U.S. Entrepreneur Visa Explained: 2023 Guide
The United States of America has always been a popular destination for entrepreneurs from around the world who wish to start their businesses. The U.S. is a land of opportunity and innovation, and many entrepreneurs have succeeded in building successful businesses there. However, the process of obtaining a visa to work in the U.S. can be complicated and confusing, especially for entrepreneurs who are just starting out. In this article, we will provide a comprehensive guide on how to obtain an entrepreneur visa for the U.S. in 2023. Our lawyers have helped countless entrepreneurs move to the U.S. We make the entire process seamless and quick. Schedule a consultation, and learn how you can expand your business to the North American market.
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What is an Entrepreneur Visa?
An entrepreneur visa is a type of visa that allows individuals to start or invest in a business in the U.S. The purpose of the entrepreneur visa is to promote entrepreneurship and job creation in the U.S. Although there are different types of entrepreneur visas, they will generally allow the applicant to gain permanent residency (green card) in the U.S.
Eligibility Criteria for Entrepreneur Visa
To be eligible for an entrepreneur visa, applicants must meet certain criteria:
Financial Criteria
One of the primary requirements for an entrepreneur visa is the financial criteria. Applicants must have a substantial amount of capital to invest in their business for some visa types – not for all. The exact amount varies depending on the type of visa, but it typically ranges from $100,000 to $1,000,000; however, some visas don’t require a capital investment. This requirement ensures that the applicant has the financial resources necessary to start and maintain a business. It also shows the applicant’s commitment to the business and the U.S. economy.
Business Plan
Another essential requirement for an entrepreneur visa is a solid business plan for some visas. The business plan must demonstrate the feasibility of the business. It should outline the nature of the business, its target market, its products or services, and its marketing strategy. A detailed business plan is essential for the success of any business, and it helps the visa officer to assess the viability of the proposed business. The business plan should be clear, concise, and well-structured.
Entrepreneurial Experience
Having prior experience as an entrepreneur or in a managerial capacity in a business is another critical requirement for an entrepreneur visa. This requirement shows that the applicant has the skills and experience necessary to run a business successfully. It also demonstrates the applicant’s commitment to entrepreneurship and their potential to contribute to the U.S. economy.
Job Creation
Job creation is an important requirement for an entrepreneur visa. Applicants must create jobs for U.S. citizens or permanent residents. The number of jobs that must be created varies depending on the type of visa. This requirement is crucial as it helps to ensure that the proposed business has a positive impact on the U.S. economy. It also shows the applicant’s commitment to creating opportunities for U.S. citizens.
U.S. Investment
Another requirement for an entrepreneur visa is that the applicant must invest in a business that is located in the U.S. This requirement ensures that the business contributes to the U.S. economy and creates job opportunities for U.S. citizens. It also demonstrates the applicant’s commitment to the U.S.
English Proficiency
Applicants must be proficient in English, as they will need to communicate with customers, suppliers, and employees. Good communication is essential for the success of any business, and being proficient in English is crucial for effective communication in the U.S. This requirement ensures that the applicant can effectively communicate with stakeholders and operate the business efficiently.
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Types of Entrepreneur Visa
There are several types of entrepreneur visas available:
EB-5 Visa
The EB-5 visa is a popular option for foreign nationals who are looking to invest in a new business in the U.S. To qualify for this visa, you must invest at least $1.8 million (or $900,000 in certain targeted employment areas) in a new commercial enterprise that will create at least 10 full-time jobs for American workers. You must also be actively involved in the management of the business.
E-2 Visa
The E-2 visa is another popular option for foreign entrepreneurs who are looking to start a business in the US. To qualify for this visa, you must be a national of a treaty country and invest a substantial amount of capital in a U.S. business. There is no set minimum investment amount, but you must show that your investment is sufficient to start and operate the business. You must also be coming to the U.S. to develop and direct the business.
L-1 Visa
The L-1 visa is a non-immigrant visa that allows foreign companies to transfer executives, managers, and specialized knowledge employees to their U.S. subsidiaries or affiliates. To qualify for this visa, you must have worked for the foreign company for at least one year in the past three years, and the U.S. company must be a qualifying subsidiary or affiliate of the foreign company.
EB-1C Visa
The EB-1C visa is a type of employment-based visa that allows multinational companies to transfer executives or managers to their U.S. operations. To qualify for this visa, you must have worked for the foreign company for at least one year in the past three years and be coming to the U.S. to work in a managerial or executive capacity.
International Entrepreneur Rule
The International Entrepreneur Rule, also known as the “startup visa,” is a relatively new option for foreign entrepreneurs looking to start a business in the U.S. This visa is available to entrepreneurs who have founded a startup in their home country and want to come to the U.S. to grow the business. To qualify for this visa, you must show that your startup has the potential for rapid growth and job creation and that you have significant ownership in the company.
Application Process for Entrepreneur Visa
The application process for an entrepreneur visa involves several steps:
Submit the Required Forms
The first step in the application process is to file the correct form to demonstrate that the applicant meets the eligibility criteria for the visa. Each visa type has its own required form, which is used to start the immigration process:
- If you are applying for an E-2 visa, you will need to file Form I-129, Petition for Nonimmigrant Worker.
- If you are applying for an EB-5 visa, you will need to file Form I-526, Immigrant Petition by Alien Entrepreneur.
- If you are applying for L-1 visa you will need to file Form I-129S, Nonimmigrant Petition Based on Blanket L Petition.
- If you are applying for an EB-1C visa, you will need to file Form I-140, Immigrant Petition for Alien Worker.
- If you are applying through the International Entrepreneur Rule you will need to file Form I-941, Application for Entrepreneur Parole.
Interview
After the forms have been filed, the applicant will need to attend an interview at a U.S. embassy or consulate. This is the case for almost all entrepreneur visas or even employment and family immigration pathways. During the interview, the applicant will be asked questions about their business plan, their experience as an entrepreneur, and their investment in the U.S.
Visa Approval
If the interview goes well, the applicant will receive a decision on their visa application. If the application is approved, the applicant will be granted a visa that allows them to live and work in the U.S.
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Advantages of Obtaining an Entrepreneur Visa
Obtaining an entrepreneur visa has several advantages, including:
- The ability to start or invest in a business in the U.S.
- The ability to live and work in the U.S.
- The opportunity to become a permanent resident of the U.S.
- The ability to bring family members to the U.S.
Obtaining an entrepreneur visa for the U.S. can be a complicated and lengthy process, but it can also be very rewarding. By following the eligibility criteria and the application process outlined in this article, entrepreneurs can increase their chances of obtaining a visa and starting or investing in a business in the U.S. However, it is crucial to note that professional legal guidance from an experienced immigration attorney is almost always required to succeed in gaining an entrepreneur visa. Schedule a consultation today with our top immigration lawyers to explore your investment immigration options.
Frequently Asked Questions About Entrepreneur Visas
Below you will find answers to the most commonly asked questions:
Can I apply for an entrepreneur visa if I don’t have any prior experience as an entrepreneur?
Applicants must have prior experience as an entrepreneur or have worked in a managerial capacity in a business. This means that if you have not had any prior experience as an entrepreneur or as a manager, you may not be eligible for an entrepreneur visa. However, if you have worked in a managerial position in a business, you may still be eligible even if you have not been an entrepreneur yourself.
How much capital do I need to invest to be eligible for an entrepreneur visa?
The exact amount of capital required varies depending on the type of visa, but it typically ranges from $100,000 to $1,000,000. The investment should be in a business that will create jobs for U.S. citizens or permanent residents. It is important to note that the investment should be “at risk,” meaning that the investment should not be secured by any collateral or guaranteed by any party.
Can I bring my family members with me to the U.S. if I obtain an entrepreneur visa?
Yes, family members can accompany the applicant to the U.S. Spouses and unmarried children under the age of 21 may apply for derivative visas to accompany the entrepreneur visa holder. They may also be eligible to work in the U.S.
How long does it take to obtain an entrepreneur visa?
The processing time varies depending on the type of visa and the workload of the U.S. embassy or consulate. Generally, it takes several months to process the visa application. However, some visas may have expedited processing available for an additional fee.
Can I apply for an entrepreneur visa if I am already in the U.S. on a different visa?
Yes, it is possible to apply for a change of status to an entrepreneur visa if the applicant meets the eligibility criteria. The applicant must be in lawful status in the U.S. at the time of the application and must not have violated their current visa status. It is important to note that not all visa types are eligible for a change of status, and it is recommended to consult with an immigration attorney for guidance on the best course of action.
Do I need to invest all of my own money in the business to qualify for a visa?
No, you can use a combination of personal funds and outside investments to start and operate the business. However, you will need to show that you have a significant ownership stake in the company and that you are actively involved in its management.
Can I change my visa status after I arrive in the U.S.?
In some cases, it may be possible to change your visa status after you arrive in the U.S. However, it’s generally easier to apply for the correct visa from the outset to avoid complications and delays.
What happens if my business fails?
If your business fails, you may need to leave the U.S. or find another visa option. Some types of entrepreneur visas have specific requirements for maintaining your visa status, such as creating a certain number of jobs or maintaining a certain level of investment in the business.
