Restart of US Start-Up visa will boost entrepreneurship
United States, 17th March: The US Start-Up visa has been restarted once again and this is likely to provide a big stimulus to the entrepreneurship in the US.
The US Start-Up Visa Act will provide foreign business owners a two-year US visa provided they are able to raise $100,000 initially from an American investor and further raise $500,000 in the period of next two years along with creation of five new jobs in the US.
The bill was reintroduced by Senators Richard Lugar (R. Ind.) and John Kerry earlier this week. The US Start-Up Visa Bill will ease the ability of the foreign investors to immigrate to the US following addition of new provisions for immigrant business owners having a presence in the US market and a few holders of US Start-Up visas.
Aim of the bill—
The aim of this bill is to help in job creation in the US and to bring a boost to the global competitiveness of the US by increasing US entrepreneurship. Moreover, the bill will also curb the outflow of skilled talent from the US.
Who is eligible under the new version of the US Start-Up Visa Bill? ---
• As per the updated legislation, entrepreneurs not living in the US having a US market presence will be included in the list of eligible immigrants.
After a period of two year, the condition includes creation of five new US jobs along with a minimum finance of above $500,000 or generation of an annual revenue of $500,000.
• US H-1B visa holders or US university graduates in the field of engineering, technology, science, computer science or mathematics with the only condition being that such candidates have either a minimum annual income of $30,000 or assets worth a minimum of $60,000 along with a commitment from a US investor for investing a minimum of $20,000 in their business.
After two years, the startup should have generated three US jobs and should have raised above $100,000 in financing or above $100,000 annual revenue.
• Immigrant entrepreneurs in the US having generated a minimum of $100,000 in sales from business in the US. The startup needs to create three new US jobs and must have raised above $100,000 in financing or should be generating an annual revenue of $100,000.