Hispanic Chamber of Commerce of Metro Orlando
Visi贸n | 1
A VIP PASS
FOR YOUR
TASTE BUDS. Take a bigger bite of the Epcot ® International Food & Wine Festival with a first-class culinary trip for your senses. Let your taste buds fly as you savor exotic flavors to live entertainment. Sip wines from nearly two dozen wineries. Plus, sample a variety of fare, elegantly prepared by renowned chefs to offer a taste of regions the world over. Throughout the evening, enjoy live performances by cast members from La Nouba™ by Cirque du Soleil ®. Epcot ® admission is required, and advance reservations are recommended.
To purchase your tickets, call
407-WDW-FEST.
disneyworld.com/foodandwine Must be 21 years of age or older to consume alcoholic beverages.
©Disney EPCOT-10-17825
2 | Visión
Hispanic Chamber of Commerce of Metro Orlando SELECT SATURDAY NIGHTS DURING THE EPCOT INTERNATIONAL FOOD & WINE FESTIVAL • SEPTEMBER 30–NOVEMBER 13 ®
What’s Next
P.15
Hispanic Market Potential
What The 2010 Census Revealed By Wilson Camelo
P.8 Think, Plan & React
The Success of a Marketing Campaign
P.19
History Of The EB-5 Program The Good News By Scot A. Silzer
By Hernan Tagliani
P.9
The Income Tax
Taking Advantage Of Tax Provisions
By Newland Associates Group, Inc.
By Peter A. Hilera
P.11
P.21
Holiday Buffet Do’s & Dont’s
By Barbara Bergstrom
From Work To Play
Now That Summer Has Passed By Nelson Camargo
Hispanic Chamber of Commerce of Metro Orlando
Issue #8
Which Is Right For You
Oct-Nov-Dec 2011
Your Resume
P.21
content
P.7 Sunrail
Visión | 3
editorial team Diana Bolivar
Tony Lagos
Giorgina Pinedo-Rolon
Pam Ledford
Editor in Chief
Rollins College
Gio Communications Inc.
Seminole State College of Florida
Iancarlo Suárez
Maritza Martinez
Rosalina Stober
Hernan Tagliani
Creative & Art Director
University Of Central Florida
Hispanic Business Initiative Fund
The Group Advertising
Robert Newland
Angel Aviles
Joshua Johnson
Lizette Valarino
Newland Associates Group, Inc
Conrad Santiago, CFP, MSFS/Ameriprise Financial Services, Inc.
CourseMob
The Idea Factory
Marilen Marnett
Rafael Gerena
Nelson Camargo
Hispanic Chamber Of Commerce
Instruxo
HCCMO Intern
HCCMO staff Ramón Ojeda
Diana Bolivar
President
Vice President
Marilen Marnett Events & Operations Manager
Luisa Garcia
Iancarlo Suárez
Administrative Assistant
Graphic Design & Social Media Coordinator
Christine Peña Marketing & Sales Coordinator
Yuitxa Ramírez Veintidós Office Coordinator
HCCMO board members Executive Board Antonio L. Caravia
Maritza Martinez
Chair Exterior Walls, Inc
Chair-Elect University Of Central Florida
Tanya Easterling Secretary Blue Cross and Blue Shield of Florida Central Region
Luz B. Aviles Treasurer OUC: The Reliable One
Janet E. Martinez Legal Advisor Janet E. Martinez, P.A.
Board of Directors Carlos Castro
Yasmin Tirado-Chiodini
Lucas Boyce
Chad Brandt
Ex-Officio Tirado-Chiodini, PL
Director Orlando Magic
HBIF Representative Colombo, Hurd & Brandt, P.L.
Director Walt Disney World Co.
Jose Cerda
Kari E. Conley
Leticia M. Diaz
David J. Maxon
Director State Farm Insurance
Director Orlando Health
Director Barry University School of Law
Director Progress Energy
Karla Muñiz
Giorgina Pinedo-Rolon
Irma E. Stenman
Diane Young
Director Florida Hospital
Director Gio Communications, Inc
EDC Representative Metro Orlando EDC
Director Universal Orlando
Fashion Square Mall 3201 E. Colonial Dr. Suite A-20 Orlando, FL 32803 407.428.5870
4 | Visión
Hispanic Chamber of Commerce of Metro Orlando
www.hispanicchamber.net
A WORD FROM THE PRESIDENT Hispanics in America
As it has been said over and over, “en la unión esta la fuerza” (“there is strength in numbers”). I invite Hispanic Americans to continue to prosper and work together for the betterment of our local community and to support your Hispanic chamber as we continue to provide leadership and support the economic development of the Hispanic business community of Central Florida. In celebration of Hispanic Heritage Month, join us at Cranes Roost Park in Uptown Altamonte Springs on Saturday, October 15th, for the 3rd Annual Latin Food and Wine Festival. Also, save the date for Saturday, December 3rd which marks our 14th annual Don Quijote Awards at the beautiful Contemporary Resort in Disney. Be on the lookout for more wonderful things from the HCCMO in 2012!
President Hispanic Chamber of Commerce of Metro Orlando ramon@hispanicchamber.net
The 2010 Census counted 50.5 million Hispanics in the United Sates, making up 16.3% of the total population. It is important to note that Hispanics come in all shapes and sizes and should not be stereotyped or underestimated. Since the census numbers were released, we have seen a trend at the HCCMO of companies interested in reaching the Hispanic market. This is good news for Hispanics. It gives us an opportunity to educate those who have, for the most part, ignored our segment of the population by showing them, through hard facts, our buying power and great contributions to the economy of the United States. In 2011, Hispanic spending power is estimated at $1.2 trillion a year according to the U.S. Census. In 2010, Hispanic spending power represented 11% of the total spending power of the US population according to HispanTelligence.
Ramón Ojeda
In the last quarterly edition of VISIÓN Magazine I wrote to you about the number of Hispanics counted in the 2010 US Census and how the Hispanic population has grown tremendously in the United States. This topic is of such importance that I wanted to revisit it with you as Hispanics are becoming more and more relevant to the growth of the economy and politics in this great nation.
trustees
Ramon Ojeda
F o u n d i n g trustees
trustees
Hispanic Chamber of Commerce of Metro Orlando
Visión | 5
Selling Timeshare
There’s nothing average about it. The average income of our Top 50 Sales Professionals in Orlando for 2010 was
209,619
$
To become a Sales Professional with Wyndham Vacation Ownership®, experience isn’t necessary, the desire to create one is. To learn more contact Ieliana Rivera at 407-238-3110 or ieliana.rivera@wyn.com or visit WyndhamJobs.com
6 | Visión
People Make The Difference. EOE. Hispanic Chamber of Commerce of Metro Orlando
21288
Business SUNRAIL IS COMING!
W
ith construction on Central Florida’s new commuter rail project expected to begin this fall, a host of new business and job opportunities will be available for the region’s Hispanic business community.
In recent weeks, for example, the Florida Department of Transportation (FDOT) has approved contracts for construction oversight activities; for the design and construction of improvements to the SunRail corridor; and for the manufacture of SunRail locomotives and passenger cars.
RAIL LINE
AMTRAK PLATFORMS
CFCRT STATION PLATFORMS
AMTRAK PLATFORMS
WINTER PARK Ft. Florida Rd.
Lake Mary
Longwood
Sanford
Deland
Maitland
...Qu
y alit
Kissimmee
Osceola Pkwy.
Poinciana
CENTRAL FLORIDA COMMUTER RAIL - WINTER PARK STATION
e Tim
RAIL LINE
CFCRT STATION PLATFORMS
TOD PLAN 439 SPACE PARK AND RIDE LOT FUTURE RAIL CORRIDOR
Ft. Florida Rd. DeLand
Sanford
Lake Mary
Altamonte
Longwood
Maitland
Winter Park
Lynx y
ORMC Church St.
FL Hospital
Meadow Woods
SAND LAKE RD.
Kissimmee
y alit
Poinciana
Osceola Pkwy.
APRIL 2008
Central Florida Commuter Rail Transit
...Qu
CENTRAL FLORIDA COMMUTER RAIL - SAND LAKE ROAD STATION
e Tim
The Department also expects to advertise for a Fare Collection equipment vendor later this year, and will post for “Industry Review” by the end of the year a proposed contract for the ongoing operations and maintenance of the SunRail system.
SunRail is coming! And so, too, are new job and subcontracting opportunities for the Central Florida business community. Keep your eyes and ears open, and visit the www.sunrail. com website regularly for updates and new information.
Sand Lake Rd.
APRIL 2008
But that’s just the beginning. Several additional contracts are still in the pipeline.
To be sure, government contracts can be a daunting prospect. But to help small- and minority-owned businesses navigate the procurement process, FDOT has contracted with the Blackmon Roberts Group, headquartered in Lakeland. Their services are free of charge, and provide valuable insight into FDOT contracting procedures. Blackmon Roberts can be reached toll-free at 877-450-3237.
Meadow Woods
ORMC Church St.
FL Hospital
Central Florida Commuter Rail Transit
And those companies are now in a position to hire workers they will need to fulfill the terms of their contracts with FDOT. To give job-seekers a leg up, the Department has created an entire “Jobs and Procurement” page on the www.sunrail. com website. The site provides details about the different contracts associated with SunRail, and a “Job Opportunities” box on the right side of the page provides direct contact information, as well as a link, to project managers and Human Resources departments.
On Sept. 2, for example, the Department advertised a Public Involvement-Marketing Services contract. Other job and sub-contracting opportunities planned for SunRail include two separate construction contracts to build parking lots and finish up station platforms. The first of those contracts is expected to be advertised later this year, and the second construction contract next spring.
Lynx y
Altamonte
RAIL LINE
CONDO DEVELOPMENT
ORLANDO EVENTS CENTER SITE
CHURCH STREET STATION CFCRT STATION PLATFORMS HOTEL DEVELOPMENT ORLANDO EVENTS CENTER PARKING ORLANDO CITY HALL
Ft. Florida Rd. DeLand
Sanford
Lake Mary
Altamonte
Longwood
Maitland
FUTURE PERFORMING ARTS CENTER DEVELOPMENT
Winter Park FL Hospital
Lynx y
ORMC
CHURCH ST.
Meadow Woods Sand Lake Rd.
Poinciana
APRIL 2008
Central Florida Commuter Rail Transit
e im yT alit ...Qu
Kissimmee
Osceola Pkwy.
CENTRAL FLORIDA COMMUTER RAIL - CHURCH STREET STATION
Hispanic Chamber of Commerce of Metro Orlando
Visión | 7
Marketing THINK, PLAN AND REACT By Hernan Tagliani
The Group Advertising
T
he success of a marketing campaign relies on a series of controllable and uncontrollable factors that will determine the end result. However, there is one particular element that most marketers overlook all the time and do not pay enough attention to. This is strategic planning. The dictionary definition of strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. The SWOT analysis plays a big role in this process. Knowing your business Strengths, Weaknesses, Opportunities and Threats will help you to respond and be prepared for the outcome of your communications campaigns, changes in market and also competitors’ responses. It is crucial to understand where you are now in the market and where you would like to be. If you are not new in the market, the consumer’s brand perception is very important, too. Most of the time, conducting a focus group will not only help you to prove that your marketing efforts are focused in the right direction, but if you contract an ad agency it also will help the agency understand the psychological aspect of your consumers at time of purchase. This is valuable information to have, especially for the creative team at your agency. An excellent example of this is a case study that our firm conducted with a financial institution. The vice president of marketing called us for help because she was disappointed in her Hispanic campaign response. She had spent a substantial amount of money reaching out to this community through translations that were done by a non-Hispanic agency. When we asked her to describe the bank’s typical Hispanic clientele, she didn’t know enough about them or how often they were using the bank services. Also, there was no strategic plan created by the bank or the other agency. After conducting a focus group, we discovered that Hispanic customers were not happy with the services that were being offered. There was no personalized service and only 3 percent of employees were bilingual. This is information that would allow us to make a plan based on what we know. This is why it is important to strategically plan your marketing campaigns ahead of time. It is crucial to be prepared for the outcome. Success could be in your hands, and it is up to you to use the right tools to reach it.
8 | Visión
Hispanic Chamber of Commerce of Metro Orlando
Professional Development HOW TO MAKE YOUR RESUME RELEVANT By Newland Associates Group, Inc.
T
he resume is a primary marketing piece for all job seekers and often, the first impression with recruiters and decision makers. Generally speaking, there are 3 types of resumes: chronological, functional and hybrid. There are a number of factors that determine when to use a chronological resume versus a functional or hybrid such as employment history, a career change, technical or functional skills and significant accomplishments. In order to determine which resume is right for you, talk to a career coach who will help you evaluate past experiences and skills to create a branding strategy that is unique to you. Do not take this issue lightly – the resume is your initial calling card and it can make or break you job search efforts. Your resume needs to maximize your marketability so that you are the candidate who receives that initial call and eventually gets hired. To do so, there are six main elements that you should consider when creating a powerful and relevant resume. Today we will cover one of the most important ones.
I can demonstrate my abilities in the financial industry.” Or, how about this one, B) “Summary: Banking Executive with 20 years of experience in the financial services industry, including retail banking, commercial lending and real estate. Education includes an MBA in Finance, plus several, industry-related, continuing education programs.” Option A talks about the job seeker’s wants, it is general and provides little information about the value he/she can create for an employer. You may be surprised at how many resumes we see on a daily basis that start with a “Career Objective!” On the other hand, option B gives the potential employer an idea of the job seeker’s background and general qualifications. As the hiring authority, that’s what I want to know. The top half on the first page of your resume is your prime real estate! You need to be able to craft a succinct, compelling message, which will inspire a recruiter to read on. Make sure to start with a Summary, and make it a good one!
If you are hiring a bank manager, which statement makes you take note? A) “Career Objective: Experienced Banking Officer, looking for an opportunity with a world-class organization where Hispanic Chamber of Commerce of Metro Orlando
Visión | 9
HISPANIC BUSINESS & CONSUMER EXPO
SAVE THE DATE Orange County Convention Center West Building - 9800 International Drive - Orlando, FL 32819
FRIDAY - SUNDAY 8-10 JUNE 2012 10 | Visi贸n
www.HBCExpo.com
Hispanic Chamber of Commerce of Metro Orlando
HOLIDAY BUFFET by Barbara Bergstrom Greetings: Voice . Image . Communications
Wear shoes and STOP eating and drinking in the Buffet Line! Please! I didn’t realize how urgent and important this message is until I recently attended a major event where a buffet meal was served and I was horrified – really shocked by the conduct of most of the attendees. Hispanic Chamber of Commerce of Metro Orlando
Visión | 11
Business Etiquette Some examples of gross behavior which are at the top of the “Never Do” list are shared with you in an attempt to bring this unacceptable behavior to your attention. Each of the following examples was observed by me at just one event, but are repeated time and again on many occasions. When the invitation to dinner was announced by the Master of Ceremonies, you would have thought the flood gates opened as a sea of humanity rushed en masse toward the food stations. I actually thought people were going to trample each other as they pushed and shoved to get in line. It was, what appeared to be, a group heading for food supplies after a national disaster. There was very little restraint visible to this observer. For their own protection, some guests remained at their table rather than risk being injured in the rush – or so I thought. I later found they had given orders to their table-mates to bring back several orders of food. That would be a no-no unless one was assisting the disabled. As I took my life in my hands and joined the hordes, I found myself in a lengthy queue which became even longer because dozens in front of me invited their friends and neighbors to cut in line. Much to my dismay, I saw guests picking up food from the serving table and actually standing, even walking and eating right there. Crumbs were falling from their mouths and back onto the table and into the food display. Please dear readers, NEVER eat anything while at the buffet or while standing in line. My next shock came when I saw dirty drink glasses and wet paper napkins placed on the buffet table, in the middle and around the food arrangements. I thought I was in a different world and I certainly was. I went to a server standing nearby and asked him to remove the dirty drink glasses. He hastened to oblige with apologies flowing. He also stated, “it happens all the time. People today only think of themselves.” It is highly improper to carry a drink while in a buffet line. Do I actually have to say don’t put anything used on a buffet table where food is being presented and served? I watched a man take a plate and shove it into some chips using it as a shovel so the plate was piled high. Speaking of piled high, the guests piled their plates so high with food; they had to juggle with two hands to carry it all back to the table seating. You would have thought they hadn’t eaten for days and this was the only opportunity. Please take a petite sampling of the food selections and after everyone has been served, it is permissible to return for a second helping. Very often, as was the case at this event, three tables are set for appetizers, entrée and dessert. Many people were eating the first course while in line approaching the table for the next course or putting all the courses, even dessert, on one plate. Dirty plates ended up on the buffet table along with clean plates to be used for the current offering.
12 | Visión
Hispanic Chamber of Commerce of Metro Orlando
An errant meatball crossed my path and I knew in a flash things were out of control. Strewn among the fabulous jewelry were vestiges of toast points. It was also obvious that the proceeding cocktail hour had fatigued a few who stood sans shoes as they invited their friends to join them in line. I re-read the invitation to this clearly business event, which some chose to ignore. The purpose of the affair was business, but people brought uninvited children and strollers to impose on the guests at this clearly adult function. This event was just one occasion but unfortunately, the scene is repeated at weddings, luncheons and numerous special events. The object of the buffet service is to serve many people in a rather short period of time as efficiently and gracefully as possible. If you are responsible for a function where buffet service is the main source for food, there are a few protocols, in addition to the ones mentioned, which must be observed. Tables should be numbered and guests invited to partake in groups by the room captain or other appointee. Guests seated at the head table or at reserved tables such as major sponsors or honorees are served first. Also, persons with disabilities should be considered and accommodated. Insure the stations are two sided to help with the traffic flow and avoid congestion and long lines. For those who don’t get the message about not carrying drinks, place an easily bussed service tray near the buffet line on which to place used glasses, napkins, paper umbrellas and tooth picks. The way to avoid self-service shoveling is to have each station staffed. This makes for a more efficient and elegant service. Eat a little something before you attend and remember an open bar is not an invitation to over-indulge. Your hosts have provided a lovely event which your behavior can turn into a very unpleasant occasion. Don’t think your conduct is not being observed. Remember your thank you note and to turn a phrase, “You are how and what you eat.”
presented by:
www.LatinFoodandWine.com GRAND TASTING • OCTOBER 15, 2011 • 4:00PM - 10:00PM
Cranes Roost Park - Uptown Altamonte Springs, Florida
ROYAL PRESS
MARKETING SOLUTIONS www.RoyalPressOnline.com
PREMIER INDOOR SOCCER ARENA
WWW.FACEBOOK.COM/INDOORORLANDO
Hispanic Chamber of Commerce of Metro Orlando
Visión | 13
14 | Visi贸n
Hispanic Chamber of Commerce of Metro Orlando
HISPANIC
MARKET
POTENTIAL What the 2010 Census Revealed
by Wilson Camelo, Bauza & Associates
T
he latest census revealed that one out of two people added to the U.S. population from 2000-2010 is of Hispanic origin/descent. Florida’s Hispanic population increased 57.4 percent to about 4.2 million, and Orange County is now about 27 percent Hispanic. What do these statistics mean to businesses, the economy and beyond? Hispanic purchasing power is expected to reach $1.5 trillion, according to the Selig Center at the University of Georgia. In Orange County, the Hispanic purchasing power is estimated to be $12-$15 billion, according to the Hispanic Chamber of Commerce.These figures are only relevant if you know how to effectively – and efficiently – tap into the Hispanic market’s potential. Who is my Customer? One of the main ways to be effective and efficient with marketing dollars is to verify who your actual and potential customers are. Be honest with yourself - if it’s been a while since you’ve studied your customer profile, with the rapidlyshifting demographics in central Florida, it is likely that today’s customer is starkly different from the customer you initially catered to. In some market categories – such as electronics, automotive, telecommunications, food and retail – Hispanics represent the majority of the category growth. According to the Pew Hispanic Center, the average age of Hispanics in Florida is 33 years of age compared to 46 years of age for the non-Hispanic Whites. This means Hispanics can also be your long-term customer. If you are using old customer models, it could very well mean that you’re spending the same amount of money to reach a smaller percentage of the market. It’s the Allocation, Stupid! Borrowing from James Carville’s famous line during the 1992 presidential election, “it’s the economy, stupid.” We sometimes don’t realize the obvious until someone points it out. This is often the case when budgeting for Hispanic marketing. If you Hispanic Chamber of Commerce of Metro Orlando
Visión | 15
Cover Story
do not think you have the budget, please allow me to point out the obvious: You do have a Hispanic marketing budget; you may just be spending it in the wrong places. Going back to my point above, allocate to your budget to your current and potential customer base. In other words, if you realize your current and potential customer base is 30 percent Hispanic, then allocate that or as close to that for your Hispanic market outreach. This is more important and relevant to your bottom line than just allocating your budget to the percentage of Hispanics the Census estimates for a population area. Otherwise, you are essentially spending 100 percent of your budget to only reach 30 percent of your market, in this example. While adding additional dollars to a budget is every marketer’s request during budget season, the reality is most will again be asked to do more with less. Your competitors are likely in the same boat, and you could have a leg up on them by efficiently investing in new and emerging markets when they are simply cutting. The way to be most efficient with the marketing dollars at your disposal is by understanding your customer base and allocating appropriately. Hispanic Marketing Does not Equal Spanish Marketing Being efficient with your marketing dollars will not get you very far if the approach to marketing to Hispanics is to simply translate existing campaigns and change the images to those reflecting
16 | Visión
Hispanic Chamber of Commerce of Metro Orlando
the Hispanic community. We have all heard funny stories about bad and embarrassing translation gaffes perpetrated by major companies over the years. However, even a grammatically correct translation may not necessarily resonate with the Hispanic market. Why? Because of culture and, more precisely, the culture’s influence on purchasing decisions. It is a more important consideration than English versus Spanish. In their “Latino Identity Project,” the Association of Hispanic Advertising Agencies (AHAA) outlined how language is not the single most important definer of Hispanic identity. Instead, our identity is comprised from a set of interrelated contextual factors that are as complex and fragmented as the general market. Simply put, just as a 12 year-old girl is culturally different from her 60-year-old grandfather (even if they speak the same language and are the same race or ethnicity), so too are Hispanics different than non-Hispanics. The contextual factors the project outlined, included our interpersonal orientation, our time and space perception, our gender perception and spirituality. It demonstrated that there are certain qualities that may be familiar to all of us like collectivism, “familismo” or “simpatia,” it is the interconnectedness – not just their mere presence – that challenges conventional views of what makes a Latino a Latino.
Cover Story Hispanics have different cultural norms than non-Hispanics, we often have different associations with products and product categories, certain common services found here are not found or are completely different where we come from, etc.
Companies can no longer afford to sit idly and ignore or underserve the Hispanic market. The good news is that there are still first-to-market opportunities for some brand categories and certainly for regional and local companies. The first step is to take the first step if you haven’t already. If you have, it is to ensure that your messaging is culturally relevant and you are allocating budgets appropriate. No longer can marketing to Hispanics be relegated to tactical events, Hispanic Heritage Month celebrations, translations or diversity initiatives. They must be an integral and engrained part of an overall marketing strategy.
Transcreate, don’t Translate This is where the concept of transcreation comes into play. Translation focuses on translating from one language to another, transcreation focuses on cultural adaptation of a marketing campaign to cater to a target audience. Transcreation adapts a brand, its attributes and its messages in a way that will connect and not just reach Hispanics.
Wilson Camelo is partner at Bauzá & Associates, a full-service marketing agency specializing in reaching Hispanic and multi-cultural markets with offices in Orlando, Hartford and Boston. He is also the author of latino lingo, the longest-running blog focused on the Hispanic market, and can be followed on Twitter at @wilo37.
When general market campaigns are developed they take into consideration the habits and characteristics of the general market consumer. The Hispanic consumer can and does have different habits and characteristics. This is why a focus on language will only yield marginal results at best. Effective marketing to Hispanics takes into consideration a product or brand’s attributes and combines them with an understanding of the critical habits and characteristics of the Hispanic consumer. This requires specialized expertise and not just a person who speaks Spanish. This is why letting Spanish-speaking staff translate marketing materials will also only yield marginal results at best. A serious marketer would never take a Spanish-language campaign and ask an English-speaking front-line employee to translate it to English, but somehow the reverse is an accepted practice. Seek experts that are not just bi-lingual but that are bi-cultural with marketing and business know-how. The Time Has Come By 2042 Caucasians will be the minority in the United States. Florida continues to show 50 percent population growth trends. Hispanic Chamber of Commerce of Metro Orlando
Visión | 17
When it Comes to Sustainability… How Does Orlando’s Nationally Recognized Science Center Measure Success? In the energy it creates… The Orlando Science Center partnered with OUC—The Reliable One to build a rooftop solar array that generates renewable energy and helps power the Dr. Phillip’s Cinedome. This solar array is also used to educate visitors about the benefits of renewable technologies, showing that becoming more sustainable means measuring what matters... and energizing future generations. To learn how you can use the power of the sun to energize your home or business call 407.434.2263 or email green @ouc.com.
™
™
“
™
Visit www.ouc.com or email green@ouc.com 18 | Visión
Hispanic Chamber of Commerce of Metro Orlando
The Orlando Science Center is a great place to engage people in hands-on exploration of science, but we can also be a strong community forum for how we can all ™ use science and technology to make our world better. OUC—The Reliable One is helping us achieve that goal.
”
– JoAnn Newman, President of the Orlando Science Center
Immigration HISTORY OF THE EB-5 PROGRAM By Scot Silzer
T
he EB-5 program was created in 1990 for the purpose of stimulating the United States economy through job creation using capital investment by foreign investors. Over the last 20 years, the program has lost touch with its origins and developed a culture of “NO.” Recent signs portray a definite shift in this institutional attitude. On January 31, 2011, President Obama launched a new program called Startup America: Entrepreneurs embody the promise of America: the idea that if you have a good idea and are willing to work hard and see it through, you can succeed in this country. And in fulfilling this promise, entrepreneurs also play a critical role in expanding our economy and creating jobs. Startup America is an initiative to accelerate high-growth entrepreneurship throughout the nation. Small businesses create the lion’s share of new jobs in every sector in America. Startups have a history of turning into leaders for cutting edge technology
SilzerLaw Chartered
and innovative fields that create new industries to solve the global challenges of the 21st century. The most recent good news is that there is a current on-going attempt to reverse that culture of “NO” and return the EB-5 and other immigration related entrepreneurial programs to their original roots of encouraging foreign investments. On 2 August 2011, Secretary of Homeland Security Janet Napolitano and U.S. Citizenship and Immigration Services (USCIS) Director Alejandro Mayorkas outlined a series of policy, operational, and outreach efforts to encourage full use of EB-5 and other immigration related investment programs. Director Mayorkas stated: Current immigration laws support foreign talent who will invest their capital, create new jobs for American workers, and dedicate their exceptional talent to the growth of our nation’s economy. USCIS is dedicated to ensuring that the potential of our immigration laws is fully realized, and the initiatives we announce today are an important step forward.
Hispanic Chamber of Commerce of Metro Orlando
Visión | 19
Immigration Types of Investment
EB-5 Process
The EB-5 program offers three different investment vehicles:
The EB-5 process is a three-step process:
1. TEA (Targeted Employment Area) or RA (Rural Area). The investment must be made in an area of high unemployment (TEA) or within a specified rural area (RA). The investment threshold is $500,000.00 per investor.
Step 1: The I-526, Immigrant Petition by Alien Entrepreneur, sets forth all the circumstances of the investment, establishment of the business, where the money came from, how the money is to be invested, and how the jobs are to be created. An excellent business plan is the keystone to a successful I-526. Not only will the business plan serve as a road map for the investment, it will also be the gauge by which USCIS will measure the success of the investment during the final Step 3. Step 1 currently takes about 6 months to complete once filed. However, weak or poor supporting documents can delay that time considerably. In addition, many I-526 cases take several months to prepare because obtaining and reviewing documents to support the application’s assertions can be time intensive. Consequently, the approval of the I-526 may take more than a year from the time the investor chooses that route to permanent residency.
2. Outside TEA or RA. This investment is made outside a TEA or RA. However, the investment threshold is $1 million per investor. 3. Regional Center Program. This investment is made in enterprises that have been approved by the federal government. The investment can be either $500,000 or $1 million per investor, depending upon the program chosen. One of the advantages of the Regional Center Program is that the requirement regarding the creation of jobs is easier to meet. There are over 100 different approved Regional Centers. Choosing the center with the best fit requires due diligence on the part of the investor, as centers vary considerably in location, expected rate of return, risk associated with the investment, and history of successful EB-5 applications.
Program Requirements The EB-5 program has many significant requirements that can be almost onerous to meet. Consequently, it is very important to consult with an experienced attorney to provide the best opportunity to achieve success with the investment. The general requirements are: 1. Invest the requisite capital amount ($500,000 or $1 million, depending upon the program chosen). 2. Investor must be an active participant in the operation of the business. However, investments in the Regional Centers and certain other corporate structures may permit investors to qualify without having significant managerial roles. 3. The investment must create a “new” business, rescue a troubled business (strict requirements apply), or restructure an existing business into a new commercial enterprise. 4. The investment must be from a lawful source of funds. This can be a difficult requirement to meet as the actual source of funds must be proven, not simply that they are in a bank account. 5. The investment capital must be at risk. There can be no guaranteed redemption agreement or redemption that begins prior to the end of the 2 year conditional residency.
Step 2: Once the I-526 is filed and approved, the investor and his family must either file Form I-485, Adjustment of Status, if they are inside the United States, or file appropriate documents to process their permanent residency at the Consulate nearest to their home. This process ensures that all applicants have complied with U.S. immigrations laws, do not have criminal backgrounds, and are not suffering from certain contagious diseases. Once this Step is approved, the investor and family receive their “green cards.” However, this status is only temporary, considered to be “conditional,” and lasts for two years. During this conditional two year period, the investor makes and maintains the investment as specified in the business plan, hires the 10 workers, and generally complies with the EB-5 requirements. Step 3: At the end of the two year conditional period, the investor must file form I-829 Petition by Entrepreneur to Remove Conditions. This form and supporting documents will demonstrate that the investor made the investment as originally contemplated, maintained the investment as originally conceived, hired the required 10 workers, and otherwise complied with the EB-5 requirements of the investment. Once the I-829 is approved, the investor is free to continue with the investment, change the investment, or withdraw the investment as permitted by the investment enterprise, all without jeopardy to the permanent residency previously granted. This information is for general explanatory purposes only and should not be relied upon as legal advice. Receipt of this information does not constitute the establishment of any attorney - client relationship, nor is it intended to be an endorsement or recommendation of any kind.
6. The investment enterprise creates at least 10 full time jobs. Legal and administrative expenses for the initial investment may run as high as $60,000.00 at Regional Centers, but less if you establish your own business. Once the investor qualifies for a green card in this manner, spouse and children under age 21 are also eligible for residency at the same time as the investor.
20 | Visión
Hispanic Chamber of Commerce of Metro Orlando
This article was brought to you by chamber member SilzerLaw Chartered, courtesy of Scot A. Silzer and Camila Pachon, a law firm that specializes in creative solutions for creative and entrepreneurial people.
Taxes TAKING ADVANTAGES OF TAX PROVISION EXPIRING AT THE END OF 2011 By Peter A. Hilera CPA – Tax Partner
Berman Hopkins Wright & Laham CPAs & Associates, LLP
“
The hardest thing in the world to understand is the income tax.” -- attributed to Albert Einstein. However, the income tax does not have to be difficult; a tax accountant can help you navigate some of the complexities that small business owners encounter.
eligible for Code Sec. 179 expensing. Qualified real property can be either: (1) qualified leasehold improvement property, (2) qualified restaurant property or (3) qualified retail improvement property.
What can you do to save a few tax dollars this year?
Note that the 100% bonus depreciation and the Section 179 expensing can be used in conjunction to provide the business with the most beneficial and tax favorable outcome.
Be mindful of the following tax provisions that will expire on 12/31/2011. • New Employees - Under the Work Opportunity Tax Credit (WOTC) if you hire qualified employees, you can expect to receive a credit on your business income tax return based on the wages paid.
• More Rapid Deductions - If you recently opened a new restaurant, or invested capital in significant improvements, you may be able to write-off the costs of the leasehold improvements over 15 years, rather than the longer normal time period of 39 years.
• Bonus Depreciation Deduction - If you purchase any new equipment (computers, office furniture, machinery, etc.) you can deduct 100% of the cost using bonus depreciation. For the property to qualify, it must be purchased before January 1st, 2012 and not be used property. In other words, brand new equipment.
• Research Tax Credit - Are you a growing business spending money on research and development? If so you can benefit from the Research Tax Credit. The expenses associated with the research can yield a credit that will reduce your businesses tax liability dollar for dollar.
• Section 179 Deduction - Often times a business does not purchase brand new equipment. If this is the case all is not lost. You can still write off a significant amount of the costs. This writeoff is done under what is called Section 179 expensing. For 2011 a business can expense up to $500,000 of any equipment or fixed assets placed into service before 12/31/2011.
• Wage Credit - Where is your business located? If the location of your business falls within an economically depressed ‘Empowerment Zone”, you may be eligible for special tax incentives, including a 20% wage credit among other benefits. Ensure that you are seeking ways to take advantage of the IRS “tax breaks” by 12/31/11 in order to lower your 2011 tax bill.
Additionally, if placed into service in a tax year beginning in 2010 or 2011, up to $250,000 per year of qualified real property is Hispanic Chamber of Commerce of Metro Orlando
Visión | 21
From Work To Play NOW THAT SUMMER HAS PASSED, WHAT IS THERE TO DO IN THE FALL? By Nelson Camargo
HCCMO Intern will stop at several of Orlando’s hotspots and share reports of paranormal activity. Since you will be making your way through several pubs and bars, it would be unfair to tempt you and not allow you to purchase your favorite drinks. So, as an added bonus, you will get to enjoy your favorite drinks at happy hour prices for the duration of the tour. Want to experience some culture? Not feeling the Halloween Spirit or you would like to try something different? Don’t worry, because there is still much to do in Orlando. The Orlando Shakespeare Theatre will be perfect for you this fall. They will be running phenomenal plays this year, including “The Importance of Being Earnest”, the musical “Miss Nelson is Missing” and the 2009 Tony Award winner for Best Play, “God of Carnage”. You can also visit the Enzian theatre, Central Florida’s only full time alternative cinema. If you’re feeling nostalgic or maybe you’re just tired of the films in theatres now, then you should visit the Enzian where they showcase classic and independent films. They will be having several film festivals running this fall, including the South Asian, Jewish, and Brouhaha film festivals.
Halloween fun: It wouldn’t be fall without Halloween and it wouldn’t be Halloween without Universal Studios Halloween Horror Nights. The theme park will transform into a haunted park filled with horrific ghouls and goblins parading through the park as you make your way to the terrifyingly filled haunted houses. Halloween Horror Nights will be running from September 23 to October 31. Also, don’t forget about Mickey’s Not So Scary Halloween Party at Magic Kingdom starting September 13-October 31. If you can’t get enough Halloween excitement at the theme parks, then you might want to check out the Central Florida Zoo and Botanical Garden October 22nd as they present Zooloween. There will be a haunted train ride, a live band, creepy carnival games, a haunted laboratory, and even Laser Hunting for Zombies, in case you want to brush up on your technique for when the Zombie Apocalypse hits. This event will prove to be fun for the whole family. If you are one of those people who are into the paranormal, you might want to check out the “Last Call…” haunted pub tour, taking place October 21st and 28th from 8pm to 10pm in Downtown Orlando. This event is exclusively for people 21 and up, so you will have to leave the little ones at home and make it up to them another day. The tour
22 | Visión
Hispanic Chamber of Commerce of Metro Orlando
Need some fresh air? Maybe you want to be outdoors this fall and take in the fresh air. Well, what better way to celebrate the fall than with the 3rd Annual Latin Food and Wine Festival. This year, the festival will be held in Cranes Roost Park in Uptown Altamonte on October 15th from 4pm to 10pm. For more information, visit the website at www. LatinFoodandWine.com. Come join us in celebrating cultural diversity all while enjoying Latin cuisines and entertainment. If you want something relaxing, you can always take a stroll down one of Central Florida’s scenic outdoor attractions, like the Harry P. Leu Gardens, Bok Tower Gardens and the Albin Polasek Museum & Sculpture Gardens. Each of these have incredible and beautifully presented sights that you can’t help but enjoy (especially if you’re feeling a bit stressed). Still want more? Well, then the water is where you need to be. Enjoy a fantastic scenic boat ride through the lakes of Winter Park or the St. Johns River boat tours. There you will view incredible water sights and amazing wildlife. There is literally, something for everyone this fall. So get out there and enjoy yourself. Enjoy the indoors and the outdoors. Just enjoy Orlando.
FEATURING THE CULTURE OF THE:
DOMINICAN REPUBLIC CUISINE ● CULTURE ● ENTERTAINMENT
Century Link University of Central Florida
Presented by:
SM
Banco Popular Barry University School of Law Colombo, Hurd and Brandt, PL Conrad Santiago & Associates/ Ameriprise Financial Killergrafix SunTrust Bank, Inc
Hispanic Chamber of Commerce of Metro Orlando
Visión | 23
The Hispanic Chamber of Commerce of Metro Orlando offers you the resources that your company needs for healthy growth and strong business connections.
24 | Visi贸n
Hispanic Chamber of Commerce of Metro Orlando