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Visa Options for Business Owners and Investors
Business owners or investors who are interested in long-term visas to conduct business in the U.S. have several options under the U.S. immigration laws. Immigrant status, or permanent residence in the U.S. (the "green card"), allows the business owner to live and work in the U.S., and to apply for U.S. citizenship after a period of five years. Many potential investors are aware of the "million dollar investor" (employment-creation) visa discussed below. However, there are several other strategies which may be easier to accomplish and more attractive. This summary is intended as a "checklist" of the major options now available for individuals who wish to be self-employed in the U.S. It is very important that each person's long-term investment goals, family situation, and educational and business background be carefully considered by an immigration law specialist before a strategy is developed.
Following are the options available for the individual who does not wish to continue to maintain a business outside the U.S. and prefers to be self-employed. Those individuals who will continue to operate a business outside the U.S. have all of the following options, and in addition can obtain visas through a streamlined process for "multinational executives and managers," discussed under Category 5.
Category 1: Extraordinary ability in business.
This immigrant visa category is the highest employment-based (as opposed to family-sponsored) visa category, known as the EB-1(A) visa. It permits up to 40,000 persons annually who are "at the top of their field of endeavor," including business, science, the arts, education, or athletics, to be granted visas without the necessity of an employer-sponsor. The visa is intended for business people who have "sustained national or international acclaim," as demonstrated by major international awards, articles in major media about the applicant, high salary, and other indicators.
Category 2: Exceptional ability in business.
This is the second employment-based category, the EB-2 visa. It permits an additional 40,000 visas for persons with "exceptional ability in the sciences, arts, or business," as well as for members of the professions holding advanced degrees. Unlike the first category for businesspeople with "extraordinary" ability, this visa does not require national or international acclaim in the field. Rather, the applicant work in a position that requires exceptional ability and present evidence in at least three of the following six areas:
The so-called "million dollar investor" visa permits 10,000 visas annually to be granted to persons who will create a new U.S. enterprise that will result in at least 10 new jobs over a two-year period. The investment must have taken place after November 29, 1990.
If the investor wishes to purchase an existing business there must be a 40% increase in the net worth or number of employees of that business. For certain rural areas and areas of high unemployment, the investment may be as low as $500,000 and 3,000 visas are reserved for this type of investment. Loans secured by the investor's own property may be counted toward the dollar amount of the investment.
Category 4: E-1 or E-2 Treaty Trader or Investor Visa.
While this visa does not grant permanent residence, it provides long-term security to an investor and dependents until age 21. The requirements for the E-1 Treaty Trader visa are: a treaty between the applicant's country of nationality, the applicant is involved in substantial trade between the U.S. and the home country, and the enterprise will create some employment and is not merely for the purpose of earning a living in the U.S. The E-2 treaty investor visa
Category 5: Multinational Executive or Manager.
Like the highest employer-based preference discussed above under Category 1 for those with "extraordinary ability in business," multinational executives and managers are admitted under the First Preference (EB1-C) and share the 40,000 visa numbers allocated to that preference.
Unlike the other visa categories discussed above, multinational executives and managers must show that their company abroad is continuing to operate, and that the foreign and U.S. companies share the same ownership. The applicant must have been employed as an executive or manager abroad during at least one of the three years prior to entering the U.S. The terms "executive" and "manager" have special meanings under the immigration laws and many positions do not qualify.
Conclusion
Other relevant visa categories include sponsorship as a professional or skilled employee, sponsorship by immediate family members, outstanding professors and researchers, political asylum, and others. To ensure that the applicant has permission to work in the U.S. during the process, it may be necessary to apply for certain temporary visas. Accessible and up-to-date legal advice is essential throughout the process.
Following are the options available for the individual who does not wish to continue to maintain a business outside the U.S. and prefers to be self-employed. Those individuals who will continue to operate a business outside the U.S. have all of the following options, and in addition can obtain visas through a streamlined process for "multinational executives and managers," discussed under Category 5.
Category 1: Extraordinary ability in business.
This immigrant visa category is the highest employment-based (as opposed to family-sponsored) visa category, known as the EB-1(A) visa. It permits up to 40,000 persons annually who are "at the top of their field of endeavor," including business, science, the arts, education, or athletics, to be granted visas without the necessity of an employer-sponsor. The visa is intended for business people who have "sustained national or international acclaim," as demonstrated by major international awards, articles in major media about the applicant, high salary, and other indicators.
Category 2: Exceptional ability in business.
This is the second employment-based category, the EB-2 visa. It permits an additional 40,000 visas for persons with "exceptional ability in the sciences, arts, or business," as well as for members of the professions holding advanced degrees. Unlike the first category for businesspeople with "extraordinary" ability, this visa does not require national or international acclaim in the field. Rather, the applicant work in a position that requires exceptional ability and present evidence in at least three of the following six areas:
- A relevant academic degree or certificate in the field;
- At least ten years' full-time experience in the occupation;
- A license or certification for the occupation;
- A salary demonstrating exceptional ability;
- Membership in a professional association, or
- Recognition for achievements in the field or industry.
The so-called "million dollar investor" visa permits 10,000 visas annually to be granted to persons who will create a new U.S. enterprise that will result in at least 10 new jobs over a two-year period. The investment must have taken place after November 29, 1990.
If the investor wishes to purchase an existing business there must be a 40% increase in the net worth or number of employees of that business. For certain rural areas and areas of high unemployment, the investment may be as low as $500,000 and 3,000 visas are reserved for this type of investment. Loans secured by the investor's own property may be counted toward the dollar amount of the investment.
Category 4: E-1 or E-2 Treaty Trader or Investor Visa.
While this visa does not grant permanent residence, it provides long-term security to an investor and dependents until age 21. The requirements for the E-1 Treaty Trader visa are: a treaty between the applicant's country of nationality, the applicant is involved in substantial trade between the U.S. and the home country, and the enterprise will create some employment and is not merely for the purpose of earning a living in the U.S. The E-2 treaty investor visa
Category 5: Multinational Executive or Manager.
Like the highest employer-based preference discussed above under Category 1 for those with "extraordinary ability in business," multinational executives and managers are admitted under the First Preference (EB1-C) and share the 40,000 visa numbers allocated to that preference.
Unlike the other visa categories discussed above, multinational executives and managers must show that their company abroad is continuing to operate, and that the foreign and U.S. companies share the same ownership. The applicant must have been employed as an executive or manager abroad during at least one of the three years prior to entering the U.S. The terms "executive" and "manager" have special meanings under the immigration laws and many positions do not qualify.
Conclusion
Other relevant visa categories include sponsorship as a professional or skilled employee, sponsorship by immediate family members, outstanding professors and researchers, political asylum, and others. To ensure that the applicant has permission to work in the U.S. during the process, it may be necessary to apply for certain temporary visas. Accessible and up-to-date legal advice is essential throughout the process.
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