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For potential E-2 visa applicants, there are vital initial steps that you need to take before you can begin the application process. People are often confused with the requirements pertaining to incorporation. Incorporation is a prerequisite to applying for an E-2 visa. You must show that your business actually exists. A lot of foreign entrepreneurs don’t understand how to form a business in the United States, and understandably so. This is something in particular I help guide you through.
Incorporation not only serves to establish your business but also the first step to obtaining the very important EIN number or Employer Identification Number. Similar to a tax identification number, this number is essential and can only be obtained after your business has been legally formed. Once your business has an EIN, only then can you open a bank account for your business. This is crucial since you will need to manage the funds you have invested. This initial process can take a few weeks, potentially up to a month, but typically not more than that.
These regulatory requirements must be fulfilled before you can proceed with your visa application.
The Importance Of Accessing Capital For Foreign Entrepreneurs
When applying for an E-2 Visa, a visa officer will be the one to decide whether to approve or deny your application. A significant part of their consideration concerns your finances, including how much you have spent on the business and how you accessed that money.
As an example, let’s say you invested one hundred thousand dollars. The visa officer’s job is to evaluate where that money came from, analyzing things such as: How did you get that hundred thousand dollars? How do you have control of that money? and What’s the source of it? They want to make sure that the source of the funds is legal and in compliance with the law.
Maybe you got it just from your earnings from work, or maybe you got it from selling a house or, as a gift from family or as a loan. However you obtained control over your investment funds, it, just be prepared for the visa officer to dissect the source of your funds. Equally important to how you have access to the funds is whether you can thoroughly document their origin, demonstrate your control over them, confirm their lawful source, and, if they’re in your U.S. bank account, how they arrived there. Be careful to document the source of your investment and every step your money takes along the way to your new US business bank account!
Securing Funding
Securing funding is generally something beyond the scope of what an immigration attorney can help you with. Generally, the extent of our involvement in helping you secure financing would be advising you to ensure that it is structured correctly for the visa application. For example, if you take out a loan to get your funds for an investment, it’s important the loan is secured by you personally with personal assets. The law doesn’t allow you to secure an investment with your businesses assets because the visa officer must ensure your investment is at risk. Taking out a loan is fine, so long as it’s from a lawful source, but the business itself can’t secure it because the funds have to be at risk.
For more information on Accessing Capital For Foreign Entrepreneurs, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling 305-680-1747 today.
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