Being immigrants ourselves, we know firsthand the stress involved in renewing your visa, especially when you find your company in a different position than you had anticipated. After 12+ years of supporting foreign entrepreneurs in launching U.S. businesses, we’ve seen it all regarding visa renewals. Read on to learn about three unexpected scenarios E-2 holders experience and how carefully updating your business plan can help with your visa renewal.
Unexpected Scenario #1:
You submitted your E-2 petition based on the opening of, for example, a flower shop, but you discovered along the way that another business would be more profitable. The good news: you are not alone!
Considering the implications of changing the business model you used to apply for your initial E-2 visa can be stressful. However, an updated business plan can be beneficial in handling this situation. Through an updated business plan, you will be able to communicate to immigration officers why your plans changed, how they changed, and what the forecasted growth is for your new operation.
Unexpected Scenario #2:
Your business didn’t achieve the original financial projections. Don’t panic.
While the effects of the above scenario must be discussed with your immigration attorney, we can assure you that updating your business plan will be advantageous when tackling this problem. An updated business plan will give you the chance to explain to immigration authorities why the projections were not met and why, this time, forecasts will be reached.
Unexpected Scenario #3:
When you submitted your business plan, the industry your company participates in was booming. Yet, at the time of renewal, that same industry is in sharp decline.
Updating your business plan will help you use facts and data to illustrate the industry’s downturn and show the immigration officer why your company will succeed despite the difficult times.
Many unexpected roadblocks can be overcome by updating and clarifying your business plan. Are you renewing your E-2 visa? Contact us today for a FREE consultation!
Visa Business Plans is led by Marco Scanu, a certified coach from the University of Miami with a globally-based practice coaching Fortune 1000 company executives, entrepreneurs, as well as professionals in 4 different continents. Mr. Scanu advises clients on turnaround strategies and crisis management.
Mr. Scanu received a bachelor’s degree in Business Administration (Cum Laude) from the University of Florida and an MBA in Management from Bocconi University in Milan, Italy. Mr. Scanu was also a Visiting Scholar at Michigan State University under the prestigious H. Humphrey Fellowship (Fulbright program) with a focus on Entrepreneurship, Venture Capital and high-growth enterprises.
At present, Mr. Scanu is the managing partner and CEO at Visa Business Plans, a Miami-based boutique consulting firm providing attorneys and investors with business planning services in the areas of U.S. and Canadian immigration and SBA loans.