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FOSTERSWIFT.COM
InternationalStudentEntrepreneurship:ImmigrationOptions
by: RyanLamb
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
TheInternationalEntrepreneur’sDilemma
Themorecommonvisasareemployment‐based,andtypicallyrequireanestablishedemployertopetitionforavisaforitsinternationalemployee.
Start‐upbusinessesaresubjecttoadditionalscrutiny,andcanencounterdifficultiessatisfyingUSCIScriteria.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
RecentDevelopments&SupportfortheInternationalEntrepreneur Michigan– theStateofMichigananditsUniversitiesareverysupportive
FederalGovernment Congress– recentlegislationandbipartisaneffortstoencourageforeigninvestmentandjobcreation
U.S.CitizenshipandImmigrationServices(USCIS)–recentpolicypronouncementssofteningpolicyandencouragingtheinvestmentandself‐employmentvisaoptions
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
TheEntrepreneurasInvestortheInvestmentVisas
EB‐5InvestorVisas
E‐2TreatyInvestorVisas
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐5InvestorVisa
TheEB‐5programwascreatedin1990toencouragecapitalinvestmentandcreatedomesticjobs.
Ithas3primaryrequirements:
Investmentmustcreateanewcommercialenterprise i.e.anewbusiness,orrestructuringorexpansionofexistingbusiness
Investmentofatleast$1M $500Kifinvestingina“targetedemploymentarea”
Enterprisemustcreateatlease10full‐timeU.S.jobswithin2years. Indirect(tangentialordownstream)jobcreationmaybecounted, if
theinvestmentisprocessedthrougha“RegionalCenter”
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐5VisaBenefits
ThegreatbenefitoftheEB‐5Visaisthatitisapermanentvisa,whichresultsin“LegalPermanentResidence” akaa“GreenCard”! Mostemploymentvisacategoriesaretemporary,resultinginvisasoflimitedduration.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐5Visas– RegionalCenters
RegionalCenter:
AnentityoragencypreauthorizedanddesignatedbyUSCISaseligibletoreceiveEB‐5investmentsinanewcommercialenterprise.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐5– RegionalCenter(cont.)
TheRegionalCenter(RC)cangreatlybenefitpotentialapplicants: RCfindsaviableprojectinaTargetedEmploymentArea.
RCobtainsexpertopinionsupportingdirectandindirectcreationofatleast10jobs.
RChaspre‐establishedfinancingarrangementsandinvestmentcontracts.
RCconfirmsacceptableandverifiablesourcesofinvestmentfunds.
RChelpssupportinternationalapplicantandherimmigrationcounselwithhervisaapplications.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐5– InternationalMichiganInvestmentsRegionalCenterTheInternationalMichiganInvestmentsRegionalCenter:
Michigan’sfirstRegionalCenter RecentlygrantedtheentireStateofMichiganasits
geographicscope– cannowplaceinvestmentsthroughouttheentireState.
FosterSwiftShareholderGaryMcRayisaco‐founderandcontinuingpartnerintheRegionalCenter.
SeeBrochuresbeingdistributed,andvisit www.invest2usa.com
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
Yes,butIdon’thave$500K...
Iwanttostartmyownbusiness,butI’monabudget– arethereotheroptions?
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
E‐2TreatyInvestorVisa
E‐2isaNonimmigrant(Temporary)Visa. TheE‐2applicantseekstoentertheU.S.:
Solelytodevelopanddirect theoperationsofanenterpriseinwhichhehasinvested,orofanenterpriseinwhichheisactivelyintheprocessofinvesting,asubstantialamount ofcapital.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
E‐2– BasicRequirements
Nationality– mustbefromalistedTreatyCountry. Investmentmustbeatrisk &irrevocablycommitted. Substantiality
Theinvestmentmustbe“substantial” – asubjectivelegaltermofart,whichvariesbaseduponbusiness.• Nosetminimumandvariesbyconsulate• Typicalruleofthumbforinvestmentfloorbetween~$65K–100K
Marginality Investmentmaynotbe“marginal” (anotherlegaltermofart)
– musthavecapacitytogeneratepositivesignificanteconomicimpact
Jobcreationnotspecificallyrequired,butveryhelpfulinestablishingnon‐marginality
AbilitytoDevelopandDirect thebusiness Typicallyshowatleast50%ownership
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
E‐2‐ Benefits
DurationofVisa– initially2– 5years,butnosetlimitonextensions,canessentiallybeaperpetualvisa,solongasbusinessremainsviable.
QuickProcessing(dependingonConsulate) Asfastas~3– 5weeksatsomeConsulates
Self‐Employment LimitedDualIntentfeatures(permittingpursuitofconversiontopermanentvisa)
Relaxedtemporaryintentrequirement
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
E‐2– DrawbacksandLimitations
Non‐TreatyCountryNationalsarenoteligible. TemporaryVisa– doesnotresultinaGreenCard,subjecttorenewalsandriskofasubsequentdenialinthefuture.
Subjectiveadjudication– E‐2’sappearparticularlysusceptibletoinconsistentadjudications.
At‐Risknatureofinvestment– theinvestmentmustbecommittedandat‐risk;itcannotbedependentuponobtainingvisa.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
RelatedStart‐uporInvestmentServices
TheEntrepreneurorInvestoroftenencountersanumberofrelatedlegalissuesandneedforservices,including: Businessorganizationsandcontracts Internationaltradeandcontracts Securitiesandinvestments Financingandloandocuments Estateplanning
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
OtherSelf‐EmploymentOptions?
OPT EB‐2– AdvancedDegreeorExceptionalAbility+NationalInterestWaiver
H‐1B– SpecialtyOccupation L‐1‐ IntracompanyTransferees
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
OptionalPracticalTraining(OPT)
12months– foreachhigherlevelofeducation
NoJobOfferrequired
Start‐upactivitypriortoOPT?
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐2Visa– AdvancedDegree/ExceptionalAbility
PermanentVisa/GreenCard ProfessionalwithAdvancedDegree;or
U.S.Master’s,orequivalent,or U.S.Bachelor’s,orequivalent,+5yearsprogressiveworkexperience
ExceptionalAbility Possiblyevidencedbyacclaim,workhistory,prizesorawards,peerrecognition,publications,etc.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
EB‐2– NationalInterestWaiver(NIW) TheEB‐2NIWpermitsexemptionfromtypicalrequirementsoflaborcertificationandjoboffer. Therefore,permitsself‐petitioningandself‐employment.
MustestablishthathisU.S.employmentwillbeinthe“nationalinterest.”
RecentUSCISpronouncementsareencouraging,andsuggestadditionalsupportforgrantingNIWwhere: EntrepreneurwillcreatejobsforU.S.workers,or OtherwiseenhancethewelfareoftheU.S.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
H‐1B– EmploymentinaSpecialtyOccupation
A“SpecialtyOccupation” isonethatrequiresthetheoreticalandpracticalapplication ofabodyofhighlyspecializedknowledge tofullyperformtheoccupationandrequirestheattainmentofabachelor’sorhigherdegreeinaspecificspecialty,oritsequivalent.
Licensure Ifrequiredbystatetopractice,thebeneficiarymustpossesstherequisitelicense,oraninterimpermit,ifavailable.
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
H‐1B– Self‐Employment?
Entrepreneurwouldliketostartabusiness,andthenpetitionforavisaforherselfasanH‐1Bemployeeofthebusiness.
Previouslypermitted,however,recentNeufeldMemorequired: Separationbetweenownerandemployee,and Independentrightofcontroloveremployee
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
H‐1B– Self‐Employment
RecentadditionalpolicypronouncementsfromUSCISappeartomitigateNeufeldMemoimplicationsandencourageviabilityofH‐1Bself‐employmentoption.However: Additionalshowingofbonafideemployer‐employeerelationshipstillrequired
Righttocontrolemployeeremainsanissue– separateBoardofDirectors
Actualimplementationremainstobeseen
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
H‐1B– FilingRequirementsandSelf‐Employment
EmployermustobtainaPrevailingWageDetermination(PWD)(i.e. government’sopinionofafairwage)forsimilaroccupations
Start‐upcompaniesmustshowcompany’sabilitytopaythePWD USCISisoftenskepticalforthisreason– ahurdlefortheself‐employedtoovercome
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
L‐1IntracompanyTransferees
AnentrepreneurorhisfamilymightownacompanyoutsideoftheU.S.,whichdesirestobecomemulti‐nationalbyestablishinganofficeintheU.S.andhiringtheentrepreneuronanL‐1visa.L‐1requires: Employedcontinuouslybythecompanyabroadforatleast1ofthepast3years.
EmploymentasaManager/Executiveorinapositionrequiring“specializedknowledge.”
International Student Entrepreneurship: Immigration OptionsFebruary27,2012
2011,FosterSwiftCollins&Smith,PC.
Welcome!
WewishtowelcomeinternationalentrepreneurstoMichigan,
andEncourageyoutopursueyourdreamsand
startyourownbusiness&
ThankyouforyourInterest!