Want to hear people's experience re E2 visa
Jun 1st 2012, 4:02 pm
#17
BE Commentator
Joined: Feb 2010
Location: Los Angeles, California
Posts: 8,425
Re: Want to hear people's experience re E2 visa
As an aside, it is not uncommon for an E-2 to consider an EB-5 immigrant visa.
In purchase of an existing business, it may be well to consider the "distressed business" provisions where it is not necessary to "create 10 new jobs" if "10 existing jobs" are saved.
This may be something to discuss with an attorney.
[BTW 15 years ago, I worked on an EB-5 where the client had obtained an E-2 on a $650,000 investment in an ongoing profitable business. When business went sour, it became "distressed" under the EB-5 definition. The interviewing officer of the then INS, shook his head about getting a green card based upon being UNsuccessful. I shook my head with him but the law was the law and neither one of us had written it. When the condition was finally removed, he sold the business for $150,000 and was happy to get rid of it.]
In purchase of an existing business, it may be well to consider the "distressed business" provisions where it is not necessary to "create 10 new jobs" if "10 existing jobs" are saved.
This may be something to discuss with an attorney.
[BTW 15 years ago, I worked on an EB-5 where the client had obtained an E-2 on a $650,000 investment in an ongoing profitable business. When business went sour, it became "distressed" under the EB-5 definition. The interviewing officer of the then INS, shook his head about getting a green card based upon being UNsuccessful. I shook my head with him but the law was the law and neither one of us had written it. When the condition was finally removed, he sold the business for $150,000 and was happy to get rid of it.]
Jun 1st 2012, 4:33 pm
#18
Just Joined
Joined: May 2012
Location: Missouri
Posts: 9
Re: Want to hear people's experience re E2 visa
No not a joke he made his money from the seller I didn't pay a penny
Jun 1st 2012, 5:40 pm
#20
Forum Regular
Joined: Apr 2008
Posts: 103
Re: Want to hear people's experience re E2 visa
LMAO - the only thing I miss about the UK is the wonderful sense of humor!
(and ability to spell).
(and ability to spell).
Jun 1st 2012, 8:01 pm
#21
Forum Regular
Joined: Oct 2011
Posts: 192
Re: Want to hear people's experience re E2 visa
My attorney believes he can get me an EB5 on my single $170K investment due to how quickly the costs can add up.
Jun 1st 2012, 8:06 pm
#22
Account Closed
Joined: Mar 2004
Posts: 2
Re: Want to hear people's experience re E2 visa
Legal Costs?
Jun 1st 2012, 8:17 pm
#23
Forum Regular
Joined: Oct 2011
Posts: 192
Re: Want to hear people's experience re E2 visa
discounted at $17K. Ill need about $50K retrofitting the place but that just gets me to the $240k mark. As a frugal person, I see no visible way to stack the costs up to $500K unless my UK company charges my US firm for my every bit of involvement including about $4K for me writing my business plan!
Jun 1st 2012, 9:29 pm
#24
Just Joined
Joined: Jun 2012
Posts: 1
Re: Want to hear people's experience re E2 visa
It can probably be done, as long as the investment is truly "at risk", and the person has truly taken the plunge. Changing the corporate structure or buying it in the name of another company is pretty normal. As long as the money can be shown to come from the business owner, and be at risk, then it is worth a shot, assuming of course it is a substantial investment and based on a solid business model which has a high probability of succeeding, and creating jobs.
Steve Maggi
Steve Maggi
I am looking to buy a business in the US. My initial plan was to go out on a six month B1 visa to look for the business and start the buying process. Rather than make the seller wait the three months or so that the London Embassy takes to process an E2 visa before completing a contract, I thought I'd go for a change of status in country so that the sale could go through promptly and then go back to London to get the E2 in my own time.
However, in the last day or so I have read that the London Embassy doesn't like to issue B1 visas for people looking to buy a business. I am surprised at this - you can't change status if you've arrived on the Visa Waiver Programme but what seller is going to patiently wait three months while a buyer sorts out a visa (which is not guaranteed) plus as a buyer I don't have the money to kick my heels for three months not earning anything while awaiting the Embassy to process my visa application?
I read about London not giving out B1 visas to business purchasers on a visa attorney's website. I have not read about it anywhere else (including other immigration lawyers' sites). I understand that a visa attorney has an interest in making people think that they need his assistance and that they can't achieve what they want without his expert knowledge but it's also absurd enough that it might be true and I'd rather not find out the hard way! This attorney recommends the Belfast Consulate as being more sympathetic to business purchasers.
Is there anybody out there who has been through this process - particularly going from B1 to E2? Is what the lawyer says true? Any advice on how to proceed would be very welcome. I am also confused as to what you are legally allowed to do - you are allowed to purchase a business on either VWP or B1 but not allowed to direct it until you have E2 - so what are you supposed to do with your newly acquired business until the visa is sorted out - cross your fingers and hope it doesn't go to the wall until you get your visa? Again, I'd love to hear from anybody who has been through this.
Thanks
However, in the last day or so I have read that the London Embassy doesn't like to issue B1 visas for people looking to buy a business. I am surprised at this - you can't change status if you've arrived on the Visa Waiver Programme but what seller is going to patiently wait three months while a buyer sorts out a visa (which is not guaranteed) plus as a buyer I don't have the money to kick my heels for three months not earning anything while awaiting the Embassy to process my visa application?
I read about London not giving out B1 visas to business purchasers on a visa attorney's website. I have not read about it anywhere else (including other immigration lawyers' sites). I understand that a visa attorney has an interest in making people think that they need his assistance and that they can't achieve what they want without his expert knowledge but it's also absurd enough that it might be true and I'd rather not find out the hard way! This attorney recommends the Belfast Consulate as being more sympathetic to business purchasers.
Is there anybody out there who has been through this process - particularly going from B1 to E2? Is what the lawyer says true? Any advice on how to proceed would be very welcome. I am also confused as to what you are legally allowed to do - you are allowed to purchase a business on either VWP or B1 but not allowed to direct it until you have E2 - so what are you supposed to do with your newly acquired business until the visa is sorted out - cross your fingers and hope it doesn't go to the wall until you get your visa? Again, I'd love to hear from anybody who has been through this.
Thanks
