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.
Visa Problems for The “Merger King”
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.
10-Year Visa Deal
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.”
A Possible Explanation
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.”
Want to Avoid Visa Rejections?
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President & CEO
Michael Niren
Mr. Niren is CEO of VisaPlace LLC and the President and Managing Partner of VisaPlace Legal Canada, an immigration law firm based in Toronto, and VisaPlace Legal US a law firm registered in The District of Columbia, USA. Mr. Niren is a graduate of Osgoode Hall Law School in Toronto, a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section, American Lawyers Association, and an Associate Member of the American Bar Association.
