If you are a startup company, or a U.S. employer seeking to hire a foreign national on a work visa, you may know that the legal process is highly technical and complex.
Often our clients have difficulties in writing a business plan that meets the U.S. federal regulations needed to receive an approved temporary or permanent visa to work, engage in business, or invest in the United States.
This blog post will briefly explain three essential financial statements needed when applying for a business/work or investor’s visa.
First, when applying for a work visa or investment visa in the U.S. your financial statements must be logical and clear based on accepted principles of accounting in the United States. The balance sheet and profit/loss statements for any parent company abroad is required to show the stability of the company before your company expands into the United States.
Alternatively, if you are launching a brand new company in the U.S., applicants should provide projected profit/loss statements and a balance sheet. Fixed and variable expenses must be realistic in the work or investment visa application process, and itemized accordingly.
Finally, a capitalization financial statement is needed that clearly shows the applicant’s source of funds which is ready and available to meet one hundred percent of the new company’s first year of expenses. After the first year projections, you and your immigration lawyer will decide, dependent on the type of visa chosen, if it’s wise to use “expected revenue” as source of capitalization in your 2nd and 3rd year.
We hope that this small glimpse into the U.S. work and investment visa process was helpful as you work closely with experienced U.S. Immigration legal counsel. In sum, a sound business plan which includes your profit/loss, balance sheet and capitalization statements builds a strong foundation needed to receive a favorable decision when applying for a work visa, business visa (for a new company or a new branch in the United States); and for an investment visa.
If you have any questions or need a consultation with our Vassell Law Group lawyers you may contact us by email at [email protected] for fastest response.
Our attorneys here at Vassell & LeeRC Law Group have over 20 years of experience and are available for an initial twenty (20) minute free screening consultation or you may request our standard consultation with our lawyers.