StartUp Visa Bill Introduced to Help Immigrants Build Businesses in America

Educated workers have recently been opting to return to countries such as China and India, booming the businesses in such countries. To tackle this problem, Senators John Kerry (D-Mass.) and Richard Lugar (R-Ind.) introduced the Startup Visa Bill in an effort to build partnerships with U.S. investors and immigrants. The Bill was first introduced in February of 2010 and was revised and reintroduced last week. Many stakeholders were critical of the first version due to its stringent requirements and barriers; however, the new version seems more promising.

In the new version, the StartUp Visa Bill will make both individuals living within the U.S. and those living outside the U.S. eligible for Startup Visas if they meet specific requirements:

Immigrants living outside the U.S. would be eligible for a visa if a qualified U.S. investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of $100,000. To obtain permanent residency within the U.S., after two years, their business must have created 5 new jobs and raised not less than $500,000 in additional capital investment or generate not less than $500,000 in revenue.
Immigrants living outside the U.S. will also be eligible to apply for a visa if they have controlling interest of a company in a foreign country that has generated, during the most recent 12-month period, not less than $100,000 in revenue from sales in the U.S. To obtain permanent residency within the U.S., after two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Immigrants currently living and working inside the U.S. on an unexpired H-1B visa; OR immigrant entrepreneurs currently in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science, or other relevant academic discipline from an accredited United States college, university, or other institution of higher education would be eligible for a visa if they demonstrate annual income of not less than roughly $30,000 or the possession of assets of not less than roughly $60,000; and have proven that a qualified U.S. investor agrees to financially back their entrepreneurial venture with a minimum investment of $20,000. To obtain permanent residency within the U.S., after two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.

Keep in mind that a qualified U.S. investor is a U.S. citizen who must have invested $50,000 every year for the previous three years. This Bill will increase entrepreneurship among immigrants, create jobs, and boost the U.S. economy.

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