The O-1 visa is quickly becoming a popular immigration solution for talented entrepreneurs who have already started or are about to start a new business in the United States. Many of Silicon Valley’s top companies owe their creation and success to foreign-born entrepreneurs, including Google, Intel, and Yahoo. In fact, more than 40 percent of American Fortune 500 companies were founded by an immigrant or child of an immigrant.
In order to obtain an O-1 visa, one must show that he or she is an alien of extraordinary ability in the sciences, arts, education, business, or athletics. This visa allows individuals to come to the United States for up to three years, with extensions available after that period has elapsed if the applicant is able to prove that he or she is still outstanding in the field. This is a great option for those in technology-related fields.
The O-1 visa has proven to be a better option for many entrepreneurs than the more popular H-1B visa. This is especially true for those entrepreneurs who do not qualify for the H-1B visa or when the H-1B visa cap has already been met, as there is no cap to the number of O-1 visas granted each year. In addition, unlike most H-1B visas, the O-1 visa does not require a college education. This is an important difference, since there are many young and innovative entrepreneurs who bypassed formal education in order to begin their careers. Another benefit of the O-1 visa over the H-1B visa is that it does not tie the immigrant to any employer or sponsor or have any of the other strict requirements, such as a prevailing wage. An O-1 visa applicant can be sponsored by his or her own U.S. company. This gives the entrepreneur more freedom to conduct their business as they choose, including investing any profits early on back into the business instead of paying themselves the prevailing wage salary. The O-1 visa is also a better option than the E and EB “investor visas” for many entrepreneurs, as the O-1 visa does not require any particular amount of capital to be invested into the business.
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