The L1 visa is a type of nonimmigrant work visa that allows multinational companies to transfer employees from their foreign offices to their offices in the United States. The L1 visa is designed to facilitate the transfer of managers, executives, and specialized knowledge employees to the United States for temporary periods of time.
To be eligible for an L1 visa, the applicant must have worked for the multinational company for at least one year within the last three years in a managerial, executive, or specialized knowledge capacity. The L1 visa can be granted for up to three years initially, and can be extended for up to a maximum of seven years for L1A managers and executives, and five years for L1B specialized knowledge employees.
One of the advantages of the L1 visa is that it allows for dual intent, which means that the visa holder can simultaneously apply for permanent residency in the United States without jeopardizing their L1 status.
The L1 visa also allows spouses and unmarried children under the age of 21 to accompany the visa holder to the United States under L2 status, which permits them to work and attend school in the US.
Overall, the L1 visa is a useful tool for multinational companies to transfer their key employees to the United States, while also providing opportunities for their families to join them.
For more information on buying and selling a business and how immigration plays in both contact Tampa Business Broker Michael Shea at 321-287-0349 or email mike@tworld.com