By Michael Monnot – www.InfinityBusinessBrokers.com
When you are considering buying a business in the United States, you will have a conversation with your Business Broker and Immigration Attorney that we call the discovery process. This initial conversation is incredibly important for many reasons – as each individual has different goals, figuring out what those goals are early on can be paramount in narrowing your search to only those businesses that will fit.
What type of business would you like to buy?
This is probably the most important question. At any given time there are many different types of businesses across many different industries that you could choose from. When deciding what type of business you would like to buy, there are a few considerations to think about. What industries are you passionate about? Do you have experience in those industries? This is critical. You don’t want to be living in a new country, learning a new business and its operating procedures and learning a whole new industry at the same time. We will give you the classic restaurant example. If you have always dreamed of owning your own restaurant, but you have never worked a single day in any part of the restaurant industry, then buying a restaurant is probably a big mistake.
What part(s) of the United States are you interested in?
This question is important because like any country, different regions of the United States will be better for some industries than for others. The area of the United States where you relocate will also need to meet with your lifestyle needs – like a warm or cold climate, a rural, suburban or urban area, etc.
How much money are looking to invest in a business? What type of Visa are you interested in?
These two questions go hand in hand because in some cases the amount of money you are looking to invest in a business will determine which type of Visa will be right for you. For most entrepreneurs, the E2 Visa works best, and for this Visa you typically need between $80,000 to $120,000 – but there are exceptions to this guideline. Talk with you Business Broker about the amount of money you are wanting to invest as well as the industry you are looking to enter – those two answers will help determine if the E2 Visa or a different type of Visa (like the EB-5, for example) is right for you.
What family members would you like to bring with you when you move to the United States?
Your Business Broker and Immigration Attorney will ask you this question because your answer will affect a few parts of the Visa process. For the E2 Visa, you may bring your spouse and any children under the age of 21 with you when you move to the United States. Your spouse may apply to work in the U.S., but your children may not. Your children will be allowed to attend school in the United States until the age of 21, when they will have to apply for their own Visa (like the F1 Student Visa, for example).
These are only a few of the questions your Broker and Attorney will ask you when you begin the discovery process. It is very important that you be honest and forthcoming with your answers. Your Broker and Attorney are there to help you, and they can only do that if you are upfront with any issues.
Do you have questions about the discovery process? Are you curious about the type of Visa and type of business that might work for you? Please feel free to leave us a comment or question here, and we would be happy to help.
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