E-2 - what's wrong in my plan?

B

bvahan

New Member
Have H1B during 6 years, expires in mid Feb 2007.
Want to apply for E2.

Here is my plan and I would appreciate any remarks and/or advices.

Jan 10 – registered a new corporation, openned account
Jan 15 – applied for 2 loans from 2 different banks (home equity, credit score 750)
Jan 20 - signed a purchase agreement for buying a business, gave a $10K check for escrow company (to be cashed upon removing contingencies, including INS)
Jan 22 – to get OK from a Seller

Business description

Nationwide known franchise store in the shopping center (lease $4.7K / mo)

Gross sales / income / Owners earnings per years, $
2003 – 228K / 108K / -8K
2004 – 289K / 132K / 12K
2005 – 325K / 162K / 36K
2006 (estimate) – 365K / 182K / 51K

Besides owner there is 1 full time worker 28K / yr

My investment, $
Loan – 90K
Personal cash – 25K
Assets – 15K
Total – 130K

Purchase price – 105K
Working capital 10K

New business plan – 2007-8-9 years
Gross – 400-420K
To hire/keep 2 full time employees
Owners earnings – 60K

Jan 23 – to OK Sellers Books&Records
Jan 26 – to get OK on Loan
Jan 26 to get OK from Landlord

Jan 27-28 – to send papers to INS, to pay for Premium processing (15 days)
(application to file 2 weeks before expiration of current visa)

Feb 1 – to get a Loan
To send a notification to INS
Feb 2 – to send a check with the rest money to escrow company (to be cashed after OK from INS)
To deposit remaining working capital – on business account
To send a notification to INS

Feb 7 – to get first OK from franchise company (second OK will be after training within 20 days)
To send a notification to INS

Feb 13 – to get OK from INS
Feb 13 – escrow company to cash a check, openning escrow

Feb 25-Mar10 - to pass a training at Franchise company and to get second OK from them
To drop all contingencies, escrow company to cash all money, to close escrow

Mar 13 – to take over in full a business, to report to INS


Thanks for comments in advance.
 
Last edited by a moderator:
Low Investment

Low number of employees

But E2 requirements vary by Consulate, without that everybody is guessing.
 
Theone said:
Low Investment

Low number of employees

But E2 requirements vary by Consulate, without that everybody is guessing.
Click to expand...

if 130K is a low investment, what number is not low for E-2?

is adding 1-2 full time employees each year a low number?

a nature of business is Postal/Mail Center
I am a professional in printing and plan to add this service (as well as Web & Graphics design, Mass mailing, Cartridge refill, etc.) to the business
Currently printing makes only 4K / yr in the business I am aiming to buy
Additional minimal value of 25K / yr (more than 50% profit) in sales has not been included in the estimates for 2007
I do have signed contracts/letters from few local companies for 15+K printing orders for 2007

Consulates
I am aiming to apply to BCIS in CA (not to the consulate abroad), because I live in US and do apply before expiration of current visa
 
E2

Hello - I am in a similar situation. I have just submitted my application for adjustment of status from J1 to E2. I am in business with two other partners (me 53%) the total actual cash investment was $65,000, with equipment at $1,000 and intangible investment of $65,000, which is goodwill as I already had an existing customer base working for myself. The net worth/assets of the business was declared at around $125,000. This is a start up business. Like you we have signed an office lease, opened bank accounts with cash in, start up costs are completed and paid at $4300. We submittd with an excellent business plan, cash flow for 5 years, copies of all start up costs paid, proof of cash in the bank, insurance etc. I paid $1,000 premium processing - USCIS received my application on 2/6 - I will let you know what happens!
 
start up business

hello

i,m in similar situation.I established a corporation, leased a premise, bought a inventory, vehicles and etc. I consider to apply for E2 visa. My initially investment is about 10 000$. If I receive E2 visa i,ll invest 50 000$.
What is going on with your case. Did you receive a visa. Have you any problems with USCIS.

Kind regards
Ivajlov
 
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