New US visa law to woo immigrant entrepreneurs
United States, 10th May: Budding foreign entrepreneurs from the world over are likely to be attracted to come to the US following proposed new US visa regulations.
A new US visa legislation, which is presently in the Senate, hopes to bring changes in the status quo and provide a short-cut for several foreign-born entrepreneurs in the US.
The Start-up Visa Act was introduced for the first time in the Senate in February 2010 by Republican Senator Richard Lugar and the former Democratic presidential candidate, Senator John Kerry.
The new US visa law – the Startup Visa Act of 2010 will enable immigrant entrepreneurs to get startup US visas provided---
• Their startup is able to raise investment to the tune o f$1 million; or
• Generate revenue of $1 million and create five jobs in the US (full-time jobs) within first two years.
The proposed US visa legislation requires the foreign-born entrepreneur to raise $250,000 in the initial stage out of which $100,000 should be provided from either a US angel or venture investor.
Senator Kerry stated that there is a stiff competition throughout the world for talent and if the US wants to step up in the competition, it must go for the proposed US visa legislations for foreign entrepreneurs.
Under the Startup Visa Act, a new category of US visa of two-years will be created which will be known as an EB-6 visa.
Its being regarded as a mix of the present US visas, namely the US H-1B visa, which allows immigrants in the US to work in technology sector or other highly specialized sector, and the E-B5 visa (or the investor visa) which is regarded as a means to become permanent resident in the US provided they make investments worth $1 million and create not less than 10 jobs in the US (full-time jobs in the US).
Many supporters of this new US visa called the EB-6 Visa say that this visa will help in creation of new jobs in the US and will significantly increase global competitiveness of America. Moreover, it will also attract the best entrepreneurial minds rather than just being the wealthiest investors.