After your first contact with us, we will have a conversation with you to determine how we can help you move to the area.
During this conversation we will also encourage questions that you may have about the process – about buying a business in the USA, the Visa process or about the services available to you through Tampa Bay Business Group at CR Commercial.
Our aim will be to help and guide you by introducing trusted professionals who will all play a part in facilitating the move of your family and your assets to the area
During this stage we will work with you to determine if you have the funds available to achieve your aims.
Funds Availability (E-2 Treaty Investor Visa category)
It is generally required that the entire purchase price of a business be available prior to submitting a visa application.
In other visa categories, availability of funding may not necessarily required. However, it is unlikely that a business seller will accept an offer on a business will a significant financial contingency (such as the sale of the buyer’s residence) exists. It is therefore sensible for you to be able to prove, regardless of visa type, that funds for the business purchase are available before starting the next Stage.
So you see the availability of funding is critical. The source of funding is not important. For E-2 Visa purposes, acceptable methods of obtaining funding would include home equity loans, personal loans, family loans, and gifts.
a) Review lists of available E2 businesses. For a general overview of requirements, visit E2 Requirements Page.
b) Sign a Confidentiality and Nondisclosure Agreement so that your agent can get detailed information on selected businesses from the seller or the sellers agent
c) Conference call and/or personal visit with seller and or his agent.
Pre-Qualify Businesses - with your immigration attorney review financial statements, tax returns, and other documentation to assess visa compatibility and financial history.
Offer & Contract Stage
a) We help you negotiate price and terms with seller
b) Sign a binding sales contract with appropriate contingencies
c) Buyer normally makes 10% deposit which will be held in trust by an attorney. This could be the 'Closing attorney' or the immigration attorney. Depending on circumstances. the key point here is that your money is held in trust and will be repaid to you in the contingency circumstances outline below.
Contingency Clauses - All sales contracts negotiated include several contingency clauses to protect the interests of the buyer. While the types of contingencies may vary, two are commonly included in all contracts. First, all contracts include a due diligence contingency, giving the buyer and or his representative, an opportunity to conduct a detailed review of the seller’s books and records. Second, all contracts include a visa approval contingency, making the closing of the transaction dependant upon visa approval.
If any contractual contingencies are not met, the transaction is terminated, and the buyer’s deposit refunded.
Note: of late some seller have refused to sign contracts with the visa contingency in place because of the length of time that the business will have to be of the market while the visa is processed. Please ask us more about this as we have a way of dealing with this situation.
Refundable Deposit - deposits are normally refundable to the buyer when either:
1) Contractual contingencies (including the due diligence and visa contingencies) are not satisfied, or
2) All contingencies are satisfied, but the seller defaults
The only time a buyer’s deposit is forfeited is when all contractual contingencies are satisfied, and the buyer defaults by failing to close.
Due Diligence Stage – This stage of the process should be performed by an independent Certified Public Accounting firm, under the direction of the buyer
Due Diligence - Due diligence procedures include a more in depth and thorough review of the seller’s financial and other records than the review previously conducted by the Business Intermediary. The purpose of due diligence is to verify the seller’s financial and other representations. This review of the sellers documentation is completed by an independent CPA who will review documentation to verify the seller’s assets, liabilities, revenues, expenses, profitability, customer base, suppliers, staffing, lease terms, etc…
Visa Petition & Approval Stage-
a) Visa petition prepared and submitted for approval
b) The balance of any purchase funds in excess of the deposit must be deposited into the trust account prior to visa petition submission
c) Currently, all approved visa applicants must attend an interview at the appropriate embassy or consulate to secure visa issuance
d) Gather family and move to Location (We can help you find a home to buy or lease at any time during this process)
We suggest that , if necessary, you borrow to buy the home ( we can help with that too) as we will, almost definitely, be able to get you a loan on a residence but NO ONE will be able to get you a loan to buy a business) Please ask us why :)
Closing Stage – This stage of the process is completed in co-operation with an independent closing attorney
a) Lease assignment secured if necessary (this may require a refundable deposit to be lodged with the landlord).
b) Inventory taken by buyer and seller when necessary
c) Licenses secured, as required
d) Lien search (see below) conducted by independent closing attorney
e) Closing documents prepared and closing conducted by closing attorney
It is critical that a lien search be conducted on all business purchases.
A lien search is conducted by the closing attorney to determine whether all assets are indeed free and clear for transfer. When a filed lien or recorded UCC filing indicates the existence of a secured creditor, arrangements are made to satisfy the lien or UCC filing in conjunction with the closing.
If you have any question regarding the process, call me at 727-403-9933 or by email at firstname.lastname@example.org