Article by Jason Coles
There is an immigration law that went into effect about 5 years ago that requires United States visa applications for certain non-immigrants to be submitted with an immigration business plan. Immigration business plans are documents that give details regarding the business that includes type of business, whether it is a start-up or an existing business and if it is in fact a viable business. This business plan will be part of a package put together allowing a foreign person to apply for a non-immigrant visa required to live in and work in the United States.
United States issued visas for non-immigrants are temporary and have a specific expiration or renewal date. Any foreign national that is applying for an E2, L1 or EB5 visa must provide an immigration business plan with financial projections over a 5 year period. This requirement was put in to place by the U.S. Department of State and the United States Citizen and Immigration Services (USCIS) and should include some basic details such as an analysis of the local market and competition. Financial projections will also be required and should include the basic financial statements: profit and loss statement, balance sheet and cash flow statement. Additionally, a listing of operational start-up costs associated with the business will need to be included.
What differentiates immigration business plans from a traditional plans? First, with an immigration business plan there is the focus on investment of the owners and the viability of the business operation, including the plan for hiring personnel. There are other specific requirements depending on whether you are filing for an E2, L1, or EB5 visa/green card. A traditional plan is more focused on seeking investors and/or requesting a loan from a bank or for a financing program backed by the Small Business Administration (SBA).
One common requirement of each of the above mentioned US visa types is that employing US based workers is of specific interest. A traditional business plan includes a summary listing of personnel along with a headcount of employees. However, with the immigration business plan you need a detailed personnel table with job titles, salaries and specific job descriptions for each employee, including job descriptions for any employees you are planning to hire over the next five years. Also, the person applying for the visa will need to include a detailed job description of their role in the business and demonstrate how they will manage and lead the staff in order to grow and expand the US based enterprise.
Regarding financial projections, the immigration business plan needs to include five years of detailed financial statements. The projected profit and loss statement, balance sheet and cash flow statement needs to demonstrate the ability of the business to be as successful as other businesses within the specific industry and how to overcome any seasonal highs and lows that may be associated with the type of business. The source of investment/start-up funds needs to be documented and will need to show and future investments of capital required to operate the business.
Basically, the U.S. Department of State and United States Citizen and Immigration Services (USCIS) want to ensure non-immigrant visa applicants are able to show viability of the business operation and the business venture will be in a good position to hire and gainfully employ US workers. The bottom line is to demonstrate to officials that the business is thought out, planned and organized to give it the best possible chance of success. Following the above mentioned guidelines will help ensure your immigration business plan includes the necessary ingredients to be successful.
