Buying a business to lead to visa

[Tracy]

We are thinking of buying a business to enable us to get an E2 visa in florida. Before we hand over any money has anyone got any comments good or bad on the company who will help us with the process New Horizons in Sarasota? Please pm me .....

[Grumpy]

Hi Tracey


Welcome

I would recommend doing your homework, revise and make sure you can pass the test.



If you buy a business make sure you put an offer in to purchase the assets and not the whole business. The reason is that if you buy the whole business then you buy any litigation and debts the have

Always get the last 5 years sets of accounts as this will give a better picture of the history of the company. Take these to your OWN accountant in the USA and ask he does due dilligence

As for immigration attorneys make siure they are licensed to pratice by the Florida (or other state bar, where the business is located) and a member of AILA American Lawyers Assn

What type of business are you looking for and have you any experience of running a business in your home country?

The US Embassy in London do not like any business to do with lawn, pool or property management if based in the Disney area.

[Susie]

Hello Tracey and Welcome

I agree with Grumpy but would add

If and when you put an offer in to purchase a business make sure it is contingent on visa approval.

I bought a small business in 2003 as we wished to expand in the USA. The agreed price total I then split into 3 parts.

The first part/payment was paid on hand over of web site to our name which also included a non compete clause

The second part/payment was made once all stock, computer, and equipment was handed over so that we were able to operate eg on closing

The final stage payment was to be made after 1st years trading accounts were reviewed by our CPA accountant and in line with previous tax returns. The other clause's were the seller was to give assist us to effect a smooth transfer for up to one year via e-mail/phone

If you go to www.aila.org they have a lawyers referral service or go to www.whoswholegal.com or search this site as there are other useful web address's

I will send a pm to you soon

[JulieC]

Are they a one stop shop, ie they sell you the business and do the visa? If so you are better getting independant and objective legal advice. Contact Lesley Sillito on www.investorvisausa.com who has really good success rate for E2, she is UK based.

[floridapete]

Tracy, if any children are involved think LONG AND HARD NOW before uprooting them to a situation where you will only have a second-class existence in the USA as an E2 visa holder, non-immigrant, deemed to be there only only a 'temporary' basis with the children not allowed to stay in the USA beyond age 21 yrs.

That is the current situation and, though many people are holding out hope that the Dream Act may eventually embrace their own family predicaments, there currently is no sign that it ever will. Therefore, you can only plan on the basis of the current law as it stands and it presently discriminates against the children of E2 visa holders.

What kind of business and where in Florida are you looking at ? I agree with the previous posting that a management/lawn care or pool services company in the Orlando/Kissimmee area would not find favour with the US Embassy in London. Look further afield and look at much more varied businesses ! Property management etc. is oversubscribed ! It does not need any more struggling entrants !

If you could find something outside of property care in the Sarasota area - great, so long as it is an existing successful, flourishing business which your OWN accountants can vet and approve on the basis of IRS returns (not back-pocket accounts). Get creative in your search !

Also be very cynical as to why the seller is selling up ? Get to the real reasons of why the business is on the market.

Finally, read up all there is on here as to people who try to enter the US on B viasas to 'change status' to E2 later. There are GREAT pitfalls in this strategy !

All the best anyway - but be VERY careful !!

[chris]

I agree with Peter. Before you start selecting a business, first take advice and decide which visa will work best for your circumstances. Don't fall into the trap of going E2 because it's the most popular. Get some expert advice and research yourself.
We've been here since 2000 on E2, my sons are now 10 and 7. Before I know it they will be 16 13 this time period in Floruda has wizzed by. At 21 they have to have a visa in their own right and that's when the fun really starts. It appears that if you've been out of the UK a while, your kids don't qualify for 'free' FE anymore in the UK, so you have to think early on, whether their teen years may be spent better back in the UK so they have access to 'free' FE or stay here, and go through the mill of student visas, costly FE and the automatic 'leave the US' when they have finished their FE. It is not a bed of roses

[JulieC]

I am in that position now with my son. £11,000 a year if he wishes to return to the UK for university as he has been out more than three years and is treated as an American, $13,000 a year here as an international student if he stays here. Compare $3000 as a Florida resident, That bed of roses needs manure and guess who is right in it!