Tips for Immigrants Starting Their Own Business
Small businesses are an important part of the United States economy. Owning your own business is one of the dreams of many immigrants when they come to America. Here are some helpful tips for immigrants starting their own business.
Make Sure That You Have Legal Documentation
Those who want to start a business must be in the country legally. You must also have the proper authorization to work while in the United States. Without legal documentation, such as a green card, you are in danger of being deported. This could cause you to lose your business and everything you have worked so hard to attain.
Investment Visas for Business Owners
Business owners who invest more than $1,000,000 may be eligible to obtain an investor visa. This is also known as an EB-5 visa. A capital investment may be used to purchase or upgrade a business located in the United States. In some rural areas of the country, you only need an investment of $500,000. This applies to locations where the unemployment is exceptionally high. Consult with an immigration attorney to learn more about the requirements.
EB-5 Provision of Jobs
In order to qualify for an EB-5 visa, your business must create at least 10 new full-time employment positions. The employer needs to provide jobs to American workers. It is important to note that the immigrant, his spouse, and other immediate family members do not count toward the job provisioning requirement. A business plan must be submitted that shows how your business plans to use these workers.
Two Years to Remove Conditions
If you have obtained an EB-5 visa you have a period of two years during which to remove conditions. Applicants must file an I-529 Petition to Remove Conditions. The petition must be filed within the final 90 days of the period. If approved, you will become a permanent legal resident. Your children will also be allowed to become permanent legal residents.
Following the Laws of Businesses
All business owners are required to follow the laws governing their company. This includes obtaining the necessary licenses, and paying the applicable state and federal taxes. The failure to do so could result in deportation. It is helpful to speak with an experienced immigration lawyer for assistance with your business. Contact the skilled legal team at Udall Shumway PLC to schedule a consultation regarding your specific business needs.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Immigrants Starting Their Own Business, or other Immigration Law matters, please feel free to contact Phil D. Ortega at 480.461.5330, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.