The main advantage of O-1 visa over L-1 visa is there is no maximum period of stay. L-1A visa holders can stay in the US for 7 years, while L-1B visa holders can stay for max of 5 years. O-1 visa holders has no such limit. Also, L-1 visa applicants must be employed for an international company for one straight year from the last three years in order to qualify for L-1 visa and work for the US branch of the same company. O-1 visa applicants don't need to have such thing. They can find a sponsor, which can be a new employer, and still be approved of an O-1 visa.
Note: This is not a legal advice.
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