-setup requirements
Besides all the above steps, look at your funding needs, first for your sustenance and living there and secondly for the business. Like every individual has different requirements concerning money for living, various companies have different and varying funding requirements. Standard and off-the-shelf funding solutions will not help you if your business needs differ. There is actually no one-size-fits-all solution. After all, it is what you perceive as your personal financial position vis-à-vis your business funding requirements that will decide your business’s exact financial future.
Similarly, the different, yet best suited, immigration options to move to the US available to you could be :
L-1A visa
Best to use this visa if you are moving to the US as part of an existing overseas company’s internal transfer.
E2 visa
The E2 visa is good when you, your spouse, children and dependents are planning to move to the US when you are going there to set up your business. However, opting for this visa type means you will be required to commit a minimum investment amount of US $150,000. This commitment is deemed to be your personal investment in the business.
EB-5 visa
This visa becomes applicable if you plan to start your business in the US, commit to invest US $ 500,000 in the industry and operate it for an uninterrupted period of five years. During this time, your business is expected to generate regular revenues, earn profits and create employment for at least ten people. Having fulfilled these conditions, the EB-5 visa permits you and your family to seek permanent residency in the US with eligibility to seek US citizenship for a continuous stay in the US for a stipulated time. Notwithstanding this, your business still needs to ensure compliance with the minimum ten jobs being created condition.
Likewise, the type of business structure for your business could be :
LLC ( Limited Liability Company)
This type of company is considered a business entity legally independent of the owner, shareholder, or member. With this type of company, the owner is protected from personal liability. If you as a founder are looking to register your own small scale business, check out the best llc services from here. Also, the authorities permit owners of LLCs to decide which mode of taxation system they would prefer to follow for the business. LLC companies are not excused from any compliances and, to this effect, must ensure they comply with and fulfil each and every statutory requirement. Another important aspect is that irrespective of the immigration status of the owner or member of an LLC, all applicable income taxes must be paid to the US IRS (Internal Revenue Service) and the respective state in which the business is established.
Therefore, before setting up your business, study all the basic requirements properly and decide how you would like to proceed. Where you set up your business will also matter since different states of the US offer varying incentives for new companies. As with most aspects of our lives, you should also ensure your home, insurance, medical, and more are taken care of.
Since many business owners prefer personally shifting to a new country to set up the business, it’s best to get the most appropriate visa for yourself and your family. When shifting to set the business in the US, you should also budget for the packing, moving, and a new home. Depending on the state you select to settle down, you will have to check local schools, city councils, and set up tax accounts, bank accounts, and insurance.
Many people start their house hunt in advance, and also visit the US a few times before shifting lock, stock, and barrel. Considering all the shifting and moving expenses, relocation with family and pets needs to be thought out carefully. Pet insurance, vaccinations, kids expenses, and more will also take a chunk out of the savings, apart from the costs leading to setting up the new business.
The best way to ensure everything is on track, is to start early, get all the funds, visa formalities, insurance documents, and travel papers ready in advance. Starting early, with ample time in hand, will allow enough time for all the processes.
