Entrepreneurship to be boosted by US startup Visa bill

March 18th, 2011 by James

Entrepreneurship to be boosted by US startup Visa billA bipartisan legislation aimed at slowing down the outflow of skilled talent and boost entrepreneurship in the US for driving job creation and improving global competitiveness of the United States has been introduced by two senior senators.

The bill adds provisions to last year’s draft Startup Visa Act to allow foreign students in US universities and workers on H-1B visas to start companies in the United States.

From in.finance.yahoo.com:

The StartUp Visa Act of 2011 will allow an immigrant entrepreneur to receive a two year visa if he or she can show that a qualified US investor is willing to invest in the immigrant’s startup venture.

Under the updated version, the pool of eligible immigrants would now also include holders of H-1B visas and entrepreneurs living outside the US with a market presence in the country.

The new legislation provides visas to the following groups under certain conditions:

First: Entrepreneurs living outside the US – if a US investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of $100,000.

Two years later, the startup must have created five new American jobs and either have raised over $500,000 in financing or be generating more than $500,000 in yearly revenue.

Second: Workers on an H-1B visa, or graduates from US universities in science, technology, engineering, mathematics, or computer science – if they have an annual income of at least $30,000 or assets of at least $60,000 and have had a US investor commit investment of at least $20,000 in their venture.

The bill was introduced by John Kerry, Democratic chairman, and Richard Lugar, top Republican on the Senate Foreign Relations Committee.

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