E2 Financials
#1
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Joined: May 2010
Posts: 186
E2 Financials
I am applying for an E2 based on an LLC I incorporated four months ago and funded with $350K of my own fund. I then:
- Three months ago invested $300K in a start-up company which got me a 60% stake
- One month ago invested $50K in a start-up which got me a 70% stake
I only have financial pro formas and cash flow projections for the financials. Is this sufficient or do i have to provide projected balance sheets? I don't see the point of creating a projected balance sheet when it will just be reconciled from the pro forma anyway i.e. same data inputs in a different format.
Thanks.
PS FYI the $350K company is a trading company that buys and sells, and I will be showing three months of trading and paying brokerage and legal fees so there is a lot of indirect employment. The $50K company already has 60 client accounts generating $60K p/a profit and has one employee. In addition to these two companies I will be presenting a business plan for a third related start up that will get underway once I have my visa.
- Three months ago invested $300K in a start-up company which got me a 60% stake
- One month ago invested $50K in a start-up which got me a 70% stake
I only have financial pro formas and cash flow projections for the financials. Is this sufficient or do i have to provide projected balance sheets? I don't see the point of creating a projected balance sheet when it will just be reconciled from the pro forma anyway i.e. same data inputs in a different format.
Thanks.
PS FYI the $350K company is a trading company that buys and sells, and I will be showing three months of trading and paying brokerage and legal fees so there is a lot of indirect employment. The $50K company already has 60 client accounts generating $60K p/a profit and has one employee. In addition to these two companies I will be presenting a business plan for a third related start up that will get underway once I have my visa.
#2
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Joined: May 2010
Posts: 186
Re: E2 Financials
any ideas dear member?
My other question is, my application is over 600 pages in length (investing in 4 businesses so 4 operating agreements, articles of incorporation and business plans, and 130 pages of receipts accumulated in starting the business). So I am planning to split the application into two folders. I guess that is OK?
My other question is, my application is over 600 pages in length (investing in 4 businesses so 4 operating agreements, articles of incorporation and business plans, and 130 pages of receipts accumulated in starting the business). So I am planning to split the application into two folders. I guess that is OK?
#4
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Joined: May 2010
Posts: 186
Re: E2 Financials
America hasn't been sleeping for two weeks sir I'd be happy to hear anyone's insights on my issues.
#5
Re: E2 Financials
My insight is that if you wished your investment to also be a vehicle to take you to the US, this should have been planned from the very beginning rather than trying to tack it on after the fact. The best advice you could probably get now from this board is how to chose good counsel.
#6
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Re: E2 Financials
thanks, believe it or not it was all planned and set up to support an E2!
#8
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Re: E2 Financials
i am doing it myself without an attorney.
#10
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Posts: 186
Re: E2 Financials
I spent $1,500 on attorney fees at the start and my attorney recommended that I complete the process myself. If it is rejected I will just apply again addressing the reasons for the rejection, whatever they may be.
#11
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Posts: 186
Re: E2 Financials
I secured a three year entrepreneurs visa in Japan without an attorney.
A US visa is harder from the perspective that the tests of marginality etc. are more rigorous, but the application process is easier in that all the requirements are clearly documented, and you even get to see the guidelines given to immigration officers.
Anyway come January I will let you all know how it worked out!
A US visa is harder from the perspective that the tests of marginality etc. are more rigorous, but the application process is easier in that all the requirements are clearly documented, and you even get to see the guidelines given to immigration officers.
Anyway come January I will let you all know how it worked out!
#12
Re: E2 Financials
It's not unusual for people who DIY the US visa stuff in non-straightforward cases to find themselves permanently out. With $350k sitting in, this could be frustrating for you. Let us know how you get on.
#13
Re: E2 Financials
As for financials, no, I see no particular need for balance sheets for the two start-ups, although given that the holding company is just a passive vehicle, you may be asked for balance sheets of each of the start-ups to satisfy the DOS officer that each company is properly capitalized. A consolidated balance sheet for the holding company might be nice.
If the holding company is just sitting there, then my first take on this would be to be sure that each of the two start-ups is viable, not marginal, properly capitalized, and possessed of a decent business plan. And YOU, as the visa applicant, should have a decent narrative about how you will direct and develop each of the start-ups.
By the way: you mention the "tests of marginality" in the US immigration scheme. To what test of marginality are you referring?
--J Craig Fong
Los Angeles, CA
#14
Re: E2 Financials
I secured a three year entrepreneurs visa in Japan without an attorney.
A US visa is harder from the perspective that the tests of marginality etc. are more rigorous, but the application process is easier in that all the requirements are clearly documented, and you even get to see the guidelines given to immigration officers.
Anyway come January I will let you all know how it worked out!
A US visa is harder from the perspective that the tests of marginality etc. are more rigorous, but the application process is easier in that all the requirements are clearly documented, and you even get to see the guidelines given to immigration officers.
Anyway come January I will let you all know how it worked out!
#15
Account Closed
Joined: Mar 2004
Posts: 2
Re: E2 Financials
Which Consulate?
What is the money going to be spent on?
How many employees will you have at renewal?
What is the money going to be spent on?
How many employees will you have at renewal?