5 Things Every Foreign Founder Should Do Pre-Visa Stage
November 1, 2016
- Make Your Company Official. U.S. companies typically have a separate, legal identity from their founder(s). Forming a company, whether as a limited liability company, a partnership, or a corporation, is an important first-step in doing business in the U.S. By making it official, you’re able to secure a federal employer identification number to pay taxes, hire employees, secure registrations and licenses from local authorities, and so much more. From an immigration perspective, it’s also a good faith step towards running an operation in the U.S.
- Securing “Office” Space. In today’s global arena, a physical office seems a distant relic from a bygone era. Yet, companies still need a place to receive mail and conduct official business. While a traditional office lease is ideal, other arrangements including co-working space, an executive virtual space, or even a home address for the right business type, might be viable. Every company needs an epicenter. Not having an “office” space is not acceptable when it comes to preparing for a future immigration application.
- Business Plan. Two words: get one. It need not be formal or even professional, but it should be detailed and have clear indicators of the business model, monetization methods, forecasts, market research on competitors and more. Having a business plans is a good indicator there’s been serious thought put into how the business will operate and what will make it competitive and successful.
- Get a website. Company websites need not be fancy, but they are a great proxy for providing a lot of detail in a central location, without having to interact directly with visitors. One of the advantages of a well-designed website is to ensure the website represents the company’s mission.
- Traction. Get it. Maintain it. Propel it. Traction can come in all forms, whether it be product development in the form of a proof of concept, interests from potential partners or customers, or even funding from external capital investors. Gaining traction is a great momentum indicator.
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