15 Jan The Key to a Successful L1 Visa Business Plan Feasibility
The L1 visa is a non-immigrant visa that allows a US or foreign organization that has offices in both the US and abroad to transfer an employee to the US for a period of up to three years. To be eligible, the candidate must be a bona fide employee of the organization and have a managerial or executive role or a specialized category. Once in the US, the employee must work with the parent, branch, affiliate or subsidiary office of the same company. This Visa can be extended in the process called “L1 Visa Extension”.
One of the most crucial factors that determine the success of your L1 visa application is the business plan. Since the L1 visa has rigorous requirements, L1 visa business plan feasibility is the key to a successful petition.
A feasible business plan examine the practicability of transferring the foreign employee to the US office. The plan will look at how the transfer can be done, how it will affect the organization, whether the organization will endure the financial risks that come with it and the benefits of transferring the employee.
For the purpose of an L1 visa business plan feasibility can be established by focusing on four components:
- Market analysis: The market analysis should include an estimate of the size of the market, the projected market share, relevant information about the market, analysis of the competition and how the transfer of the employee will affect the market. The data should be collected through market surveys, field research and published sources.
- Organization analysis: Organization analysis involves reviewing the organizational structure, work environment, personnel, operation and associations. It helps USCIS understand the short-term and long-term benefits of transferring the employee to the US. It also helps management identify problems in the organization and develop strategies to address those problems.
- Financial analysis: Financial analysis involves evaluating your business, budgets, projects and other related entities to determine the viability, stability and profitability of transferring the employee to the US. Typically, the study is done to analyze whether a business is stable, liquid or solvent enough to have a future. When doing the financial analysis, the focus should be on the balance sheet, income statement and cash flow statement.
- Overall feasibility evaluation: Overall feasibility evaluation is based on the results of the market analysis, organization analysis and financial analysis. It may also take into account ongoing political and other situations. The analysis helps determine whether transferring the employee in question to the US office will be feasible or not.
While a separate feasibility study is not required to be included in the L1 business plan, focusing on these factors in your visa business plan helps provide justifications to the USCIS about the employee’s L1 visa petition. The immigration officer wants to make sure that that transfer of the employee to the US is justifiable and and by presenting a feasible document, you are able to identify all the justifications necessary to obtain an L1 business visa.