Finding someone to help us get an immigrant visa and who understood the process for our country was not as easy as it sounds. Whilst the forums were good for general experiences and culture tips, it was a bit thin on the ground on recommendations of reputable immigration specialists. To be fair we are talking about a few years ago now and these types of forums were in their infancy. What people were really talking about at this time was what not to do as they’d had a bad experience and wanted to warn others!
So we started our search back in Florida. We figured that the best and biggest choice of specialists would reside in the area where their clients are moving. In our experience this was a wrong assumption. We found plenty of immigration lawyers advertising their services via credited affiliations. However once we contacted a number of them and we explained which country we were from, it became apparent that the majority of immigration specialists based in Florida deal with Hispanic immigration only. We were European so we found it very difficult to find anyone to take on our case in Florida. After being told “not interested" half a dozen times, we were fairly downhearted and decided to give up on this route.
We then had a lucky break via a friend of a friend who had a son living and working in Florida on a visa. They gave us a name and a contact number of a visa specialist who was from our home country and worked specifically with potential business investors in our situation. Also, the visa specialist resided and worked in the town we’d pinpointed as where we would like to move to if we secured a visa, so in effect would be ‘local’ to us.
After a couple of initial phone calls to the visa specialist, it became very apparent that there was so much we didn’t know and wanted to ask, it was going to be impossible to get everything we needed this way. We needed a face-to-face meeting. That meant going back to Florida in order to move to the next step and hire an expert to help us.
As a piece of advice to anyone thinking about investing in Florida, it’s absolutely imperative that you have a face to face meeting with someone you are thinking of hiring and paying rather large sums of money to. In a lot of instances, the visa specialist is also a business broker so they offer a complete package. This means they can formulate the E2 paperwork for submission of the US Embassy and put your application together. This is usually for a set fee and ranges anywhere from $3,000 per person upwards. The second part of the package is the purchase of a business, which you need prior to your visa application being submitted. You cannot apply for an E2 visa with the plan “If you grant me a visa, I’ll then go to Florida & buy a business once I get there". All the parts of the business plan must be in place before you apply to show your commitment, that’s why a lot of visa specialists also sell businesses, as they cannot do the application without the purchase part of the deal. They sell established local businesses for a fee, much like a home. The seller, or current business owner pays the selling fee.
So, you’re potentially going to hand over to a person in excess of $100,000+ to complete the requirements for an E2 visa. You can see why it is important that you meet them in person to see if you feel comfortable with them and can work with them.
We made the trip as soon as we could; we were keen to keep the momentum going. We spent around an hour with the visa specialist discussing businesses they currently had on their books for sale, what they needed from us, how long they had been in the business, what they did before this type of business, their success rate. We asked one key question that proved pivotal in our application; do you have any references we can talk to? Other ex-pats we can talk to about how you perform? Any good visa specialist should be able to provide this and our contact was happy to oblige. They gave us the name of 3 families they had helped and contact details.
Armed with this information we contacted 2 out of the 3 to corroborate what the visa specialist had told us. We also questioned them about their time living in the US, cultural difficulties, business red tape. This step in our research was probably the most important part in the whole process so far and would serve us well over the first couple of years of starting out in Florida. During discussions with one of the families, they happened to mention another visa specialist who they had not used, but came highly recommended. They were based back in our home country, not far from where we lived! They had worked in the immigration industry for over 20 years and had an excellent success rate. It would be rather foolish to not compare visa specialists and services offered; so far we’d only found one person who could help us. Therefore we asked for the contact number of this new name. We would make contact as soon as we returned home to check them out.
On talking to this new contact there was a rather striking difference to the first visa immigration specialist we spoke to. They did not personally sell businesses; they just did the E2 application part for a set fee. They could put you in contact with other recommended business brokers (all based back in Florida!) and the rules still stood. You had to buy a business prior to submitting your application. But by being put in contact with a range of brokers, you had access to a wider selection of businesses, not just what the one business broker/immigration specialist had available. This seemed like a much more logical and better route. Therefore we decided to hire the services of this immigration specialist and then work with a separate business broker to give us much more flexibility in our choices.
One thing that everyone will experience when speaking to these specialists is a sense of time is money. Don’t expect long drawn out conversations; all contacts will be short, sharp, to the point, almost abrubt. Please do not take this personally! There is a set criteria and strict rules of play when applying for a visa and they cannot be bent or deviated from. If you cannot or do not wish to meet the criteria as prescribed, then you are wasting the visa expert’s time and they want to find out as quickly as possible whether you are a serious investor or day dreamer.
So, we’d found our expert. It actually took quite a long time to get this far. We’d traveled over 4,000 miles to find out our preferred expert worked less than 100 miles away. But again, the research was invaluable and more importantly, we’d met in person some people who were going through the process right now and living the dream. Their insights and advice would prove to be worth their weight in gold.
In the next installment we will tell you how we decided what sort of business to buy.
Gulf Coast Of Florida Map
Applicant: “Do I really have to spend xxxxxx on a business? Can’t I just make a goodwill gesture and buy a small franchise for a nominal fee and see how it goes? I have savings so can support myself once I arrive."
Visa Specialist: “No you cannot, the Embassy wants to see a firm commitment and wants to see a full business plan on how you’re going to grow and provide more employment."
So when being faced with having to spend near on $100,000+ as part of the visa package you need to choose how to spend your money wisely. There is no other way forward. As much as you may wish to try and work around the system, the plain fact of the matter is the US Government demands a substantial investment in order to review and approve your application.
The best way to tackle how to make the decision on what to buy is to consider the following questions:
* What are my current skills and what am I good at?
* What do I enjoy doing?
* What is my realistic budget for purchase
* What kind of worker am I?
Sounds simple enough and by being brutally honest with yourself on what you can achieve and what you want for the future, it should guide you in the right direction for making a sound business purchase. It’s all very well fantasizing about owning a bustling coffee shop but if you’ve never worked in a food supply environment except for making sandwiches for Auntie Joan’s 80th birthday bash, it’s probably not a good idea to purchase this type of business as you have no real experience to help you succeed. You may enjoy holding dinner parties for friends and family, but doing it 6 or 7 days a week is an entirely different thing. Whenever you talk to anyone who runs their own business they’ll tell you the same thing; you work 7 days a week and you never switch off. This is especially true of investors on E2 visa status as you have very strict monetary and employment targets to adhere to which means you can never take your foot of the gas. Remember, failure to reach the pre-set goals will probably mean revocation of your visa at the renewal stage.
Faced with this kind of pressure, you really need as much of an advantage as possible. Not only do you have hard targets to hit, you’ll be battling local red tape, cultural differences on how business is done, managing employees and adjusting to life in a different country. The last thing you need is a brand new business you’ve never had any experience of before which leaves you scratching your head on how best to run it and grow it.
We decided to stick with what we knew and had done, as part of our research, a lot of reviewing of the local marketplace. We planned to live in a vacation area. We were attracted to this area by 2 things; family had lived there for many years so we knew the area well. Also, a few years ago in the process of falling in love with the place, we had purchased a vacation home as a base for our visits. We’d been successfully renting it out for a few years now; so much so that we were sending enquiries we could not fill to neighbors. By running our own vacation home we had been given an insight into what it takes to run a successful vacation business and what good property management looks like. We had had our own fair share of nightmares owning the home, being thousands of miles away, leaving the home in the hands of others, only to find the job not being done in a professional and conscientious manner. If no one in the area we planned to settle was doing a decent job, why couldn’t we?
So our decision was made. We knew enough about this type of business that we were not going into it totally blind. We knew where the market was currently in terms of local competition and we had a clear idea on what kind of service needed to be provided to ensure we stood out from the rest.
The next part was relatively easy. We were put in contact with a recommended business broker who worked in the area we wanted to be. We told them what type of business we wanted and how much we were prepared to spend. They had a business on the books that was suitable and the deal was written, contingent on us securing an E2 visa. Therefore, the purchase of the business could be legitimately included in the visa application but the monies would not transfer to the seller until we had been formally approved by the Embassy. This is an excellent safeguard to the buyer and something we would recommend writing into the contract of purchase for your selected business.
Something to consider when setting your budget; don’t spend all your savings on the business purchase. You are definitely going to need a cushion of monies for at least the first 2 years to help support you. You may find you need to purchase vehicles, put a substantial security deposit on a property, do a heavy marketing campaign to promote your ownership. This all requires money and lots of it. The local bank is not going to lend you anything to start off with unless you have a substantial asset to use as collateral, such as a property with equity. You are a foreign national and an unknown quantity. You’ll need to be in business for probably 2 years plus and posted 2 business tax returns before you can get any financial help in the form of credit. So a reserve fund to help you when those unforeseen expenses land on you is vital.
We now had a business purchase in our sights and a plan on how we were going to run it. In our next installment we’ll tell you what else was required to complete the E2 application.
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