Tag Archives: startup visa

The Importance of a Well-Drafted Business Plan in L1, E2 and EB5 Visa Matters

The United States government expects to see a well-drafted business plan as support for applications in both the E Treaty Visa category and the EB5 Immigrant Entrepreneur category. Additionally, USCIS often kicks back a request for a feasibility study in L1 “New Office” petitions, which is something that is normally included in a well-drafted business plan. Hence, it stands to reason that inclusion of a well-drafted business plan is essential as supporting documentation in an L1 “New Office” Petition.

As evidence of the critical importance of a well-drafted plan is the fact that the United States government frequently denies L1 visa, E2 visa and EB5 visa petitions and applications due to their lack of a plan that is both comprehensive and credible.

Business plans that are not comprehensive and are more in the nature of a summary or overview of the business are generally not acceptable for L1 visa, E2 visa, and EB5 visa purposes. Instead, in any one given case the United States government expects to receive and review a quality product that, at minimum:

a.) Fully describes the enterprise, its products and services;

b.) Analyzes the market in detail, including potential customers and competition;

c.) Outlines a marketing strategy;

d.) Projects sales, costs, and income over a period of 5 years, showing the basis for these projections; and

e.) Presents complete details regarding the enterprises organizational structure, including complete job descriptions and a staffing timetable.

In short, the United States government expects to see a business plan that is as comprehensive as one that would be presented to a bank for purposes of seeking funding. Therefore, it is strongly recommended that one seek the services of a professional who is familiar with the relevant immigration regulations to draft ones plan if one hopes to stand a strong chance at success in an L1 visa, E2 visa or EB5 visa petition or application.

When selecting the right firm to draft a visa-specific business plan, a company or investor should seek out a firm that possesses both experience in the writing of bespoke business plans as well as the appropriate legal expertise to tailor the plan to the specific requirements of the L1 visa, E2 visa or EB5 visa categories.

To ensure that all the required elements of a well-drafted business plan will be covered to the satisfaction of the United States government, the company or investor should satisfy themselves that all of the following services will be covered by the fee that they will be paying for the business plan writing service:

a.) Setup of business plan according to target visa category;

b.) Gathering of information and documentation regarding company ownership, objectives and mission;

c.) Working with business owner to determine concise statement regarding company’s success formula;

d.) Work out with owner the visa-appropriate management and staffing plan (i.e., executive/management mix for L1 visa; marginality avoidance for E2 visa; creation of 10 full-time positions over a 2-year period for EB5 visa;

e.) Draft an easy to read service summary;

f.) Collaborate with client to create feasibility study, which covers target market, customer/client potentiality in geographical area (with growth projections), and competition analysis;

g.) Gather financial information to draft financial plan and Tables, including Start-up Summary (as applicable), Sales Forecast, Operating Expenses, and 5-year Projections.

Once the business plan has been developed into its penultimate draft, it should undergo a final review by the responsible immigration attorney to secure an opinion as to the viability of the plan, from a financial perspective. (Obviously, if the responsible immigration attorney is drafting the business plan, his or her opinion will be rendered simultaneously with the creation of the penultimate draft.) Once the responsible immigration attorney has rendered his opinion that the plan is fiscally viable, the plan can be finalized and signed off for inclusion in the visa application package.

 

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Copyright 2011, Ortega-Medina & Associates Limited. All Rights Reserved.

Business StartUp Visa for US

On February 24, the first positive US Immigration reform legislation was officially introduced to Congress co-sponsored by Senators Kerry (D-MA) and Lugar (R-IN). As you know we strongly opposed the H1B visa and L1 visa reform legislation introduced to Congress by Senator Durbin (D-IL) and Senator Grassley (R-IA) as being short-sighted, anti immigrant and ultimately bad for the US and the US economy.

So this new bill titled the StartUp Visa Act of 2010 has been what many venture capitalists, industry leaders in the Silicon Valley and technology space and prominent academics like Vivek Wadhwa had been calling for to help drive job creation and increase America’s global competitiveness by allowing immigrant entrepreneurs to remain in the US and innovate. Ultimately bringing great wealth to the US, thousands of new jobs to the US economy and ultimately prosperity to the US economy and people as a whole via greater tax revenues.

There is great precedent for this as according to American Made: The Impact of Immigrant Entrepreneurs and Professionals on U.S. Competitiveness, a 2006 study commissioned by the National Venture Capital Association, 25% of U.S. public companies that were backed by venture capital had immigrant founders. The list reads like a who’s who of the tech industry with Intel, Sun Microsystems, eBay, Yahoo and Google. Additionally of current venture funded organizations, that number rises to 50% for immigrant founded companies.

So you can see we are talking about millions of Americans directly and indirectly employed and involved in these industries and a huge injection to the US economy as a whole that if it didn’t exist in whole or partially would mean a radically different US today and most probably a completely new world economic superpower where these companies did reside.

Essentially a new visa category would be created called EB-6 for immigrant entrepreneurs, and take a portion of visas from the current EB-5 visa category which allows foreigners who invest a minimum of $1 million into the U.S. economy, and create ten jobs to be able to get a green card.  The EB-5 has many strict conditions attached to it, including around location of operation making it a less desirable option.

The StartUp visa will be made available to qualified candidates if they can suffice the following criteria;

– have a qualified venture capitalist or angel investor that has invested a minimum of at least $100,000 per immigrant founder, totaling a minimum amount of $250,000
– following proof of securing the initial funding capital, after two years, the immigrant can show that he or she has generated at least five full-time jobs in the United States (beyond immediate family members), and attracted another 1 million in investment funding or generated $1 million in revenue, then that person would receive permanent resident status (i.e. a green card)

Already as mentioned this has wide industry support but no doubt the dark forces of short-sighted lobby groups, bigoted members of society and dopey congress people will no doubt not see any of this overwhelming evidence and try and torpedo this effort at true US Immigration reform that benefits the country.

To read some extra details about this new StartUp Visa and the full Act itself go to the highlighted link.and also sign their petition in support of the legislation.

CJ

P.S. There is a major Immigration Rally taking place in Washington DC on Sunday March 21  organized by over 700 committed organization championing real change and you can click on the link to either participate or support this great cause.