By Renata Castro, Esq.
Starting a business in the USA could allow you and your family to live in the United States legally. The immigration system is complex; however, the US government seems to be more and more welcoming of foreign entrepreneurs. Recognizing that one of America’s greatest strengths is its ability to attract global talent to strengthen the country’s economy and technological competitiveness, President Joe Biden published a fact sheet on January 21, 2022, establishing the country’s commitment to attracting foreign entrepreneurs, particularly in the STEM (Science, Technology, Engineering, Math) areas.
Entrepreneurship can be both exhilarating and frightening, particularly in a new country. Any new entrepreneur needs sufficient time to nurture the new business endeavor, therefore, a more permanent visa option such as a green card may be the best option for a foreign entrepreneur looking to start a business in the USA.
There are several advantages to holding a green card, such as:
- Easier access to low-cost capital in the USA
- Ability to pursue grants and other funding options
- Less barriers to business and professional licensing
- Placed on a pathway citizenship for the entrepreneur and his family
- Ability to engage in work, study, or any other legal activity in the USA while having a business
- Access to in-state tuition for public universities for both the entrepreneurs and his dependents
- Unrestricted ability to enter or depart the USA
Although extensive, this list does not exhaust all the benefits of holding a green card instead of a nonimmigrant visa.
Are you interested in starting a business in the USA and obtaining a green card for yourself and your family? These are some of the fastest options for entrepreneurs looking to move to the USA.
EB-5 Visa
The EB-5 Visa program, also known as Visa for Jobs, allows investors who are starting a business in the USA to obtain a green card if a minimum investment is made, and 10 or more jobs are created per investment unit.
Without requirements for academic accomplishments, professional history, or even fluency in English, the EB-5 program has an objective standard to grant green cards – if the investment capital can be sourced, and the new job creating enterprise creates 10 or more qualifying jobs, and if an investor can make his dream of obtaining a green card a reality. To obtain a green card through the EB-5 program, an investor must commit US$1.05 million, unless the business is located in a TEA – Targeted Employment Area. TEAs are defined as either rural areas, or areas with an unemployment rate that is 1.5x the national average.
The EB-5 program allows individuals to invest in any industry, including starting a new franchise unit.
EB-2/NIW
The EB-2/NIW has a great advantage for foreign entrepreneurs seeking to obtain a green card – there is no minimum investment amount. Although incredibly attractive because of the investment flexibility, the EB-2 National Interest Waiver allows individuals who fulfill at least three of the seven criteria, and who prove that their proposed endeavor is one of substantial merit and national importance, to obtain a green card without the requirement for a Job Offer. Under Matter of Dhanasar, foreign entrepreneurs and any other applicant pursuing a green card through the EB-2/NIW classification must show that they are well positioned to further the proposed endeavor, and that, it is in the best interests of the United States to grant a waiver of the job offer requirement.
The foreign entrepreneur, and any other applicant for a green card under the EB-2/NIW program, must fulfill three of the following criteria:
- A degree, diploma, certificate, or similar academic award relating to your area of exceptional ability.
- Evidence of at least 10 years of full-time experience in your occupation.
- License to practice your profession
- Evidence of earning a salary which demonstrates the applicant’s exceptional ability
- Membership in a professional association
- Recognition for the applicant’s professional achievements and significant contributions to the applicant’s industry by their peers, professional or business organizations, government entities.
- Other comparable evidence establishing eligibility and exceptional ability
EB-1A
The true red-carpet of green card options for entrepreneurs, the EB-1A category welcomes to the USA those who can demonstrate extraordinary ability in the sciences, arts, education, business, or athletics through sustained national or international acclaim.
This program is known as the “Einstein Visa”. Like the EB-2/NIW program, the EB-1A does not have a minimum investment requirement for entrepreneurs who wish to obtain a green card under the program, however, the business owner must show that he meets at least three out of the ten criteria established by law. Much like the EB-2/NIW and the EB-5 program, there are no requirements for fluency in English, familial relationship to a green card holder or US citizen, and there is no pre-set industry for entrepreneurship.
A more selective program, the EB-1A program shifts the focus to the applicant, who must show that he or she has evidence of:
- Receipt of awards or prizes of excellence
- Membership in associations which demand outstanding achievement of their members
- Materials published by the applicant in major media or professional publications
- Appointed to judge the work of others
- Contribution of original scientific, scholarly, artistic, athletic, or business-related contributions of major significance to the applicant’s field of excellence
- Work being displayed at artistic exhibitions or showcases
- High salary or any other high remuneration in comparison to others in the field
- Performance in a leading or critical role in distinguished organizations
- Commercial success in the performing arts
- Materials published about the applicant in major media, professional or major trade publications
No matter which program you pursue, one thing is certain – an immigration attorney is not the right professional to provide business advice for your new US-based enterprise.
Once you establish, with the guidance of licensed immigration attorney, which legal pathway to pursue, you should consider hiring a business consultant to determine how to best start, finance, market, and operate your new US-based business.
The book 99 Questions to ask BEFORE starting a business in the US gives foreign investors the opportunity to learn from two industry experts about the different aspects of starting, operating, financing, and marketing a new business in the USA, considering visa options for those who seek to migrate to the US through a qualifying investment. The book 99 questions is available on Amazon and through Balboa Press.
And finally…
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. That requires the right combination of price, product, promotion and place.
Operations, because it keeps your customers. A well-run business pleases customers and generates steady and reliable revenue. But to be well-run, you need reliable providers.
Finance, because it is the scoreboard, and keeps everybody paid. Change the “score”, find bookkeeping help, and find capital.
The One Click Advisor Business Builder connects you with all the fundamentals. Skip the hours of research and costly mistakes…we have done the work of locating the best small business services for you.
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.