Unlocking the Green Card for Entrepreneurs: Explore the Option that Best Benefits You
If you are an entrepreneur willing to start your business in the US or seeking US permanent residency, there are three main options available: EB1A, EB2 NIW, and EB5. That said, you need to understand the requirements of each green card to determine which one benefits you the most.
In this blog, we discuss various green cards for entrepreneurs and their differences. Read on to identify which green card suits you best.
Top 3 Green Cards for Entrepreneurs
EB1A Green Card Requirements
To qualify for EB1A, you need to meet at least 3 out of the 10 EB1A criteria set by USCIS. Subsequently, you need to satisfy the final merits determination part.
The 10 EB1A criteria are:
- Proving that you have received fewer nationally or internationally recognized prizes or awards for excellence.
- Demonstrating your membership in associations in the field that demand outstanding achievement from their members.
- Showcasing published material about you in professional or major trade publications or other major media.
- Demonstrating that you have been asked to judge the work of others, either individually or on a panel.
- Proving that your original scientific, scholarly, artistic, athletic, or business-related contributions are of major significance to the field.
- Showcasing your authorship of scholarly articles in professional or major trade publications or other major media.
- Proving that your work has been displayed at artistic exhibitions or showcases.
- Demonstrating your performance of a leading or critical role in distinguished organizations.
- Proving that you command a high salary or other significantly high remuneration compared to others in the field.
- Showcasing your commercial successes in the performing arts.
Furthermore, in the final determination phase, your evidence as a whole needs to demonstrate:
- You have achieved sustained national or international acclaim.
- Your achievements have been recognized in the field.
- You will continue to work in the field of endeavor.
- Your work substantially benefits the US.
EB2-NIW Requirements
To qualify for EB2 NIW, you must fulfill the requirements of the EB2 green card category and satisfy the E2 NIW’s three-prong test.
Firstly, the requirements for EB2 are as follows:
To meet EB2 green card, You must hold an advanced degree or a bachelor’s degree with five years of experience.
Alternatively, you must demonstrate exceptional ability by meeting at least three of the following criteria:
a. Present official academic records showing a degree, diploma, certificate, or similar awards from a college, university, or other institution in your field of exceptional ability.
b. Provide evidence of at least 10 years of full-time job experience in your field.
c. Show proof of receiving a salary indicating exceptional ability.
d. Display your license to practice your occupation.
e. Demonstrate that your achievements and contributions are recognized by peers, government entities, professional or business organizations.
f. Present other comparable evidence to prove exceptional ability.
For EB2 NIW, in the three-prong test, you must prove:
- Your proposed endeavors have substantial merit and national importance.
- You are well-positioned to advance those endeavors.
- It would benefit the US to waive the requirements of a job offer and labor certification.
EB5 Requirements
EB-5 is commonly referred to as an investor visa, offering a direct path to permanent residency. The two main requirements of the EB-5 green card are:
You need to invest in a US commercial enterprise, with a minimum investment amount of $1,050,000. Alternatively, you can invest in a targeted employment area, such as a rural or high-employment area, where the investment amount is $800,000.
Furthermore, you should demonstrate that you will provide jobs for a minimum of 10 US citizens, either by creating new ones or maintaining existing positions.
Entrepreneur Green Card: EB1A vs EB2-NIW
Both EB1A and EB2 NIW are good options for entrepreneurs as both green cards allow you to self-petition, and there is no requirement for a job offer or labor certification.
However, EB2-NIW falls under the EB2 category, which entails significant wait times for Indians. In contrast, EB1A has shorter wait times, and its final action dates move faster in the monthly visa bulletin.
Green Card for Business Owners: EB1A vs EB5
In EB1A, you need to prove your extraordinary ability in your field using robust evidence. As an entrepreneur, you can demonstrate your exceptional ability in multiple ways in your field.
In contrast, the EB5 green card requires a substantial investment in a US enterprise, which is not feasible for everyone, particularly at the early stage of their business.
Conclusion
Understand each green card requirement and decide on your option based on your needs and interests. Moreover, EB1A doesn’t require an advanced degree or executive title; all you need is to prove your expertise in your field.
Interestingly, if certain EB1A criteria do not apply to your occupation, you can provide comparable evidence to meet that criterion.
I hope this blog helps you explore various green card options for entrepreneurs and their requirements.
With our Smart Green Card VIP plan, we have helped many entrepreneurs build their EB1A profile, obtaining EB1A approval without encountering RFEs. If you are seeking hands-on guidance for EB1A, then check out our Smart Green Card VIP plan.
- SGC
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