Going For The Green


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This was a presentation at Tangible Ireland in NYC on May 3, 2012. The topic was "If you can make it here, you can..." so this presentation is a non-lawyer\'s guide to different ways to set up a US business as a non-resident.

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Going For The Green

  1. 1. Going for the GreenHow Irish Entrepreneurs can Access the US Market d M k t and Still B I i h Be Irish
  2. 2. Introducing our CharactersSituation A Situation BPower-Assisted D t Di i Y thP A i t d Data-Diving Youths Satish Kumar, th F hi S ti h K the FashionInc. [P.A.D.D.Y. Inc] entrepreneur (“Satish Fashion”) SME  Individual entrepreneur More than two years old  No desire for Green Card One or more founders ready to go  Wants to create a startup in New to the US to expand the business York
  3. 3. Start at the Beginning• Where are you now, and what is your objective? – Existing business? [Visa type] – Marketing by M k i b web or i person? [E i type] b in ? [Entity ] – Want to get green card or go home? [Visa type] – Startup or small/medium enterprise? [Visa type] – Have some accumulated capital available?
  4. 4. P.A.D.D.Y. Inc Step 1 (still in Ireland) 1. Set goals (what is the company really trying to accomplish?) [ p ) [Cost: EUR 0.00]] 2. Test the idea with a landing page from www.unbounce.com – use www.elance.com to find someone to help with this, or a local web shop in this Ireland. [Cost: >EUR 500.00] 3. IF the test landing page gets a positive response, then it is i i time come to the states and speak with prospective h d k ih i customers. Leverage connections with Enterprise Ireland, IIBN, IBN, IBO, etc to set up meetings [ , , , , p g [Cost: >EUR 2,500 per person] 4. Revise goals; prepare business brief determining what will be sold where to whom, for how much, the whom much anticipated revenue and the anticipated costs.
  5. 5. P.A.D.D.Y. Inc. Stage 2Steps 1 & 2 can be done by email, then 3 & 4 can be done with a short trip using the Visa-Waiver program:1. Sign up with accounting service with international experience. If they know what they are doing, it will cost more than for a local client, but don t cut corners here. don’t Your accounting is different, and complicated. Cheap now will be expensive later.2. Incorporate,2 Incorporate and put as many set-up costs into the set up corporation as you can, along with IP.3. Get a federal tax number, then open a local bank account with a bank offering easy to use online banking. Budget: Incorporation and tax #: EUR 1,000 to 3,000 Accounting: EUR 2,500 to 5,000 ccou g: U ,500 o
  6. 6. P.A.D.D.Y. Inc. Stage 3 1. Participate in business networking groups, get in front of potential customers, and listen to their needs. p , Revise the product/service offering to reflect the lessons learned; update the website and marketing materials. materials 2. Prepare formal business plan, for L-1 visa application 3. Hire staff if needed 4. Get 4 G out there and sell, sell, sell h d ll ll ll 5. Your L visa is initially good for one year; to renew you need to demonstrate value added for your company. y p y Do your set up and admin work while under visa- waiver, then sales and productive work under L-1. This way, way you should be on your way to multiple renewals. renewals
  7. 7. The Pot of Gold• With a tested product line, and with feet on the ground, P.A.D.D.Y. Inc is in a position to rotate its managers into the US to get exposure to the market and its customers.• Using the L-1, those who want to stay in the US are eligible to apply for a green card; those who don’t can travel back and forth without limitation and later just stay home• Th l The longer th managers stay i th US th the t in the US, the more the “North American effect” will sink in (for better or for worse) worse).
  8. 8. Satish Fashion, guaranteed• Satish is an Irish entrepreneur with an idea. He could continue to work in Dublin but feels that he needs to be in a fashion area to be truly successful or even to be taken successful, seriously, so wants to go to New York• He has no existing company so he saves up company, his money to come to the US on an E-2 investor visa. For his category, USD 50,000 in capital should be sufficient.
  9. 9. Satish Fashion Guaranteed• Satish sets up a new Delaware corporation with the name “Satish Fashion Guaranteed Satish Inc” with minimum capitalization, and registers to do business in New York.• He gets his tax number, opens his bank account, then is in a position to get a office lease on the least amount of space he get by on. He then prepares a business plan that will satisfy the immigration authorities and applies for the E-2 visa. Having documented EVERYTHING, from his costs to his anticipated revenues, he is likely to succeed.
  10. 10. Satish Fashion• Satish now spends his day in product development and client interviews, and his evenings going to entrepreneurial events, especially those where entrepreneurs pitch their ideas. These events provide invaluable feedback for creating valuable companies: generally potential investors are there and will tell entrepreneurs where they need to p y improve.
  11. 11. And in Conclusion• There’s more than one way to skin a cat, or even to come to America to start a business• A bit of advance planning cuts the cost and risks dramatically• Be open to new ideas, network a lot and have fun! f !Questions?
  12. 12. Thank you for listening!John GordonUSA Corporate Servicesjjohn.gordon@usa-corporate.com g @Mobile: +1 518 857 354419 W 34th Street Suite 1021New York, NY 10001www.usa-corporate.com