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As recently reported by the Financial Times, a Chinese industrialist on the verge of a major high profile takeover has hit out at the United States with claims that he is losing otherwise good investment opportunities due to having his visa rejected on a regular basis.
Given the nickname of China’s “merger king”, Ren Jianxin has so far been at the center of several business acquisitions in counties such as Australia, Norway, France and Israel. However, he’s yet to pick up a high profile deal in the United States due to his visa troubles.
In a recent Financial Times interview, Ren explained the potential consequences of his rejection: “I was scheduled to attend a series of important business meetings in the US in January, February and March, but without a valid US visa I could not make them. Inevitably this has left a bad impression on our potential [US] business partners who may think I am not serious about opportunities there.”
Currently, Ren – ChemChina’s chairman – is set to take control of well-known Italian tyremaker Pirelli, after reaching an agreement that involved ChemChina not only becoming Pirelli’s controlling shareholder, but also splashing the cash with a €7.3bn bid to acquire the entire company.
It was only last year that the US and China made the announcement that they would be issuing very attractive 10-year visa to help promote tourism and commerce between both countries, so why hasn’t Ren been able to take advantage of this great opportunity (to his great frustration)?
Ren said: “I think it’s just a misunderstanding. But without a US visa I have no other option but to travel to Europe and other parts of the world.”
If you’ve ever heard of ChemChina, you may know it’s the country’s largest chemicals group, employs 140,000 people, and has an annual revenue of around $48.3bn. It’s just one of the 120 industrial giants that is directly controlled by China’s central government in Beijing.
Ren claims he previously had no trouble visiting the United States in the times before ChemChina was established, and was even awarded multiple-entry visas. However, after the founding of ChemChina, he made a trip to the US with an industrial delegation – including one Chinese executive who had actually been blacklisted by Washington.
Ren thinks this may explain having his visa rejected so much: “Ever since then, I was repeatedly denied a US visa even though I have been a frequent guest of US government agencies as well as the US embassy [at events] in China.
“It seems a pattern has formed and I am admitted to the US only every other year. One year the US government grants me a visa and the following year they decline my application.”
The documentation and processes involved in successfully obtaining a US investor visa for a foreign beneficiary are complex. As such, a huge number of applications are rejected. That’s where we at Visaplace can help. We have helped thousands and thousands of individuals successfully enter the U.S. and we can help you too!
The first step towards a successful US investor visa application is getting an assessment of your case. Fill out our free immigration assessment form and we will get back to you within 24 hours to discuss your eligibility and options.
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