If you are buying a business in America, there are normally only three visa options - the E-2, the L-1 and the Green Card. Each has different requirements. If you are eligible for a Green Card (permanent residence) this may take a year or longer to process. It is usually prudent, therefore, to consider an E-2 or L-1 non immigrant visa in order to be able to live and work in the US while the Green Card application is pending.

There are often misunderstandings as to the relative merits of the E and L categories. A Green Card (as a Multinational Manager) can be applied for when you are in the States regardless of whether you had an E-2 or L-1 visa previously, as long as you own an overseas business which continues to trade actively. Alternatively, you may be eligible for a Green Card based on an investment of either $500,000 or $1,000,000 under the Employment Creation (EB-5) category. See www.greencardinvestor.com.

E-2 (Treaty Investor): key visa requirements

• You must be a citizen of a treaty country, e.g. UK, Pakistan, etc.
• A substantial investment in the US must be made. Some financing restrictions apply.
• The business must be quite profitable and employ US workers.
• Funds must have been committed to the business purchase.

Either one or two investors (50-50) such as husband and wife co-investors (or unmarried partners) can normally qualify for E-2 investor visas based on one application to the American Embassy in London. This allows both individuals to work in the business. If your spouse does not wish to work in the business, he or she, as an E-2 dependent, can, under legislation approved in 2002, apply for an Employment Authorisation Document (EAD) through USCIS (US Citizenship and Immigration Services) once he or she arrives in the US. This permits him or her to work anywhere, as long as the E-2 investor spouse remains in valid E-2 status. Only the dependent spouse is eligible for an EAD, not dependent children.

L-1 (Intracompany Transferee): key visa requirements

• The US company must be affiliated to the UK company through ownership.
• You must have worked in the UK company as a manager, executive or a position requiring specialised knowledge, for at least one year in the last three and have a similar position in the US company.
• The US company must have already been established or purchased.
• The UK company must continue to operate in your absence.

When applying for your initial L-1 visa for a new business, you do not need many employees. However, at renewal, one year later, you normally must show a substantially larger operation. Otherwise the renewal may not be granted.

Under legislation approved in 2002, a dependent spouse (on an L-2 visa) can apply for an Employment Authorisation Document (EAD) through USCIS (US Citizenship and Immigration Services) once he or she arrives in the United States.

Green Cards

To obtain a Green Card as a Multinational Manager, many of the requirements are similar to those of an L-1. You must demonstrate that both the UK and US businesses are reasonably substantial. A previous L-1 visa is no guarantee, however, of a Green Card. It is difficult to get an application approved where either the US or the UK business is very small. If the E-2 visa would be more advantageous, for example because of the longer initial approval period, choose an E-2 initially and apply for the Green Card later when your US business has grown.

For additional information regarding a green card based on an investment of either $500,000 or $1,000,000 in a qualifying business, see www.greencardinvestor.com.