A great number of people want to start a business venture in the US courtesy its thriving economy. Though the L1 visa is quite popular and it gives an excellent opportunity to the business professionals from worldwide, to come and try their luck in the United States, many people seem to be in a dilemma on how to settle a Business in US through L1 Visa.
Let’s go through the larger aspect on how to establish a business in US through L1 visa, and answer the general set of questions.
Are foreign nationals eligible to start a business venture in the US without acquiring its Permanent Residence (PR)?
Yes! It is very much possible to start a business venture in the nation without becoming its resident. In fact, a large number of non-residents foreign business professionals are successfully running their ventures with a L1 visa status.
More information on L1 Visa
It is a non-immigrant visa and the most common misconception associated with it is that the category entertains only multinational companies to transfer certain professionals, such as Executives and Managers, though it’s not true. The fact is that the L1 Visa provides an opportunity to foreign business professionals to operate their business outside the country, provided they have minimum one year of work experience as an executive or manager, and have successfully established a branch or subsidiary in the US. Initially, to establish a new office, a visa is issued for one year that can be extended for maximum seven years with two year of extension at a time.
Does one require making an investment of set amount?
The good news is that the L1 Visa does not have any requirement of a set amount of investment. The investment amount should be such that may easily pay the associate beneficiaries and duly run the business in the overseas immigration hotspot.
State some common issues while applying for L1 visa!
The most common prevailing issues with the L1 visa is securing an office work space and a well drafted business plan explaining the future prospect of the venture, and since initially the application is approved for one year, the applicant must prove that the business is progressing and running smoothly. On the basis of the outcome, further extension will be granted, at the end of the first approved phase.
Following are the necessary steps required to start a business venture in the US:
Source: http://blog.abhinav.com/2015/04/learn-how-to-settle-business-in-us-through-l1-visa
Let’s go through the larger aspect on how to establish a business in US through L1 visa, and answer the general set of questions.
Are foreign nationals eligible to start a business venture in the US without acquiring its Permanent Residence (PR)?
Yes! It is very much possible to start a business venture in the nation without becoming its resident. In fact, a large number of non-residents foreign business professionals are successfully running their ventures with a L1 visa status.
More information on L1 Visa
It is a non-immigrant visa and the most common misconception associated with it is that the category entertains only multinational companies to transfer certain professionals, such as Executives and Managers, though it’s not true. The fact is that the L1 Visa provides an opportunity to foreign business professionals to operate their business outside the country, provided they have minimum one year of work experience as an executive or manager, and have successfully established a branch or subsidiary in the US. Initially, to establish a new office, a visa is issued for one year that can be extended for maximum seven years with two year of extension at a time.
Does one require making an investment of set amount?
The good news is that the L1 Visa does not have any requirement of a set amount of investment. The investment amount should be such that may easily pay the associate beneficiaries and duly run the business in the overseas immigration hotspot.
State some common issues while applying for L1 visa!
The most common prevailing issues with the L1 visa is securing an office work space and a well drafted business plan explaining the future prospect of the venture, and since initially the application is approved for one year, the applicant must prove that the business is progressing and running smoothly. On the basis of the outcome, further extension will be granted, at the end of the first approved phase.
Following are the necessary steps required to start a business venture in the US:
- Register the name of business with the state authorized body.
- Register business name with the recording office.
- Conduct brief research and plan his business in such a way that it runs smoothly in the US and create US jobs.
- Determine whether you are going to form partnership, a sole proprietorship, or corporation.
- Obtain a Tax Identification Number (TIN) from the IRS and open a new bank account in your business name.
- Obtain necessary permit and license required to run a business legally.
- Duly resister for local and state taxes.
Source: http://blog.abhinav.com/2015/04/learn-how-to-settle-business-in-us-through-l1-visa
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