No matter whether you are opening a business in the USA to pursue the dream of living legally in the country, or to pursue your best life, planning is essential to achieve your goal of starting, marketing operating, or financing a business no matter the industry, or location.
A business plan has several applications for an entrepreneur
- Obtain financing with a bank or a commercial lender;
- File an E-2 treaty investor visa if you hold one of the qualifying citizenships under the treaty;
- File an EB-2/National Interest Waiver green card application;
- Make your mistakes on paper instead of with real money and people.
- The plan is to guide you and the people of your startup or small business.
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Entrepreneurship can be quite challenging and making mistakes on paper can provide you with alternatives to turn the outcomes of these challenges into rewards.
Certain immigration programs, such as the EB-5 program, set minimum standards for what should be a part of a business plan filed in connection with an application. Under Matter of Ho, an immigration business plan must show, at a minimum, establish through credible data and evidence that the business is likely to create the jobs required by law, the source of the capital needed to fund the enterprise, as well as credible, easily understandable information about how this business will earn the money needed to be viable through the sale of products and/or services.
The law does not provide a template for what should be a part of a business plan, even when it establishes minimum guidelines. No matter the purpose of a business plan, good business principles are essential to drafting a business plan.
What should a business plan contain, at a minimum?
- An executive summary
- A competitive analysis
- 5-year financial projections
- Operations plan, including staffing timelines
- Development plan and milestones
- Marketing and sales plan
- Management team
- A SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis
In addition to those minimum standard-elements on a business plan, visa applicants should consider adding information on the source of funds used to fund the enterprise, as well as the legal requirements for the investor’s visa of choice.
Applicants for a visa or a green card should consider hiring a professional consultant to draft one of the most important supporting documents. The immigration attorney’s role in the filing of an application rarely involves the drafting of an immigration business plan, however, the immigration attorney will review and discuss the contents of the application.
What are some immigration pathways?
Much focus is given by foreign entrepreneurs on the content of the business plan for the immigration petition. However, it is key to utilize good data so that your new business in the USA can result in the approval of your visa. Keep your eye on the ultimate goal of financial or personal riches you and your family seek, no matter whether you are applying for an E-2, EB-5, EB-2/NIW (National Interest Waiver) visa or green card.
Professionals listed on the Referral Service can provide you with valuable guidance on all aspects of starting, operating, marketing, and financing your new business. Drafting a business plan is a key building block towards achieving your goal of having a business and a visa to live and run your business in the USA legally.
Curious about starting a business in the USA but not sure where to start? The book 99 Questions to Ask BEFORE Starting a Business in the US can provide you with objective information on how to live your American Dream. You can also learn all of that and more by enrolling in one of the fast courses offered here at One Click Advisor.
To learn more about options on how to obtain a visa or green card to the United States through an investment, read the articles written by Renata Castro, Esq. She is an immigration attorney and founder of Castro Legal Group – a national, award-winning immigration practice focused on assisting people from all over the world turn their dream of living in the US a reality. Articles written on immigration options do not establish an attorney-client relationship.
Welcome to One Click Advisor! We would be remiss if we didn’t give you a brief tour of the site and what it can do for you, as an owner of a startup or small business. Your challenges and opportunities can be sorted into one of three areas.
Marketing, because it brings in the customers. Start or continue that plan here.
Operations, because it keeps your customers. Start or continue that plan here.
Finance, because it is the scoreboard. Change the “score” and explore financing here.
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DISCLAIMER: This article does not constitute endorsement by the attorney of any of the services listed, nor does the attorney earn any income derived from affiliate links. Attorney-client relationship is not established with the readers of this article, and is no substitute for legal representation.