Canadian + Acquiring US business + Assistance -
Hello,
I am a Canadian who is interested in acquiring a business in the United States. I am not aware of the legal process of doing so and which documents (VISAa, etc.) are required. I have been told to apply for a TIN number but I would like to know if anything else is needed to be done on my part before making the investment. Could you please contact me so we can discuss the matter? I am also considering to move there for retirement. Hope to hear from you.
Sincerely,
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david ingram replies:
Any Canadian can buy a business in the USA. No problem, just take cash or good financing.
The problem is whether or not you can manage or look after it in person.
If your investment is $500,000 to $1,000,000 (depending upon where you invest - Bellingham is $500,000 - New York or Los Angeles or Chicago is $1,000,000) and you will be hiring 10 full time employees for two years, you would qualify for an E-5 Visa which is an instant green card and gives you the right to live there and then become a US citizen which makes it real easy to retire in the USA.
If you are making a smaller investment in the $50,000 to $100,000 range, it would qualify you for an E2 visa which gives you the right to live and work there at that business but does not give you the right to take out US citizenship and retire there. If and when the business closes or sells, you must leave the USA.
If you are buying a business with its own management and you are going to be an absentee owner, a simple B1 status will suffice. Just be aware that when you are attending at the business, you cannot answer the phone, take out the garbage or take cash from customers. i.e. you can only perform a temporary supervisory role that a business owner might do in the terms of suggestions to the management you have hired as to what you, as the owner, wish to be done next.
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GO to www.centa.com and read the "entering the USA" section in the second box down on the right hand side for some more ideas about the various visas for the USA. Then go to www.centa.com and read the November 1999 newsletter in the top left hand corner about expanding a Canadian business into the USA for some tax hints.
I am available for individual consultation at a fee of $450.00 per hour
I stopped doing cross border seminars in 2002. Others are doing them now and you should likely consider attending some or even all of the following events to be held on the subject.
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Good luck. I have added you to my US Canada newsletter and you may find more information coming through cyberspace.
If you do wish to see me, contact Gillian Bryan at (604) 980-0321 between 10:30 AM and 4 PM Monday to Friday.
This next two weeks is devoted to tax preparation so we will not want to talk with you until May unless you have a contract in process that needs an immediate answer.
It is very unlikely that blind or unexpected email to me will be answered. I receive anywhere from 100 to 700 unsolicited emails a day and usually answer anywhere from 2 to 20 if they are not from existing clients. Existing clients are advised to put their 'name and PAYING CUSTOMER' in the subject line and get answered first. I also refuse to be a slave to email and do not look at it every day and have never ever looked at it when I am out of town. e bankruptcy expert US Canada Canadian American Mexican Income Tax service and help
david ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
My Home office is at:
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) expert US Canada Canadian American Mexican Income Tax service help.
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