E2 Visa Application about to Commence
#16
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Re: E2 Visa Application about to Commence
All
I thought i'd give a further update. I have just heard back from my attorney, who has reviewed my business plan in detail. According to him, it's in very good shape and addresses the key issues that the Embassy will be looking for, namely, Financial Viability, and Staff Hiring plans.
I feel relieved, as I was dreading having to re-write, seeing as it took me the entire weekend to knock up.
The main task now outstanding is to open up a Business Bank account. Meeting is booked for Monday 11th April with the Bank manager in Atlanta.
Once opened, I will have pretty much all I need to submit my application.
I'm keeping fingers firmly crossed. Wish me luck.
I thought i'd give a further update. I have just heard back from my attorney, who has reviewed my business plan in detail. According to him, it's in very good shape and addresses the key issues that the Embassy will be looking for, namely, Financial Viability, and Staff Hiring plans.
I feel relieved, as I was dreading having to re-write, seeing as it took me the entire weekend to knock up.
The main task now outstanding is to open up a Business Bank account. Meeting is booked for Monday 11th April with the Bank manager in Atlanta.
Once opened, I will have pretty much all I need to submit my application.
I'm keeping fingers firmly crossed. Wish me luck.
Good luck.
#17
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Re: E2 Visa Application about to Commence
Boiler
Many thanks. I'll be working really hard to make the business a success - i'll focus on doing the best i can each and every single day, and see where that takes me. With luck it will result in the business meeting it's targets.
I'm trying not to think too far into the future, just focus on what's in front of me and stay consistent with my business plan.
Many thanks. I'll be working really hard to make the business a success - i'll focus on doing the best i can each and every single day, and see where that takes me. With luck it will result in the business meeting it's targets.
I'm trying not to think too far into the future, just focus on what's in front of me and stay consistent with my business plan.
#18
Re: E2 Visa Application about to Commence
Also who did you use to set up the business? (if I'm allowed to ask this here, not sure on the rules).
#19
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Re: E2 Visa Application about to Commence
A large American City with a thriving business infrastructure, comparatively low business operational costs (premises, salaries, housing etc), a reduced level of technological competition compared to New York, California, Boston etc. These factors, I believe, will give me the greatest chance of achieving market penetration and maximising first mover advantage. With Atlanta being the capital of the South, if I can capture that market, I'll be able to expand to the rest of South East America (which has by far the fastest growing populations and business relocations in America, for many of the reasons stated above).
With hard work and a great deal of luck, if I'm successful in the above, i'll then have a base to expand the business to the Northern states.
This is not to mention the quality of life reasons for starting there - great weather, cheap housing, low cost of living etc. Plus, i'm able to get to the Carribean in less than 3 hours, a huge bonus for me I can tell you.
In terms of who I used to set up the company, not sure i'm allowed to say on here. However, if you google "non residents USA company formation", you will find them on the 1st page.
Regards
#20
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Re: E2 Visa Application about to Commence
Earlier, I received an email that very nearly gave me heart failure. The bank I was due to be meeting with on Monday to open the account cancelled the meeting without warning - I have already booked my flight, car and accommodation. What a bummer. Fortunately, the agent was able to arrange a meeting with another bank, also for next Monday, so my trip is still on (for now).
I have also managed to sort out a Business Address, Telephone Number and Fax Number, which is good. All I need now is to get this account opened, then formally transfer the domain name from myself into the newly created US company. This should be done by the end of next week at the latest.
After that, it's submission time. I'm getting nervous just thinking about it.
I have also managed to sort out a Business Address, Telephone Number and Fax Number, which is good. All I need now is to get this account opened, then formally transfer the domain name from myself into the newly created US company. This should be done by the end of next week at the latest.
After that, it's submission time. I'm getting nervous just thinking about it.
#21
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Joined: Mar 2004
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Re: E2 Visa Application about to Commence
When I set up our business account I just went into the Bank and did it, 5 minutes?
Wells Fargo
YMMV
Wells Fargo
YMMV
#22
Re: E2 Visa Application about to Commence
Admittedly, I've never done an E2, my closest effort being an E1 Treaty Trader business set-up.
Isn't a GBP70k investment (that isn't actually invested in the US, but in a virtual entity, created outside of the US - i.e. not utilizing US resources) going to be something of a tough E2 sell?
Doesn't there have to be a 'substantial' at risk investment? I can't see anything substantial or at risk here....
Isn't a GBP70k investment (that isn't actually invested in the US, but in a virtual entity, created outside of the US - i.e. not utilizing US resources) going to be something of a tough E2 sell?
Doesn't there have to be a 'substantial' at risk investment? I can't see anything substantial or at risk here....
#23
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Re: E2 Visa Application about to Commence
That's what I was expecting also. But apparently, it's not the case. Ever since 9 11 most US banks are extremely strict in opening up bank accounts for non US Residents. They must carry out an enhanced level of due diligence and "Know Your Customer" assessments. Therefore, it's by no means a foregone conclusion that they will agree to open it. I certainly hope they do, or I'm in a bit of bother.
#24
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Re: E2 Visa Application about to Commence
Admittedly, I've never done an E2, my closest effort being an E1 Treaty Trader business set-up.
Isn't a GBP70k investment (that isn't actually invested in the US, but in a virtual entity, created outside of the US - i.e. not utilizing US resources) going to be something of a tough E2 sell?
Doesn't there have to be a 'substantial' at risk investment? I can't see anything substantial or at risk here....
Isn't a GBP70k investment (that isn't actually invested in the US, but in a virtual entity, created outside of the US - i.e. not utilizing US resources) going to be something of a tough E2 sell?
Doesn't there have to be a 'substantial' at risk investment? I can't see anything substantial or at risk here....
In terms of being "at risk", it meets this criteria (according to my attorney) by dint of the fact that the monies have been irrevocably committed and there is already something to show for it. Further, given the nature of the business, it will require, in addition to the website, a physical location in Atlanta from which to operate it.
This will of course require the hiring of local workers to work in the business. The best way of looking at the business is that's it's more akin to a software company than a traditional web based business. That is, whilst the service i'm delivering is adminstered online, I will still need a physical presence within my chosen marketplace in order to trade, certainly during the early years. The hope is that over a period of time, i'll be able to expand the operation to different states and juristictions without the need to have a physical location there.
My attorney is very confident of me getting an initial 3 year visa from the Embassy, based on my conditions. Ultimately, the proof of the pudding will be in the eating, but, at this stage, i'm not particularly worried that the nature of my business / investment amounts will disqualify me from getting the E2 visa. Time will tell, and i'll be sure to tell all on here.
#25
Re: E2 Visa Application about to Commence
.....and I certainly wish you the very best of fortune in your venture - perhaps too many people - me included, look at E2 somewhat one-dimentionally - i.e. bring cash to establish or buy an entity that has material substance (rather than intellectual substance).
Presumably, your attorney is happy that your financial investment is not considered to be 'marginal'. I ask, because when I established my business here, the 'at risk' investment was nearer GBP350k and there was some concern about that level of material input (as it turned-out,it was more than adequate).
Why E2, by the way?
Presumably, your attorney is happy that your financial investment is not considered to be 'marginal'. I ask, because when I established my business here, the 'at risk' investment was nearer GBP350k and there was some concern about that level of material input (as it turned-out,it was more than adequate).
Why E2, by the way?
#26
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Re: E2 Visa Application about to Commence
.....and I certainly wish you the very best of fortune in your venture - perhaps too many people - me included, look at E2 somewhat one-dimentionally - i.e. bring cash to establish or buy an entity that has material substance (rather than intellectual substance).
Presumably, your attorney is happy that your financial investment is not considered to be 'marginal'. I ask, because when I established my business here, the 'at risk' investment was nearer GBP350k and there was some concern about that level of material input (as it turned-out,it was more than adequate).
Why E2, by the way?
Presumably, your attorney is happy that your financial investment is not considered to be 'marginal'. I ask, because when I established my business here, the 'at risk' investment was nearer GBP350k and there was some concern about that level of material input (as it turned-out,it was more than adequate).
Why E2, by the way?
However, (again according to my attorney) this situation is far less structured when dealing with businesses that are unique i.e. not typical. Here, they are more likely to pay particular attention to the Business Plan, and try to make an assessment of whether, given the investment amounts, the business has a realistic chance of achieving financial success. Again, this term is not really defined, but i'm led to believe it basically means that the business is able to generate an annual profit at least equal to the average household wage for the area, and also have local employees.
On this basis, I have been told to expect a grilling on my business plan from the Embassy, so they can make a decision about whether it has a chance of success. The amounts i've invested, whilst not being a fortune (certainly compared to your investment amount), is sufficient to provide me with the platform to be able to execute my business plan. I will also probably be required to inject some working capital into the business up front (up to a maximum of $20k) which will be considered as being part of the overall investment amount.
As for the question of why E2, it's because having researched all the different Visa options, felt this was the most appropriate one for me, given my circumstances. I can't yet say how long I intend to live in America for, and it's not really a burning ambition to become a Green Card Holder or citizen. Frankly, I don't want to belong to any country, but would rather be free to pursue my business interests where the opportunities arise throughout the world.
At this stage, I feel that the US market is a great place to launch this particular business, as it will fit well with the hustler mentality of Americans (without going into the specifics of the business plan, a big part of my Sales and Marketing stragety will be based on the idea of micro entrepreneurs, where ordinary people can effectively use my website as a way to make money for themselves by directly winning new business for it and sharing in the fees earned). I believe that this concept is most likely to take off big time in America, where the people are generally hungry for success, more so than us Brits.
By the grace of God, if i'm granted the Visa, i'll not be looking past the initial 3 years, and will focus all my energies in establishing it during that time. If it's successful, the renewal of the Visa will be a formality. If it's not and the worst case scenario happens, that will mean me returning to London to resume work in Banking. Not the most interesting way to live a life, but I certainly can't complain of being poorly paid. Either way, those 3 years will have been a great adventure, and i'm sure whatever happens, i'll look back on it in years to come as being some of the best and most exciting years of my life.
#27
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Re: E2 Visa Application about to Commence
Time for the latest update. I have today managed to open up my business account with Bank of America. To my great surprise, the account was opened up pretty much on the spot, with Debit Card being provided, online banking etc. This is very different to the process I had to go through with Lloyds TSB in the UK, when opening my Business Account there. That process took 2 weeks as it had to be sent to their central processing department.
My trip out here to Atlanta (I arrived on Saturday) has not been in vain, and i'm so delighted to have gotten the bank account opened and activated.
I'm almost there in terms of getting all documentation ready for my Visa application. All that's remaining now is to officially transfer the domain name into the US company name. I'll get that done in the next few days, and will hopefully be able to submit my application before the end of next week.
My trip out here to Atlanta (I arrived on Saturday) has not been in vain, and i'm so delighted to have gotten the bank account opened and activated.
I'm almost there in terms of getting all documentation ready for my Visa application. All that's remaining now is to officially transfer the domain name into the US company name. I'll get that done in the next few days, and will hopefully be able to submit my application before the end of next week.
#29
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Re: E2 Visa Application about to Commence
You know, you had me totally puzzled for a while, until I finally worked out what you meant (a little slow on the update, blame the jetlag). That's pretty funny, it does, on the face of it, sound like an Americanism. I assure you however, that this is consistent with the language I use at home, at least in the written if not oral context.
Fortunately, I fly home tomorrow, so i'll be able to purge my vocabulary of any and all incorrect grammer inadvertently picked up here. I promise to resist all temptations to pick up the local lingo.
Best wishes
Fortunately, I fly home tomorrow, so i'll be able to purge my vocabulary of any and all incorrect grammer inadvertently picked up here. I promise to resist all temptations to pick up the local lingo.
Best wishes
#30
Re: E2 Visa Application about to Commence
Time for the latest update. I have today managed to open up my business account with Bank of America. To my great surprise, the account was opened up pretty much on the spot, with Debit Card being provided, online banking etc. This is very different to the process I had to go through with Lloyds TSB in the UK, when opening my Business Account there. That process took 2 weeks as it had to be sent to their central processing department.
My trip out here to Atlanta (I arrived on Saturday) has not been in vain, and i'm so delighted to have gotten the bank account opened and activated.
I'm almost there in terms of getting all documentation ready for my Visa application. All that's remaining now is to officially transfer the domain name into the US company name. I'll get that done in the next few days, and will hopefully be able to submit my application before the end of next week.
My trip out here to Atlanta (I arrived on Saturday) has not been in vain, and i'm so delighted to have gotten the bank account opened and activated.
I'm almost there in terms of getting all documentation ready for my Visa application. All that's remaining now is to officially transfer the domain name into the US company name. I'll get that done in the next few days, and will hopefully be able to submit my application before the end of next week.
Also not sure why your solicitor recommended a C Corporation instead of a Limited Liability Company(LLC). Neither help to get you credit at first (that will be against you personally except possibly such things such as rent, utilities and internet services) and either limits your liability if you are sued. I suppose it is a half dozen of one and a half dozen of the other.
When my son started his LLC he was able to get rent, utilities, and internet service applied against the LLC and when he closed down, those contracts disappeared. However things such as computer equipment, credit cards, travel, and other expenses where applied to him personally so those debts couldn't be discharged without filing personal bankruptcy.