Do you know that some of the biggest businesses owe their foundation to immigrants? These include Pfizer, Yahoo, Tesla, Moderna, and BioNtech. We are talking about multi-million dollar establishments that employ thousands of people.
A 2019 report shares interesting insights. Out of every 5 Fortune 500 companies, 2 attribute their beginnings to immigrants. That translates to over 45% ownership of businesses that in 2018 brought in over $6.1 trillion in revenue.
The journey to entrepreneurship is never easy for immigrants. True, moving to a new country as an immigrant entrepreneur and setting up a business shows a willingness to take risks.
But the journey is never easy. The reality is that immigrants face many challenges that native citizens don’t. These include red tape, lack of funding, and strict immigrant policies.
Immigrants must also contend with a citizenry that may not be willing to accept them. People who think immigrants are driving local businesses out.
But many immigrant business owners have managed to thrive. And, you can too, with the right foundation.
Important Tips for becoming an Immigrant Entrepreneur
Read on for some tips on how to become an immigrant entrepreneur.
1. Take Advantage of Government Programs
Many countries are now taking active steps to attract immigrant investments. An immigrant can get into government-approved projects through citizenship investment programs. These could be in real estate, funds, investment donations, or bonds. That entitles you to a second passport by investment.
The advantages of such programs are numerous. Immigrants get the benefits and rights as native citizens. These include access to job opportunities, education, and healthcare. Setting up a business as a citizen removes many obstacles immigrants face.
The European citizenship by investment’s second passport allows for visa-free movement in over 100 countries. These include Russia, Europe, and China.
If citizenship investments sound like an attractive option, speak to the experts. They will guide you through the process and take care of the critical parts.
2. Apply for an Entrepreneur Visa
If citizenship by investment is not an option, apply for an entrepreneur visa. Countries like New Zealand, Hong Kong, the US, Denmark, and Singapore have opportunities for immigrant entrepreneurs. To qualify for an entrepreneur visa, you must be planning to invest in the country. Other visas are available to advanced degree holders or people with extraordinary skills. In the US, they include:-
- E-2 treaty investor that requires a substantial capital investment in a US business. It is only available in countries that share the E-2 treaty with the US.
- EB-5 is available to those who want to create job opportunities by investing in US businesses.
- EB-2 Is for individuals with extraordinary abilities or advanced degrees. The abilities can be in arts, businesses, or sciences. There must be proof of the same from relevant institutions or work experience.
- EB-1 expands the EB-2 offering to include business executives and managers who have worked at multi-national levels.
- L-1 allows for the transfer of skills to company branches within the US.
With a visa, you qualify as an immigrant. You can then apply for the Individual Taxpayer Identification Number. It will allow you to register your business and open bank accounts.
Do take the time to understand the necessary regulations within the area of operation. These include taxation, licensing requirements, and necessary business permits. It is important to comply; otherwise, you could lose the business.
Consider it an investment to have the right experts on board to help navigate the business world in a foreign land. These include financial and legal advisors.
3. Be Realistic About What It Takes
There is a lot that goes into establishing a solid, profit-making company. The fundamentals of running a business as an by any immigrant entrepreneur remain pretty much the same as they would be in your native country.
You must have the right product or service. It should be something that people need. This allows you to come in as a solution provider. Identify niche areas that you can get into. It helps avoid competing with locals who may already have established businesses.
Invest in proper market research and come up with a solid business plan. It is important for every by any immigrant entrepreneur to have clear long and short-term goals. These will help guide any activities you undertake as you set up the business.
Other tips include the following.
- If you already have a job, don’t quit just yet. Only do so once some traction is starting to come in.
- If you want to concentrate fully on business, have some savings to tide you over. Most businesses will become profitable after 18 to 24 months.
- Seek support from family and friends. Immigrant communities tend to be very close-knit. They can come through for you in moments of need. Some organizations also offer help to immigrant entrepreneurs.
- Entrepreneurship is a journey of learning, building, measuring, and repeating. Have priority lists, and don’t try to do everything at once. Keep up with monitoring and measuring performance to see what works.
- Your ego will need to take a back seat. Get ready for rejection, dejection, and all manner of feedback.
- Take the time to understand the culture and language. It will make the transition into society a little bit easier. Also, immerse yourself in the community. The people are more likely to support a business that belongs to someone they interact with.
Final words on Tips to Become an Immigrant Entrepreneur
Moving to and settling in a new country as an by any immigrant entrepreneur can be a challenging experience. It gets harder when trying to set up a business. Yet, some immigrant entrepreneurs have found great success in entrepreneurship.
There must be a willingness to take risks. But beyond that is the dedication and discipline to get the business off the ground. We have looked at some tips immigrants can use in their journey to entrepreneurship.
Existing government programs like citizenship by investment provide a quick and easy way to get citizenship. Different countries have different minimum amounts for investors. Do speak to experts if this looks like an attractive option.
You can also apply for an entrepreneurship visa. The advantage of such is that they are available to people with special abilities in different areas.
Finally, be realistic about the process of setting up a business as an immigrant. Research the market well, including regulatory compliance issues. And, have clear goals and build a strong support network.
Read Next:
- Best tourist attractions to visit in San Antonio
- How to get a corporate bank account for your UAE business
