According to the National Bureau of Economic Research (DBER), immigrants represent more than one-fifth of all entrepreneurs in the United States. Foreign individuals can inject new ideas into the highly competitive economic landscape of the United States, and there are plenty of opportunities for those with amazing new ideas. If you’re ready to launch a new business in the United States, you may already have a detailed plan ready to go. However, you need more than just a business plan to launch your new business in the United States. You also need an immigration plan, and this is something that an immigration lawyer might be able to assist with. What are the top immigration pathways for foreign entrepreneurs expanding into the United States?
The Gold Card Visa
Although this option might not be for everyone, it is certainly worth attention. If you are an entrepreneur with a track record of success and a considerable fortune, the new administration has made it clear that you can simply pay $5 million for a pathway to citizenship.
Various officials within the administration have stated that the gold card visa will eventually replace the EB-5 visa. Therefore, it may not be logical to focus too much on the EB-5 investor visa, even though it is probably the most popular pathway to citizenship for many new entrepreneurs.
Many of the details of the gold card visa have not yet been revealed by immigration officials in the United States. However, it is probably going to be simpler and more streamlined compared to the EB-5. Some have argued that the threshold for the EB-5 visa was too low, especially considering rampant inflation throughout the last few years.
Instead of simply paying $5 million to the U.S government, you might still have the opportunity to invest in an existing American business. You could also potentially launch your own project with the gold card visa.
The gold card visa is also rumored to offer a streamlined pathway toward citizenship. If you want to become an American citizen as quickly as possible, the gold card visa is probably a solid option.
As more details of this visa program emerge, entrepreneurs may want to check in with their immigration lawyers for personalized guidance. It has been some time since the initial announcement, but no further developments have reached the public’s ears as of this writing.
Consider the L-1A Visa Program
If you do not have time to wait for the gold card visa, you might want to consider the L-1A Intracompany Transferee Program. This immigration program allows you to use your foreign company to establish a new office in the United States. From there, you can use this transnational business connection as an immigration pathway.
Many foreign entrepreneurs use this program to transfer skilled managers and workers to their new US-based offices. Some CEOs and business leaders remain in their foreign nations while trusting these employees to run their American operations overseas.
However, it is also possible to transfer yourself to the United States in order to set up an American office for the first time. In other words, this program could be perfect for foreign entrepreneurs who want to launch an American business for the first time.
Compared to the EB-5, this program proved to be popular for many reasons. Perhaps most notably, this program lacks many of the minimum investment requirements associated with investor visas. That being said, the L-1A visa has its own fair share of barriers.
If you want to take advantage of this immigration pathway, you need a foreign business that already has a solid track record. You might need to show that your business has earned a certain amount of money, and you may need to prove that you can support your operations once you establish a new office in the United States. In other words, you cannot simply create a business in your home country and apply for an L-1A visa the next day. An experienced immigration lawyer may be able to help you apply for an intracompany transferee visa.
Consider the EB-1 Visa If You Have “Extraordinary” Business Abilities
If you have a proven track record of business success in your home country, you might also qualify for an EB-1 visa. The United States reserves these visas for people of “extraordinary ability.” An example of an exceptional business leader might be someone like Bill Gates or Steve Jobs. Speak with a lawyer to determine whether you qualify as an “alien of extraordinary ability.”
You might also emigrate to the United States if you are a professor or researcher with an innovative new idea for a startup, even if you do not have much actual business experience in your home country. As long as you have experienced considerable success in your academic field of specialization, you should be able to leverage this while pursuing residence and new business opportunities in the United States.
For example, you might have developed a new method for nuclear fusion while working for a university in Taiwan. You could theoretically bring your ideas to the United States on an EB-1 visa before creating a new nuclear startup. The only limitation is that you must continue to work in your area of expertise once you arrive in the United States. You cannot emigrate to the United States using your doctorate in physics before opening a chocolate factory.
Get Help From an Experienced Immigration Lawyer
If you are ready to discuss these immigration opportunities in more detail, it might be time to speak with an experienced immigration lawyer. Foreign nationals can benefit from various programs and incentives, especially if they have business ideas that fill specific niches in the United States. However, the best way to take advantage of these immigration opportunities is to personalize each strategy based on the specific needs of each entrepreneur. Discuss your unique ideas with Ackah Law today, and get started on a new immigration plan for business.
