An L-1 Visa is called an intercompany transfer visa, and it is a way that a foreign company can transfer an executive, manager or person of specialized knowledge from a foreign branch or affiliate or a parent company to their related U.S. company that is either an affiliate, parent or branch as well. The employee must have worked for the foreign company for at least a year full-time before being transferred to the U.s. company, and this has options for permanent residency as well.