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Start Up Visa

By LIFS April 5, 2010 at 11:00 AM
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Immigrant entrepreneurs who are able to line up $250,000 in investment will become eligible for a new two year visa under a bill proposed by Senate Foreign Relations Committee Chairman Sen. John Kerry (D-Mass) and ranking minority member Sen Dick Lugar (R-Ind.). The StartUp Visa Act 2010 also makes these immigrant entrepreneurs eligible for a green card after two years if they create at least five jobs or raise a minimum of $1 million in additional investments or revenues.

 
In a statement promoting the bill, Kerry said, “Global competition for talent and investment grows more intense daily and the United States must step up or be left behind. 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.”

More than 160 venture capitalists from across the country have endorsed the senators’ proposal.

 

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Business | Magazine | April 2010

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