Hi! South Korean national wants to bring $50k to open a new store and apply for Change of Status to E-2. He will literally spend $20k and keep $30k in the bank account claiming it's reserved for business management fund.This is ok for E-2 or does he have to spend certain percentage of the whole fund to apply for E-2? (For example 80% of $50k will be ok but 60% is not ok? or something like that)Please advise.
I think this question may be over-simplifying the E-2 process. If the initial 20k is used for initial capital/purchase of the building, and the remaining 30k is to be used for initial operating expenses, if the business plan submitted with the E-2 supports that as a use of funds, the E-2 may be approved with that break down of funding. There is not a specific breakdown of percentage of funding to be used in initial funding versus reserve capital.
Thanks.My question is if I actually spent $20k and have $30k in the bank and claim that I "invested" $50k, will this be acceptable?It's not like I spent most of the invested fund with little reserve.It's like saying "I spent $40k and have $60k in the bank so please accept my claim that i invested $100k" Is this acceptable? It's not like "I spent $20k and I claim I invested $20k"If you are going to say "no", I need the reference or reason why it's no.I will leave excellent feedback upon getting your reply.
The E-2s differ from EB-5 in terms of the showing of invested funds. You need to show the funds invested are truly invested,truly yours, XXXXX XXXXX proportionately reasonable for the business invested in. You do not need to meet a specific dollar amount for the E-2 to be granted. You do need to show you have invested in a reasonable business venture and the funds are truly put at risk in the investment. So there is not a need to make a claim of having invested 100k, or any other set amount. There is a need to show that the money invested is reasonable for the type of business, and is reasonable by industry standards with a reasonable business plan that should succeed. So a showing of x dollars invested to get the business going, and y dollars to keep the business moving along until it is profitable, should be just fine.
Thx. Can i claim I invested $50k when $20k was spent and $30k is in the bank?
You will need to accurate present the full business plan: both what has been invested as initial capital and what is set aside to cover anticipated expenses.
If I can document what will be anticipated with $30k, Can I claim $50k as invested? I am worried about "passive income" concept since $30k can be withdrawan as cash any moment. Please advise.
You need to have a solid business plan put together. If you can show anticipated business need for the funds, that should be acceptable. This is all going to turn on the business plan submitted with the E-2. If you need assistance in putting a business plan together, there are plenty of options for detailed assistance.
Experienced immigration attorney.
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