When it comes to international notoriety, perhaps no other state is as immediately recognizable as New York. New York City, in particular, is the ultimate source of Americana, and most people can instantly identify landmarks like Times Square, the Empire State Building, and the Statue of Liberty without ever having set foot in the United States. For immigrant entrepreneurs, New York’s bustling metropolitan atmosphere offers a wealth of opportunities, regardless of the industry they plan to enter.
New York is a true melting pot of cultures, a hub for several industries, including media, finance, art, fashion, education, entertainment, and research, and is an exceptional choice for foreign entrepreneurs prepared to handle the New-York-minute pace. As of 2015, New York State was home to about 19.8 million people, making it the fourth-most populous, and seventh-most densely populated state in the nation. New York’s median household income was $58,878 in 2014; $5,221 higher than the household income for the United States as a whole. Its citizens are well-off, and can afford to purchase the exciting new products and services offered by immigrant entrepreneurs.
New York City Overview
Foreign entrepreneurs seeking to tap into prosperous markets and experience the diversity and excitement of big-city life need look no further than New York City. NYC had approximately 8.55 million residents in 2015; over 40% of the State’s population, and The New York City Metropolitan Area is one of the most heavily populated urban centers in the world. It is the most populous city in the nation and the foremost gateway for legal immigration to the United States. According to the United Nations’ City Prosperity Index, New York City is the world’s most economically powerful city, excelling in all of the criteria set and coming out on top in 3 of the 5 categories set. As a global city dedicated to international cooperation, it is home to the United Nations Headquarters. New York City is a center for international diplomacy and has been called the financial and cultural capital of the world. All of these factors combine to make New York City an excellent destination for foreign entrepreneurs seeking to obtain an E-2 Treaty Investor Visa, E-1 Treaty Trader Visa, L-1 Intra Company Transferee Visa, or an EB-5 Direct Investment Visa, who will operate with both a local and international outlook.
Immigrants in New York City
New York City has a thriving international community of foreign-born immigrants, which is mostly comprised of Latin Americans (about 2,204,766 in 2014), and Asians (about 1,264,610 in 2014), followed by Europeans (about 736,523 in 2014). In the wake of NYC’s popularity with immigrants and foreign entrepreneurs, neighborhoods like Manhattan’s renowned Chinatown, the largest district of Chinese people in the Western hemisphere, and Little Italy have sprung up, giving immigrants the opportunity to experience a sense of community while still belonging to the fabric of the metropolis as a whole.
Support for Immigrant Entrepreneurs
When it comes to their long-term success, immigrant entrepreneurs will find plenty of support in New York City. The city hosts programs like Competition THRIVE, which seeks to “develop innovative strategies and programs that help immigrant entrepreneurs succeed in business.” Competition THRIVE offers $100,000 in annual winnings to the organization it deems most likely to create schemes that promote development opportunities for New York City’s immigrant-entrepreneurial community. The ideal winner has inventive plans that will enable immigrant entrepreneurs to open, run, and expand their businesses in New York City. The International Innovators Initiative (IN2NYC) is also based in NYC. This program connects immigrant entrepreneurs who want to relocate or expand their business to NYC with City University of New York schools in order to increase their eligibility for the H-1B visa and other visas. In order to support immigrant-owned small businesses, the NYC Department of Small Business Services offers cost-free business courses in Spanish, Chinese, Russian, Korean, Haitian, Creole, French, Bengali, Urdu, and Arabic in each of the city’s five Boroughs. Programs like these recognize the economic value, talent and fresh perspectives that immigrant and foreign entrepreneurs bring to the table, and aim to tap into this resource to improve the community as a whole and encourage cooperation that mutually benefits all involved.
For foreign entrepreneurs with long-established reputations, and for those looking for a fresh start in a new industry and new country, New York provides a wealth of opportunities. The State has organizations in place that are designed to help immigrants develop their skills and their businesses from the ground up, and its atmosphere is welcoming towards innovators and up-and-coming leaders in every industry and specialty from every corner of the globe.
About the JDC Consultancy U.S. State Featurettes
Moving to the United States to make a new start as a foreign entrepreneur is a challenging process. U.S. visa applicants face a huge number of critical decisions before submitting their visa application, one of the most important of which is deciding which State will offer the best environment for their business to grow and thrive, and provide the optimal environment for their families. Each State has its own opportunities and industry specializations, and a company that sees tremendous growth in one State might not see the same results in another.
In order to help its clients decide which State will serve as the most advantageous home base, both for their businesses and their families, and further streamline the visa application process, JDC Consultancy publishes brief overviews of what each State has to offer its immigrant entrepreneurs. These featurettes showcase each State’s strengths, in this case, New York, and provide valuable insight and statistics to help immigrant entrepreneurs make the all-important decision of which State they, and their businesses, should call home.