How Can U.S. Immigrants Start Their Own Business?

The U.S. provides many opportunities to its citizens including those who wish to move there from foreign countries. Apart from education and employment, this land of the brave and free also welcomes people who want to do business or set up their own company. In fact, it even accommodates non-immigrants or the so-called foreign entrepreneurs to set up their own businesses in the U.S. They don’t even have to move to the U.S. as they can run the business from their own country.

Type of Visa Required

Foreign entrepreneurs have two options when it comes to obtaining a U.S. visa. They can get a non-immigrant visa or an immigrant visa.

The B-1 visa is for people who want to go to the U.S. as a business visitor. Their objectives are either to obtain funding, secure an office space, negotiate a contract or attend business meetings in line with their desire to open a new business. This type of visa allows a maximum of six months of stay in the U.S. and may allow extensions.

The E-2 is another option and this is recommended for entrepreneurs who wish to invest in a new or existing U.S. business. Those eligible for this are people from countries with trade agreements with the U.S. A maximum of two years stay in the U.S. is allowed although extensions are possible. This type of visa is considered one of the most popular as an applicant does not need a U.S. employer or family member in the U.S. to sponsor him or her. As long as you have sufficient funds to invest into a business, you can apply for the E-2 visa.

The immigrant visa allows foreigners to start a new business in the country and immigrate permanently. The EB-1 extra ability category is recommended for those with extra ability in the areas of sciences, arts, education, business or athletics. Applicants need to show proof of national or international recognition of his achievements in his field of expertise. This type of visa, however, may require a job offer from an employer and a labor certification from the Labor Department.

What’s important is for interested entrepreneurs and investors to obtain the necessary legal documents for creating a business or company they want to set up in the U.S., according to Kerry Yianilos, one of the San Diego citizenship attorneys. This is regardless whether they are legal immigrants or non-immigrants.

Ideal Areas to Start a Business

Many people particularly those involved in tech startups consider California as a great place to start a new business. However, it charges higher taxes compared to other states and the state government requires companies to have a physical address when they register their business.

Oklahoma City is a startup haven because of its lower cost of living and a strong lending environment for small businesses. Various publications have recognized it as a fast growing city ideal for new graduates and aspiring entrepreneurs.

Boulder in Colorado is recommended for tech startups. According to the American Electronics Association, the area has the highest number of software engineers per capita in the U.S.

Minneapolis is another great area to start a business. Currently, it has the fourth highest number of small businesses and the 15th lowest business tax rate in the U.S. The area boasts of a highly-educated labor force as well at 1.6 million.

Delaware is also an ideal area owing to the fact that it accommodates foreigners well. There are other reasons as well that make the state an great place to do business such as the absence of a state corporate income tax on corporations that don’t operate within the state and the absence of a personal income tax on shares of stock owned by persons outside of Delaware. Also, companies do not need to have a bank account or physical address in the area.

Originally posted on January 21, 2016 @ 4:15 am

Business, Economy, Tips

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