Change in US visa policy will attract entrepreneurial immigrants
by Harleen Kaur - November 11, 2010
United States, 11th November: Changes in the US visa policy will invite more foreign entrepreneurs to establish business in the US.
As per high-tech industrialists and lawmakers in the US, such changes will help in creation of more jobs in the US and make the US more competitive.
The awareness for creation of a startup US visa scheme will provide a US Green Card to immigrant entrepreneurs provided they can provide proof of having raised a minimum of $250,000 from any mainstream US business capital company.
As per a proposal, any foreign national will be provided the status of US permanent legal resident provided his or her venture helps in creation of five full-time jobs in the US and either shows $1 million as revenue or acquires $1 million in further venture capital.
There is an increased need for welcoming and supporting those foreign nationals who can create new jobs, new companies and economic development in the US, stated Brad Feld, co-founder of the startup incubator TechStars and venture capital Foundry Group.
Feld cites the recent example of four foreigners from the UK and Canada who failed to qualify for staying in the US as per the current US immigration visa rules. So, the result was that US lost all such budding entrepreneurs to other nations, added Feld.
Feld along with around 150 investors and venture capitalists sent a letter to Capital Hill lawmakers earlier this year asking for an urgent action. As a result, there are several legislations before Congress for making versions of such a US visa program.
Senators Richard Lugar(R-Ind) and John Kerry (D-Mass) urged other Senators to help in creation of new jobs in the US and drive innovation for promotion of economic prosperity through promotion of Startup Visa Act.
Rep. Carolyn Maloney (D-N.Y.), while introducing a companion bill in the House said that US has a successful history of the entrepreneurial spirit. Hence, the new legislation is essential for promotion of global competitiveness thereby ensuring a sound base for skilled immigrants.
Presently, the US EB-5 visa allows individual immigrants who are ready to invest and create employment opportunities in the US.
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