Francine Prewitt is the founder of Prewitt Law, a New York law firm specializing in business law and immigration law. Francine mainly helps foreign entrepreneurs and start-ups to set up their company in the United States.
Why is New York the perfect place to launch a startup?
New York is the investment center of the US. The largest multinational companies are found in the city. It has a well-established global reputation in the business world. In addition, New York is a cosmopolitan city. As cultural diversity is a catalyst for innovation, New York is the city par excellence for creating a start-up.
What are the three most important things to start your business in New York?
To make your start-up project a reality in New York, you need:
a) patience: give the startup enough time to develop; do not give up on your project when you are faced with the difficulties that will inevitably arise.
b) Flexibility: You must also be flexible, do not hesitate to adjust your business to adapt to the needs of your customers or overcome the difficulties encountered
c) a good team: surround yourself with competent and motivated people
Are there any programs that support start-ups in New York?
There are, indeed, programs in New York that encourage the creation of start-ups, for example the "Empire State Development" which is a New York state initiative that offers tax breaks to certain start-ups .
What are the procedures to launch a start-up?
The procedures depend on the status of the applicant. For a US entrepreneur, or at least a green card or work permit holder in the US, you just need to start a company. However, if you are a foreign entrepreneur, you must obtain an investor visa that authorizes you to work in the United States in addition to creating a company.
What are the procedures for foreign investors?
Any foreign entrepreneur is unfortunately not able to obtain an investor visa for US. The first thing to do is to find out if your country has signed an investment agreement with the US. Once the existence of an investment treaty is confirmed, you must build your investment dossier and apply for a visa at the US consulate in your country. If your visa application is accepted, you settle in the US to develop your start-up.
Is there a minimum capital required for a successful application?
There is no minimum official amount required to receive an investor visa. However, consuls often ask to see an average of $ 100, 000 to ensure the viability of the project.
What types of start-ups would gain the most from being in New-York?
Start-ups in the field of finance and technology, but also consulting and start-up companies in the field of fashion and art
What are the biggest difficulties faced by entrepreneurs?
The main difficulty is the financing of the company: you have to have enough capital to support the activity of the startup until it starts producing income. One needs to anticipate in advance and leave room for contingencies.
