Even as the rules for getting an H-1B visa have been made tougher, three senators introduced legislation in Congress last week, which, if passed, will instantly provide a two-year U.S. visa to any entrepreneur who can obtain an investor to fund his idea.
The StartUp Visa Act of 2011 was introduced by Senators John Kerry (D-MA), Richard Lugar (R-IN) and Mark Udall (D-CO).
"Every job-creating American business started as an idea in the mind of an entrepreneur," Kerry said. "We need to keep and bring more of those ideas to our shores where they can put Americans to work. Global competition for talent and investment grows more intense daily and the United States must step up or be left behind."
"We want to establish a way for the smartest and most entrepreneurial individuals in the world to come to the United States and create jobs," Lugar said.
Udall said the broken immigration system prevented talented entrepreneurs from all over the world from developing ideas that would keep America competitive in a global economy.
The Act will amend immigration law to give immigrant entrepreneurs three new options for entry or retention of residency.
Under option 1, immigrant entrepreneurs living outside the United States will be eligible to apply for a StartUp Visa if a qualified U.S. investor agrees to sponsor their entrepreneurial venture with a minimum investment of $100,000. After two years, their business must have created five new jobs and raised not less than $500,000 in additional capital investment or generate not less than $500,000 in revenue.
Under option 2, immigrant entrepreneurs currently in the United States on an unexpired H-1B visa, or those who have completed a graduate level degree in science, technology, engineering, math, computer science, or other relevant academic discipline from an accredited U.S. college, university, or other institution of higher education, would be eligible for the visa. They must demonstrate annual income of not less than $30,000 or the possession of assets of not less than $60,000; and prove that a qualified U.S. investor agrees to financially back their venture with a minimum investment of $20,000. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Under option 3, immigrant entrepreneurs living outside the United States will be eligible to apply 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. After two years, their business must have created three new jobs and raised not less than $100,000 in additional capital investment or generated not less than $100,000 in revenue.
"This legislation will promote our competitiveness around the globe and create a new generation of prosperity here at home by helping highly-skilled – wherever in the world it comes from – to create companies and jobs in the U.S.,' said Congresswoman Carolyn Maloney (D-NY).
