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Greg Siskind on Immigration Law and Policy

BIPARTISAN INVESTOR VISA BILL INTRODUCED

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Senators Richard Lugar (R-IN) and John Kerry (D-MA) have introduced the StartUp Visa Act of 2010. According to Senator Lugar's office:

Senators John Kerry (D-Mass.) and Richard Lugar (R-Ind.), the Chairman and Ranking Member of the Senate Foreign Relations Committee, today introduced legislation to drive job creation and increase America's global competiveness by helping immigrant entrepreneurs secure visas to the United States.
 
The StartUp Visa Act of 2010 will allow an immigrant entrepreneur to receive a two year visa if he or she can show that a qualified U.S. investor is willing to dedicate a significant sum - a minimum of $250,000 - to the immigrant's startup venture.
 
"Global competition for talent and investment grows more intense daily and the United States must step up or be left behind," said Sen. Kerry.  "Everywhere Dick Lugar and I travel for the Foreign Relations Committee, we see firsthand the entrepreneurial spirit driving the economies of our competitors.  Creating a new magnet for innovations and innovators to come to the United States and create jobs here will offer our economy a double shot in the arm - robust job creation at home and reaffirmation that we're the world's best place to do business."
 
"Our country should strive to attract to the United States the most talented and highly skilled entrepreneurs.  We should channel the power of innovative thinkers from around the world and American investors towards creating jobs and encouraging economic growth and future prosperity," said Ranking Member Lugar.
 
The StartUp Visa Act of 2010 would amend immigration law to create a new EB-6 category for immigrant entrepreneurs, drawing from existing visas under the EB-5 category, which permits foreign nationals who invest at least $1 million into the U.S., and thereby create ten jobs, to obtain a green card.  After proving that he or she has secured initial investment capital and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.
 
More than 160 venture capitalists from across the country have endorsed the senators' proposal.  That letter of support is attached.

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Comments

  1. Adi's Avatar
    So you have to guarantee success even before starting up venture. What if startup does not take off as planned and brings in revenue of 350k and employing 2 people? After two years that company should close its doors and layoff those two people, citing stupid immigration laws? Nice strategy.

    Labor costs, lack of technical pool, intense regulations are already driving jobs out of the country. On the top of it such laws for immigration will only prevent people from taking risk. Who in right mind will invest 250k for two yrs of living visa?

    Even immigrant of the day, bloodenergy CEO, took 10yrs after getting the idea from NASA to develop fuel cell.
  2. George Chell's Avatar
    "Labor costs, lack of technical pool, intense regulations are already driving jobs out of the country."

    Whether the labor department or the politicians like it or not, that is one of the main reasons, why unemployment in Singapore has fallen to 2.1% and in Australia to near 5% even as uenmployment claims in the US continue to go up!
  3. R's Avatar
    Greg,

    What are the chances of a EB Visa Recapture provision getting added to this new bill? And what are the chances of this bill passing the House and Sentate independent of a CIR vehicle?

    R
  4. Sid's Avatar
    "Who in right mind will invest 250k for two yrs of living visa?"

    Unlike EB5, The entrepreneur and the investor do not have to be the same person. A VC firm based in Menlo Park can sponsor an entrepreneur in Bangalore to come to the US and build a prototype in two years. At the end of the two years, if that person can attract more funding (1 million USD) then they get a green card.

    250K may not be a lot of money for any product that involves manufacturing but for a purely software startup, it may suffice.
  5. George Chell's Avatar
    Like anything if this visa has a prospect of bringing in a lot of Asians racist groups such as the CIS and FAIR will oppose, whether they provide employment for US citizens or not! If the applicants look like the Vanity Fair cover (Hollywood issue where nearly one-third of those photographed are foreigners) they will likely keep silent! Actually, I have seen this all over the world, in places such as New Zealand and Australia.
  6. Adi's Avatar
    "250K may not be a lot of money for any product that involves manufacturing but for a purely software startup, it may suffice."

    And why would I want to do it in US, where cost of living is so high, healthcare costs are so high, taxes are through the roof, labor laws are so strict, and on top of it immigration status of the president/CEO of company is in limbo? Sen Kerry needs to ask this question before advocating such policies.

    Country like US needs more than lure of two yr visa to bring jobs back to this country. These restrictionist policies will not take it very far.
  7. Immigrant Investor Visa's Avatar
    So is this visa now a reality or is it still being modified and perfected? I am very familiar with the EB5 visa, and this seems to compliment that one very well. I would like to see them both in action, generating money for the US economy and putting more and more people to work!
  8. immigrant investor visa's Avatar
    I like this idea very much. The EB5 visa has shown that it is a very positive program that can add thousands of jobs and billions of dollars to the United States. It seems only natural that it would be expanded upon here.
  9. Sam's Avatar
    I have this question, can someone invest $500,000.00 to $1000,000.00 in the USA stock market and be a day trader in only USA companies for long time be eligible foe any investor visa.
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