Undoubtedly, there are myriad of advantages of being an immigrant entrepreneur. From better working conditions to cross-culture experience to more funding resources, you have several benefits as an immigrant entrepreneur.
Even a study proves that immigrants make good business people. According to Harvard Business School, businesses founded by immigrants grow at a faster rate and more likely to survive longer.
However, it does not mean they do not come across any challenge. As an immigrant entrepreneur, I also faced a lot of difficulties. So that you don’t meet the same challenges, I am sharing the issues I dealt with as an Immigrant entrepreneurs along with their solutions. For example, I had trouble finding the right business type to be registered as. After reviewing educational sources I could identify the LLC and S corporation differences, which are the 2 most popular. So without any further delay, let’s get started.
Visa Issues
Although there are some ways, immigrants can get work visas, but the system is full of flaws that need to be reformed.
E-visas are applicable for those living in countries that the United States has a treaty with. Unfortunately, two of the world’s most rapidly developing countries, i.e., China and India, do not have such agreement with the United States. As a result, entrepreneurs have to engage with several visa issues.
Entrepreneurs of these two countries can apply for the H-1B visa.
It is a temporary work visa that allows employers to hire immigrants in specialty occupations. However, if the immigrants have to start their own business, they must find an employer sponsor, which is often challenging to find. So, be prepared for this in advance.
Cultural & Language Barrier
It goes without saying that if you don’t speak the same language as your prospects, it is going to be a big challenge for you as an immigrant entrepreneur.
Although you may find Google Translate helpful to some extent, I wouldn’t advise solely relying upon it. Make sure you have members in your team who have a better understanding of local culture and language. After all, it is necessary to understand how different countries work at different paces.
To overcome these barriers, your business will need to evolve to understand the realities of your new market. Gradually, you will come to know what works best for your company. Also, you will have to reconstruct your business practices as per the new challenges.
Local Competition
As an immigrant entrepreneur, it won’t be easier for you to pull ahead of your competitors. You may have to deal with issues like turnaround times and the issue of dealing with two currencies.
The ideal way to deal with this issue is, build a strong relationship with local companies such as shipping, logistics, and storage to help your business grow. By working closely with local companies, you can make your trading easier.
Tax Codes & Compliance Issue
Dealing with tax can be a big headache alone. Taking care of taxes, fees, and tariffs for international trade can be significant obstacles for most startups. Make sure you’re aware of trading regulations and standards in advance. Failing to meet compliance regulations in the country you’re setting up your business can be big trouble.
Take a sensible and unrushed approach to deal with this issue. Study the details of tax codes and other legal requirements carefully.
Hiring Staff
Hiring staff in the new country can be another significant challenge. Not only will you have to increase overheads but also put trust in new people. Apart from this, there are many other legal hoops to jump into, especially if you’re hiring immigrants.
You need to ensure that your organization is 100% prepared for meeting the increased time demands of your international expansion. You must have the necessary infrastructure in place to handle operations.
Final Thoughts
Immigrating to a new country is not easy. However, with proper planning, you can efficiently deal with these challenges. Hopefully, the tips mentioned above will help you make good entrepreneurs, grow faster, and survive longer.
