To Invest in USA

[inman2007]

Hi,

I am from India. I wish to invest in real estate properties / houses/ commercial buildings in USA, which may generate rental income. For Identifying the properties i am planning to visit USA.
i have couple of queries rgarding this

1. Whether can i apply for B1 visa? Or What is the right way of doing this ?
2. Can i start a LLC or Inc, and then invest through that or can i directly invest?
3. Is it possible to create mortgages for any one listed in sl.no 2 ?
4. Can i open bank accounts ? and send profits to india ?
5. Is there any restirction regarding the investment in USA for Indians?

Of-course for visa i can prove my ability of investment.

Thank You.

-inman2007

[peace]

Yes, Ordinary Indians can open bank accounts in US as visitors. One can transfer , sitting in India US$ 100,000 per year for investment in properties, shares, etc.
without any RBI permission. Any bank like ICICI will do it for you . All you have to do is fill up a simple form and provide your PAN . OF course the rupees have to be in white for conversion. You do not need to open a company to invest in US.

To open an account , you will have to visit US. And to visit US , I suggest you plan a strategy for the interview. Just saying , I am going to invest,
may result in a denial;

Please provide more info for B1/B2 visa application advice;
* Your age roughly, marital status and children?
* Your work in India, your annual income (roughly) that is documented.
* Have you been abroad before/
* Have you ever been denied a visa before?
* Do you have any blood relations or other relatives in US and on what visas?

[inman2007]

Dear Peace

Dear Peace,

Thank you very much for your swift response. I hope the information provided by you will help so many peoples reading this forum including me. Very kind of you. Please find the below reply for your queries.

* My ages is 35, Married, 1 girl doing 1st STD.
* I am a self employed, running a small propreitorship I.T company. The Net profit filed around Rs.4.5 to 5 lakhs per annum. From the last month i am receiving an Rs.x.x amount of rental income per month from my existing properties.
* Yes, 2 to 3 years back i was in malaysia and singapore.
* No. For USA this is the very first time i am planning to apply.
* My wife's own sister is there. I hope J1 visa [ I am not sure, i will verify with them and confirm]. I know both (husband & wife) of them are Phd and involved in some post doctoral medical research sector. They are in USA for less than 2 years.


Thanks & Regards

-inman2007

[peace]

You have positive factors to apply for a business visa; you have family ties in India and you have been abroad before but the negative is your annual profit is not enough for that. Has to be at least one lac per month shown in the balance sheet.
Even for a casual visit for your wife alone , you will need to show 10-12 lacs total income per year , even if your sis in law sponsors.

What is the total net income you can show ( business + rental + any other)?
Is your wife working? What is her salary?

[inman2007]

Dear Peace,

Once again thank you very much for your swift response.

1. My rental income alone will be more than 3 times of the amount what you specified for a casual visit. The market value of my property will be around 60 million ruppess.
2. My Turn over per month will vary from 10 lakhs to 1 crore. For example last month my turn over was 1 crore.
3. My wife is again self employed, she is a software engineer. Of-course right now, she do not have any plan to come along with me. Her net profit filed was around 4 lakhs. Of-course Gross will be around 20 million ruppees

Thanks & Regards

- Inman2007

[peace]

YOu mentioned only 5 -6 lacs company profit /yr in your first post.
that does not sound compatible with a turnover of 10 lacs to one crore/month.


You could go on a business visit provided your balance sheets and tax returns show the turnover you have mentioned. You must also show better profits.

Look for a client in your field of business in US. Exchange emails with the company
getting into serious busniess and you can visit US for an assessment of the deal.

[inman2007]

Dear Peace,

Once Again Thank you very much for swift response. Yes the net profit shown for I.T is aroun 5 lakhs only in the last year. Yes this year i could able make such turn over. And last year my over all turn over was around 2 crore. This huge turn over is for this financila year only.

Well, Do you wnated me to search for a client in I.T industry in USA and with the communication emails, do you suggest me to apply for a B1 Visa,

Thanks & Regards
- Inman 2007

[peace]

Yes. Or You could also show that you are going to visit one of the IT fairs.
Your have very good financial and family ties to India.
You should not have any problems getting a B1 visa if you can show a
genuine business visit.

Everyone gets a "B1/B2" visa whether it is for tourist or a business purpose.
There is no separate B1 or a B2 visa.

Going for a business purpose carries a much better chance of getting a visa
than a casusl trip.

[inman2007]

Dear Peace,

Thank you very much for your informations. I was having a client in US few years back. Right now we do not deal with each other. Of-course, we had a good relationship with them. I am planning to approach them for a invitation letter. I hope they will issue the same, since i offered them excellent remote support for their netowork administration. Well now, i have the following clarrifications,

1) Is there any standard format of Business invitation letter ? and what are the documents the client has to send along with the invitation letter? What details i need to send to the cleint to prpare the invitaion letter?

2) Can i ask for a invitation letter from my relatives also apart business invitation letters ? Any specific format ? What reason they have to mention ? Will it be a advantage or...?

3) Now, In this trip i am planning to (a) Identify and purchase some properties (b) Planning to meet my old client (c) Planning to identify some new clients for my business activities (d) planning to visit friends and relatives. For this i need to travel various locations with in the US. At the time of travel will there be any issues/hurdles or any restriction and etc ? Or what are the papers i need to carry with me for each location ?

Kindly clarrify the above

Thank You

- Inman2007

[peace]

1.It is good you have a past client in US. But just an invitation letter won't do. You must draft a business deal on which you want to deal with your client. Both of you must send some emails back and forth. You must prepare a file showing your company's brochure, balance sheets, tax returns and your client's brochure and the emails you exchanged. And You must remember, that the officers at embassy are very trained and they will ask you all details to make sure the US visit by you is really necessary for your business.If it is only superficial , they may deny. The documents are well mentioned at the US embassy website. Please go to;

http://newdelhi.usembassy.gov/nivbvisas.html

2. DO NOT mention your relatives. It should appear to be a purely business visit.

3.After you enter, no one will ask you about your activities. but you must carry your I-94 card ( that will be given to you by the inspector at entry)
at all times. This is the most important document that will prove your legal status in US ( it carries the visa classification B1 or B2 and the date before which you must leave US) in case someone questions you. You must make photocopies of it and place them in a safe place, in case the original is lost.

And The most important restriction on a B1/B2 is you should not work for money or any benefits.

[inman2007]

Bank accounts

Dear Peace,

Thank you.

1. In the 2nd post, you mentioned that. vistors can open bank account as vistors . In which bank, is there any contact details or URL link avialble ?

2. In the same post you also mentioned that " sitting in India US$ 100,000 per year for investment in properties, shares, etc. ". I was checking with one local bank Forex dept, they are telling that only $5000. One of my friend whos is working in a another bank is telling only $50,000 is allowed for investments per annum. Which is correct ? Is there any authenticated information is avialble for this ?

Thanks & Regards

-Inman2007

[peace]

1.depends on the state you are visiting. bank of america is a common bank which will allow you to open an account showing a passport and a major credit card (visa etc). www.bankofamerica.com you can write them an email if you wish.

2. Till recently the limit was $ 50k but RBI recently(MAY,07) increased it to
$100k under the liberalized remittance scheme.

Read this Liberalised Remittance Scheme of USD 100,000/- for Resident Individuals on the latest page by HDFC bank ;

http://www.hdfcbank.com/personal/forex/forex_rbi_guidelines.htm

I had some more suggestion for you about preparing for the visa; There is also a choice for you TO CONSULT AN IMMIGRATION ATTORNEY, IF YOU WISH, TO PREPARE BETTER FOR THE VISA PROCESS.

[inman2007]

Thank You

Dear Peace,

once again thank you. I am ready to consult the immigration attrorney. Since i personally feel that your suggestions will be right & valid.

The most important fact is i should be in US on 7th OCTOBER 2007

Thank You.

Inman2007

[peace]

please check private message.