Which visa is best for bootstrapping a startup? – Nob6
Right here’s one other version of “Expensive Sophie,” the recommendation column that solutions immigration-related questions on working at expertise firms.
“Your questions are important to the unfold of data that permits individuals everywhere in the world to rise above borders and pursue their goals,” says Sophie Alcorn, a Silicon Valley immigration legal professional. “Whether or not you’re in individuals ops, a founder or looking for a job in Silicon Valley, I’d like to answer your questions in my subsequent column.”
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I’m a founder from Germany. Our product is already producing round $200,000/yr proper off the bat. Our prospects are primarily U.S.-based, and we don’t plan to lift any capital from buyers.
I’ve been trying into the brand new startup visa choice and the E-2 and L-1B visas, and I’ve been fairly heads-down centered on constructing the product, so I’m not well-known.
What’s my best choice for bootstrapping my startup within the U.S.?
— Recreation-Altering in Germany
Congrats in your early traction and U.S. market growth! You don’t must qualify for an O-1A to make it to the U.S., and it’s good to do not forget that there are a selection of labor visas on the market. Let me dive into every of the choices you’ve talked about on your particular set of circumstances and supply a number of others.
IEP and the proposed startup visa
Congress has not but accepted the laws that might create a startup visa. Nevertheless, the International Entrepreneur Parole (IEP), the choice closest to a startup visa, is accessible proper now.
On Thursday, June 16 at midday PT/3 p.m ET, Sophie Alcorn will be part of a Twitter House with Senior Editor Walter Thompson to reply your questions on residing and dealing legally within the U.S.
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To qualify, each IEP and the proposed startup visa require a founder to lift funds from certified U.S. buyers or safe a authorities grant or award, along with different standards. Since you haven’t and don’t plan to lift funds on your startup, neither IEP nor the proposed startup visa can be best for you.
E-2 visa requires a giant funding
The E-2 visa for treaty buyers or important staff is good for startup founders and crew members whose residence nation has a treaty of commerce and navigation with the U.S., as Germany does. (The residents of 81 treaty countries are eligible for the E-2 visa.)
Along with being a citizen of a treaty nation, you will need to personal not less than 50% of the corporate, have direct management of the corporate, or not less than 50% of the house owners of the corporate should be residents of the identical treaty nation.
To qualify for an E-2, you would need to reveal that you’ve got invested or are within the technique of investing a “substantial quantity of capital” within the U.S. to ascertain and develop your startup or that the corporate has made this funding and now it is advisable to work there.