Starting a Business as a Non-Citizen, Part ll (Work Visas for USA)
This is the second installment of a series discussing the options for non-citizen business investors to obtain work visas for the USA. The following are a list of the most recommended visa options a non-citizen may apply for in order to work for the company he or she built:
Temporary Visas (More than one year duration)
E-2 (“Treaty Investor”): The E-2 visa is the ideal visa for a foreign national looking to start a business in the United States. The E-2 visa is available to non-citizens that invest substantial capital into a bona-fide enterprise in the United States. Substantial capital is a sufficient investment to ensure success. Also, a bona-fide enterprise is one that is operating and possesses an employer identification number, tax returns, financial statements, or other information that shows the legitimacy of the business. The E-2 visa allows the holder to work for their company, and spouses may also work after getting special authorization from the USCIS. This visa is initially granted in two year increments and possesses no maximum number for renewals. However, the E-2 visa is only available to nationals of a country that possess a certain treaty with the United States. The list of treaty countries is located on the United States Departments of State website at http://travel.state.gov/content/visas/english/fees/treaty.html. As of 2014, India, China, and Mexico do not possess such treaties with the United States. Read more…
Relief for Late S-Election Under Rev. Proc. 2013-30
In August 2013, the IRS issued Rev. Proc. 2013-30 that consolidates and simplifies rules provided previously. Taxpayers now have 3 years and 75 days from the date the S-election was originally intended to be effective to file a late S-election. No use user fee will apply. The election will be effective as of that intended date. To qualify for relief, the corporation must meet the following:
- The S-election would have been effective had the Form 2553 been submitted timely.
- The failure to qualify as an S-corporation was solely because the election was not submitted timely.
- The corporation has reasonable cause for its failure to file timely and acted diligently to correct the error.
Starting a Business as a Non-Citizen, Part I (Work Visas for US)
Business ownership has become a sub-plot to the modern “American Dream.” Entrepreneurs from all over the United States are eager to bring their ideas to life in an effort to achieve success. However, business ownership is not limited to United States citizens and many non-citizens are starting up new businesses, as well.
Whether a visa holder inside the United States or a foreign national from outside the United States, a non-citizen can start or invest in a business using the same process as a United States citizen or green card holder. The process begins when an individual selects a business entity and registers it with the appropriate state administration. The most common business entities are “C” Corporations, “S” Corporations, or Limited Liability Companies (“LLC”). Read more…