kinvin
05-08 02:50 PM
A bidding war makes for �crazy� salaries across Asia
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
By Sundeep Tucker
Published: May 6 2007 19:15 | Last updated: May 6 2007 19:15
A combination of strong economic growth, corporate ambition and a limited pool of managers and specialists has plunged Asian companies into a battle for top talent, from casinos in Macau gearing up for business to boom towns in resource-rich western Australia desperate to attract mining engineers.
Salaries for top performers are being bid up to unheard of levels. Even Indian software engineers in Silicon Valley are returning home attracted by high ex-pat salary packages and senior positions, as are Chinese and Japanese-born bankers working in London and New York.
Damien Chunilal, Merrill�s Lynch�s Pacific Rim chief operating officer, says: �The success of Asia�s economies has in some areas increased the pool of available talent. Emigrants are prepared to return home to fill positions that five years ago would not have attracted them. It�s a tighter market, but our overall hiring universe is bigger.�
Which companies win this war for talent will go a long way to deciding which will succeed in the Asia Pacific region.
The consensus is that recruiting and retaining skilled workers in Asia is harder and more expensive than ever. Headhunters warn that the inability to fill key positions with qualified people, mostly at senior level, is denting the regional expansion plans of many companies.
The struggle to hire qualified staff is most acute in financial services, a sector whose fortunes are closely correlated with the level of growth. Demand for consumer banking in India and China is soaring and investment banks are adding personnel to service the region�s emerging acquisitive corporations.
In addition, private equity firms and hedge funds have mushroomed over the past year, pinching scores of the region�s top investment bankers along the way, while the region�s newly-minted millionaires are demanding world-class wealth management services.
The boom in financial services is also having knock-on effects in connected support industries such as accounting, law and public relations.
A key problem for recruitment is the lack of fungibility of personnel across the different markets of the region, with its varied cultural, political and linguistic traditions. Headhunter Kevin Gibson, managing director of Robert Walters Japan, says: �You can relocate a Mexican to Argentina or an American to the UK. But you can�t move a senior manager from China to Japan unless they speak the language and enjoy the culture.�
One senior Hong Kong-based executive for a global investment bank describes the situation as �crazy�. He said: �Banks are short of good staff all over the world but Asia is the hottest place by far. I have 28-year-olds coming into my office telling me that they are resigning because they have been offered a $1m job.� The executive blamed the wage inflation on a combination of factors, including new entrants who pay huge premiums to attract staff, the growth and expansion of hedge funds and private equity firms and the expansion plans of existing players. �It all means that there are too many potential employers chasing too few people,� he says.
As well as drawing from the well of investment banks, private equity firms expanding in Asia have started to adopt US and European practice by luring senior industry executives. In recent weeks Carlyle Group of the US has poached the regional heads of Coca-Cola and Delphi to oversee the firm�s future investments across the consumer and industrial sectors respectively.
The frenzy is thought to have prompted the Singapore government to broker an informal non-poaching agreement that effectively protects two local banks, DBS and OCBC, from aggressive foreign rivals.
In China, analysts describe the talent shortage as �acute�. Steve Mullinjer, head of Heidrick & Struggles China practice, says: �There is a paradox of shortage among the plenty.� He believes that China requires 75,000 quality people to fill senior vacancies at multinationals and expanding domestic companies � but can only supply around 5,000 candidates with suitable experience.
Wage inflation is running so hot that a locally-born general manager for a multinational can earn 20 per cent more than a counterpart in the US �with only 75 per cent of the skills set�, he says. �The reality is that executives in China are getting over-titled and overpaid. Underperformers who leave often resurface in jobs earning double the salary.�
The talent shortage is also keenly felt in India, especially in the financial services and information technology sectors.
Business is growing so fast that the industry�s lobby group has estimated that the Indian IT sector faces a shortfall of 500,000 professionals by 2010 that threatens the country�s dominance of global offshore IT services.
Blue chip IT companies are plundering the entire talent pool across industries, stealing civil engineers and graduates from other disciplines and turning them into software engineers. This has left acute shortages in industries such as construction.
Azim Premji, founder chairman of India�s Wipro, one of the world�s leading IT companies, says: �The multinationals are going berserk and are unnecessarily paying premiums to fill the positions.�
The effect on pay rates has been predictable. According to Hewitt Associates, the consultancy, average salary increases in India are running at more than 14 per cent a year, compared with around 8 per cent in China and slightly less in South Korea and the Philippines.
Dinesh Mirchandani, managing director of the India practice of Boyden, a global search firm, said that the annual salary for the typical chief executive of a mid-cap multinational in India, with just $100m sales, has doubled in the past five years to $250,000. He says: �At senior levels, the pay gap between those based in India and those elsewhere has narrowed dramatically. I even have an Indian national chief operating officer in a multinational here who is earning more than his Dubai-based boss.� Mr Mirchandani cites BP, Citibank and PepsiCo as multinationals that have prospered because they recruited and retained staff successfully by introducing favourable human resource policies.
The recruitment market in Japan has tended to march to its own beat. However, the country�s economic recovery has created bottlenecks in sectors such as financial services, retail and pharmaceutical, while sectors such as precision engineering have been boosted by insatiable demand from China for their products. The talent war even has its plus points. One US investment banking executive working in Asia says that the situation has made it easier to get rid of underpeforming staff.
He says: �In the past the worker might have been sacked. Nowadays we tell that worker to go and quietly solicit offers in the marketplace. They usually do so quickly, and can get a higher salary from a hedge fund or private equity firm. That way, nobody�s reputation gets sullied.�
Copyright The Financial Times Limited 2007
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amits
07-17 06:20 PM
I don't have words to show my gratitude and appreciation for IV team.
On July 2nd, I was so upset. I did not have a clue of what is going to happen.
Then I came across IV. I joined it as I was joining any forum remotely related to immigration issues.
Logiclife is right, in the beginning it's difficult to realize how important IV is. But as time passed I realized the strength of IV.
When employers, attorney, doctors all were busy making money out of our misery, dedicated core members and others in IV were preparing to take our cause forward and to fight till we got the justice.
Today, And I am glad to be a part of it...
I am with you guys for just 15 days, but I feel empowered.
Today, I was exuberant, and I don't think this would have been possible without so much effort, unity, perseverance, and enthusiasm in our group.
I am going to be a lifetime member and contributor to the cause of IV family.
I run my family in US and understand it's impossible to maintain a family and make progress in the target areas without proper money flow.
To help in that area, I am making first time $500 contribution and then $20 per month.
Thanks a lot IV!
- Amit
__________
Google Order #90033**********
On July 2nd, I was so upset. I did not have a clue of what is going to happen.
Then I came across IV. I joined it as I was joining any forum remotely related to immigration issues.
Logiclife is right, in the beginning it's difficult to realize how important IV is. But as time passed I realized the strength of IV.
When employers, attorney, doctors all were busy making money out of our misery, dedicated core members and others in IV were preparing to take our cause forward and to fight till we got the justice.
Today, And I am glad to be a part of it...
I am with you guys for just 15 days, but I feel empowered.
Today, I was exuberant, and I don't think this would have been possible without so much effort, unity, perseverance, and enthusiasm in our group.
I am going to be a lifetime member and contributor to the cause of IV family.
I run my family in US and understand it's impossible to maintain a family and make progress in the target areas without proper money flow.
To help in that area, I am making first time $500 contribution and then $20 per month.
Thanks a lot IV!
- Amit
__________
Google Order #90033**********
trueguy
08-11 12:19 AM
Bump
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bekugc
05-07 11:29 AM
coolest_me;
a friend of mine had got same RFE as u back in 2005. he had gotten all the vaccinations properly, yet this came. it was just a error on the behalf of the surgeon perhaps. My friend had the doctor redispatch the document in reply to the RFE and it got accepted. the doctor did not charge any extra fee since he was at fault. this cud be just a rare /routine paperwork mistake. infact my friends wife dint get this problem, only the primary appln had this mistake.
if u personally donot know the doctor, then take any receipt or printout from past visit to remind him that ur on his file and ur vaccination history ( if completed in thefirst place) can be located. you dont have to worry much according to me. also if ur PD is current, then its good news, ur appln is sorta woken up and once u reply to rfe u cud see +ve movement.
a friend of mine had got same RFE as u back in 2005. he had gotten all the vaccinations properly, yet this came. it was just a error on the behalf of the surgeon perhaps. My friend had the doctor redispatch the document in reply to the RFE and it got accepted. the doctor did not charge any extra fee since he was at fault. this cud be just a rare /routine paperwork mistake. infact my friends wife dint get this problem, only the primary appln had this mistake.
if u personally donot know the doctor, then take any receipt or printout from past visit to remind him that ur on his file and ur vaccination history ( if completed in thefirst place) can be located. you dont have to worry much according to me. also if ur PD is current, then its good news, ur appln is sorta woken up and once u reply to rfe u cud see +ve movement.
more...
n_2006
02-23 01:45 PM
No problem. I am an idiot to replay this post.
shut up idiot. Do you know how many 485s have been rejected for using AC21? Some people have advised me to stay where I am as long as it takes, but my gut tells me to find another job. So I am just asking for risk and opinions.
shut up idiot. Do you know how many 485s have been rejected for using AC21? Some people have advised me to stay where I am as long as it takes, but my gut tells me to find another job. So I am just asking for risk and opinions.
AB1275
12-17 11:00 PM
I was in kind of simmilar situation in April 08 .I found out online that my 140 /485 denied on april 18th .called my lawyer and statred counting days to find out why .Neither My attorney.employer or me got any denail notice till may 15 .meanwhile i had mad multiple call to NSC.finally I got denail notice on my home address thu it was supposed to go to attorney .Any was they asked for same things what they wanted from u .My employer was in process of audit but i had only 4 days to file MTR .
Now answers to ur quiries
1-Read denail notice they may give option of MTR .My MTR got approved in 2 months .I gues Apeal takes longer time
2-Can u send W-2 later? .what i did at that time was called NSC to ask .They said take info pass n go to local offive .i had 4 days .took info pass same day n drove about 150 mils to local office .There head of that place told me to file MTR with what ever u have and write them letter to buy more time for other docs and make sure u file MTR with in 30 days .
I sent unauditted statements but my W2 nad paystubs were way more then i was supposed to get .
Wish u luck
Thank you for ur post. I checked my denial notice. There is no mention of MTR. It mentions that I can file an appeal with AAO within 30 days.
Now answers to ur quiries
1-Read denail notice they may give option of MTR .My MTR got approved in 2 months .I gues Apeal takes longer time
2-Can u send W-2 later? .what i did at that time was called NSC to ask .They said take info pass n go to local offive .i had 4 days .took info pass same day n drove about 150 mils to local office .There head of that place told me to file MTR with what ever u have and write them letter to buy more time for other docs and make sure u file MTR with in 30 days .
I sent unauditted statements but my W2 nad paystubs were way more then i was supposed to get .
Wish u luck
Thank you for ur post. I checked my denial notice. There is no mention of MTR. It mentions that I can file an appeal with AAO within 30 days.
more...
vactorboy29
02-24 11:28 AM
Recently we are seeing lot of people with new id without completing profile they are able to start new thread. What if admin enforced new user to fill the personnel information and then only they can post on this web site. More importantly some key massages\important issues get berried in active forums due to above issue.
Even going further we can put trial period for new users for 15 days .If they have any questions just pay 5-10 $ and get active in forum there answers will be provided by all our valued/all star members (most green as per rank) in this way we get more revenue and members get valued advice.
Even going further we can put trial period for new users for 15 days .If they have any questions just pay 5-10 $ and get active in forum there answers will be provided by all our valued/all star members (most green as per rank) in this way we get more revenue and members get valued advice.
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GCNirvana007
09-08 10:09 PM
Got CPO on Sept 1st and nothing after that.
Is this freaking normal :p
Is this freaking normal :p
more...
$eeGrEeN
03-31 01:30 PM
Here are some possible, quick steps that you can take. Get your own report, this might be useful , http://www.intelius.com/background-verification.html .
Call the county Police Department back from Idaho where they say you have a criminal record from , ask for a Finger Print check on your name or by your Idaho License , if you still have it. [ the reason for this is , if you ever have been charged of any crime, they first finger print you to check your records].
If you do not have any records ,the Police Station will be glad to fax over a letter stating the same. That should seal the deal of you being innocent.
Good Luck .... and don't worry much , these false flags do happen and yes they are a pain in the neck ....
Hello frnds,
Just today, started new contract job at Clients place with big consulting firm on EAD. On my first day in the evening I got a call from consulting firm saying my back ground check have criminal record from state of Idaho. Till now I never ever was involved in any kind of criminal act. They asked me to stop going to work till it is resolved. consulting firm says all the states and federal agencies cleared me where I last lived, except state of idaho where i worked for 5 months.
Frnds please help! how should I resolve this issue. I have signed a 6 month rental lease, Left my H1B employer depending on this job. More over to all this we are expecting our first child and my wife doesnt have insurence. I was so happy I got this break but now this false check.
Please let me know if any one was in this situation and got out of it successfully.
Thanks,
Hydubadi.:confused:
Call the county Police Department back from Idaho where they say you have a criminal record from , ask for a Finger Print check on your name or by your Idaho License , if you still have it. [ the reason for this is , if you ever have been charged of any crime, they first finger print you to check your records].
If you do not have any records ,the Police Station will be glad to fax over a letter stating the same. That should seal the deal of you being innocent.
Good Luck .... and don't worry much , these false flags do happen and yes they are a pain in the neck ....
Hello frnds,
Just today, started new contract job at Clients place with big consulting firm on EAD. On my first day in the evening I got a call from consulting firm saying my back ground check have criminal record from state of Idaho. Till now I never ever was involved in any kind of criminal act. They asked me to stop going to work till it is resolved. consulting firm says all the states and federal agencies cleared me where I last lived, except state of idaho where i worked for 5 months.
Frnds please help! how should I resolve this issue. I have signed a 6 month rental lease, Left my H1B employer depending on this job. More over to all this we are expecting our first child and my wife doesnt have insurence. I was so happy I got this break but now this false check.
Please let me know if any one was in this situation and got out of it successfully.
Thanks,
Hydubadi.:confused:
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GCwaitforever
05-31 02:45 PM
Thanks for sharing your experiences. I am also sponsoring my mother-in-law to come here. I will have to see how this goes.
more...
uma001
07-24 05:07 PM
If they receive too many responses during advertizing period, they may not process your gc. That is all to it. At that time u might chill out and wait for a year or so and reply. If your skills are in demand, I do not see a reason to wait. It is always better to take a dive as early as possible. Good luck.
Absolutely correct. This is the experience I had in my case. My company is fortune 550 company. They received lot of responses when they posted ads. I could not beleive the repsonse I got from VP. And they do not want to file green card now. He simply said 'he found candidates' :(
Absolutely correct. This is the experience I had in my case. My company is fortune 550 company. They received lot of responses when they posted ads. I could not beleive the repsonse I got from VP. And they do not want to file green card now. He simply said 'he found candidates' :(
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PHANI_TAVVALA
01-02 01:55 PM
Adding to what Vinzak mentioned above, you will have hard time converting to F-1 since your I-140 is filed/approved. F-1 requires non-immigrant intent and filing I-140 shows immigration intent. There is a high chance your H1B to F1 COS wiil not be approved by USCIS.
more...
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vkrishn
08-27 08:13 PM
There is no point in moving the PD if they cannot process the PD's who are current. This is what is happenning now in USCIS. I would rather they move it by small amounts and process those who are current than give false hope to people!
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Berkeleybee
04-08 03:03 PM
They probablly will put one or two into it, but I would think most of the conference member will be from other sectors, which could be positive.
Your belief in raw majority votes in the conference is touching. ;-) But all it takes is one person -- one Sensenbrenner, or equivalent to build a coalition within the conference, and one house leader to pick and choose the members of the conference.
To reiterate -- 20% of the house is in the House (Anti) Immigration Caucus. The house bill was voted in by a clear majority. Chew on that.
Your belief in raw majority votes in the conference is touching. ;-) But all it takes is one person -- one Sensenbrenner, or equivalent to build a coalition within the conference, and one house leader to pick and choose the members of the conference.
To reiterate -- 20% of the house is in the House (Anti) Immigration Caucus. The house bill was voted in by a clear majority. Chew on that.
more...
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thomachan72
05-12 09:53 AM
Dear All,
Could you please advise, if we can port eb3 to eb2.
My husband is working for the same employer for last 6 years. He has masters degree from US and he filed for his GC in 2004. In 2004, he had only 1 year experience. The lawyer said he does not qualify for Eb2 despite his US degree.
Now after 6 years, he had a job change within his company. He became a principal engineer from just an engineer. Could we port to EB2?
If yes, what should we be careful about and how should we go about it?
Sincerely,
Augustus
In principle the main criteria would be whether the job requires a person with a masters or higher degree. If the company can prove that the job description and requirements match that for a person with masters then he would qualify. Again this is based on my awareness from reading various posts on the IV and similar websites. The attorney would be the best to decide. I know many of our friends in the IV have masters but the main problem they are facing is that the job description does not specify a masters. So the employer hesitates to reaply in EB2 catagory. If your husband fits in then I believe all he has to do is to file another 140 and port the PD of the EB3 application.
How frustating this can be, right? :(
Could you please advise, if we can port eb3 to eb2.
My husband is working for the same employer for last 6 years. He has masters degree from US and he filed for his GC in 2004. In 2004, he had only 1 year experience. The lawyer said he does not qualify for Eb2 despite his US degree.
Now after 6 years, he had a job change within his company. He became a principal engineer from just an engineer. Could we port to EB2?
If yes, what should we be careful about and how should we go about it?
Sincerely,
Augustus
In principle the main criteria would be whether the job requires a person with a masters or higher degree. If the company can prove that the job description and requirements match that for a person with masters then he would qualify. Again this is based on my awareness from reading various posts on the IV and similar websites. The attorney would be the best to decide. I know many of our friends in the IV have masters but the main problem they are facing is that the job description does not specify a masters. So the employer hesitates to reaply in EB2 catagory. If your husband fits in then I believe all he has to do is to file another 140 and port the PD of the EB3 application.
How frustating this can be, right? :(
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ameryki
06-22 02:58 PM
Instead of entering (c)(09) on the EAD renewal form, I entered (c)(0)(9). Friends please let me know if this is going to cause any issue for my EAD application?
dont think this should be an issue mate...wait and watch
dont think this should be an issue mate...wait and watch
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rssb
09-15 02:18 PM
Congrats
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kaizersoze
07-17 06:24 PM
I pledge to contribute $200 once I get the receipt notice
C'mon dude...dates are current. You can file. isn't that enough for you to be happy about. Why do you want to wait till you get receipt notice ?
You are thankful to IV now. Contribute to IV now.
When u get ur receipt, u r thankful to USCIS for managing to open you packet and enter your information into the system :D
C'mon dude...dates are current. You can file. isn't that enough for you to be happy about. Why do you want to wait till you get receipt notice ?
You are thankful to IV now. Contribute to IV now.
When u get ur receipt, u r thankful to USCIS for managing to open you packet and enter your information into the system :D
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rajmirk
04-08 09:51 PM
ANyone has any links?
Thanks in advance,
Thanks in advance,
apb
09-14 01:26 PM
did anybody see any lud on their case?
ilanbenatar
04-25 07:21 PM
Thanks Domino,
I'll do my best and cross finguers.
Good luck to you!
I'll do my best and cross finguers.
Good luck to you!
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