Swiss Startups in the U.S. Market: Visas, Growth & Expansion

Expanding into the United States remains one of the most attractive yet challenging growth steps for Swiss startups. Today, with shifting immigration rules, changing tax incentives, tariffs, and regional differences across the U.S., that complexity is even more visible. In the recent Swiss Startup Association webinar explored how Swiss startups can approach U.S. expansion with greater clarity, highlighting the early structural choices that have lasting consequences.

The discussion featured Naveen Rahman Bhora, Partner at WR Immigration, Marc Thurner, Founder and CEO of MimiX Biotherapeutics, and Steven Ratmeyer, Partner at Rödl & Partner USA, who shared practical guidance on what Swiss founders need to get right early and where missteps tend to be most costly.

Visa fundamentals and why startup structure matters

Naveen opened the session by clarifying a point that is often misunderstood. A visa is a travel document issued by a U.S. consulate, while immigration status defines what someone is allowed to do once inside the country. For startup founders and employees, this distinction is critical. Compliance failures often start with small oversights such as misunderstanding visa validity, admission periods, or I-94 records.

She stressed that startup founders should expect longer timelines due to mandatory in-person interviews at U.S. consulates and should plan visa strategies well in advance. Just as importantly, the way a company is set up in the U.S. determines which work visas founders and employees can actually apply for. For example, some visas require a U.S. subsidiary, specific ownership percentages, or an existing foreign parent company.

Visitor visas versus work visas

Many startup founders initially enter the U.S. as business visitors under ESTA or a B-1 visa. This is permitted for meetings, conferences, and contract discussions, but not for managing operations or performing productive work. Crossing that line is a common and risky mistake.

For long-term expansion, Naveen highlighted the L-1 and E visa categories as the most relevant options for Swiss startups. The L-1 enables intracompany transfers when a Swiss company opens a U.S. affiliate, while the E visa relies on treaty eligibility and requires at least 50 percent Swiss ownership. Each path has different timelines, renewal requirements, and strategic tradeoffs that should be assessed early.

Alternative visa options such as the H-1B and O visas were also addressed. The H-1B has become less attractive for startups due to the annual lottery and the recently introduced $100,000 fee for new filings. By contrast, the O visa can be a strong option for founders with exceptional track records, patents, or recognized scientific achievements.

Visa planning and corporate planning go hand in hand. Startup founders often need to incorporate in the U.S., secure office space, open bank accounts, and hire employees before even filing a visa application. This creates a high-stakes moment that demands both financial resources and strong commitment.

A founder’s perspective on entering the U.S. market

Mark recounted the journey of MimiX Biotherapeutics, a Swiss medtech startup that came to view the U.S. market not merely as an option but as essential. For chronic wound care, the U.S. offers the largest patient population, the strongest reimbursement systems, and the fastest regulatory pathways.

Initially focused on Europe, MimiX shifted its strategy to the U.S., incorporating a Delaware C-Corp headquartered in Florida and pursuing FDA clearance. This transition involved navigating a complex shareholder structure and working closely with legal and regulatory advisors.

One strategic move proved particularly impactful: MimiX relocated key parts of its production to the U.S. to qualify as “Made in America,” a requirement for selling to the Veterans Affairs hospital system. This not only improved market access but also minimized risks from potential future tariffs, even though tariffs were not the original driver.

Practical pain points founders underestimate

Mark highlighted several operational realities that often surprise European startup founders. Opening a U.S. bank account without an EIN can stall fundraising and create existential cash-flow risks. Government shutdowns, customs delays, and strict documentation requirements can all slow execution if not anticipated.

He also noted that “Made in America” labeling requires more than final packaging. In many cases, meaningful manufacturing or final process steps such as sterilization must take place domestically to support the claim.

Tax incentives and common traps

From a tax perspective, Steve outlined why the U.S. can still be attractive for startups. Bonus depreciation, export incentives, and treaty protections can significantly reduce effective tax rates when structured correctly. However, these benefits come with compliance obligations that are frequently missed.

One of the most common mistakes is failing to file required forms for related-party transactions, even in loss-making years. Another risk arises when a U.S. entity is managed entirely from Switzerland, potentially triggering dual tax residency issues. Steve emphasized that a U.S. subsidiary should not be a shell but a real operating entity with substance.

Culture, cost, and capital

Beyond legal and tax frameworks, cultural differences matter. Mark emphasized that the U.S. is not a single market. States differ widely in business culture, regulation, and opportunity. Choosing Texas over Boston for clinical trials, for example, dramatically reduced enrollment timelines due to patient availability.

He also provided a candid perspective on costs. Startup founders should realistically budget around USD 100,000 for U.S. incorporation and initial setup, with a similar amount needed for legal work during a mid-sized venture round. Insurance, particularly director and officer coverage, is another essential, non-negotiable expense.

As for funding, U.S. investors are generally more risk-friendly and willing to back ambitious visions earlier. For the same effort, founders may raise significantly larger rounds in the U.S. than in Europe, provided they are present, engaged, and committed to the market.

Final thoughts

Entering the U.S. market is less about bold ambition and more about disciplined execution. Swiss startups that succeed are those that align immigration strategy, corporate structure, taxation, and market access into one coherent plan, while committing real presence on the ground. The U.S. rewards clarity, speed, and substance, and for founders prepared to navigate its complexity, the upside can far outweigh the friction.

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