The much talked about Startup Visa has been reintroduced into Congress. The Startup visa was first introduced in 2010, and needed to be reintroduced following the January change in Congress. Whether the Startup Visa will gain any traction is yet to be seen. Congress does not currently seem interested in improving America’s much maligned immigration system.
The Startup Visa would use the existing pool of immigrant visas available through the EB-5 Visa program (for Immigrant Investors), and would allow applicants to qualify if:
- The applicant showed an initial investment of at least $100,000 by a qualified investor; created at least 5 new full-time jobs within 2 years of obtaining the visa; and showed revenue or further capital investment of at least $500,000 in first 2 years; OR
- The applicant holds an unexpired H-1B visa or has a graduate level degree in a STEM or other relevant field from a U.S. university; demonstrates an annual income of not less that 250% of the poverty level or assets equivalent to at least 2 years of income at 250% of the poverty level; and proves that a qualified investor has invested at least $20,000 on behalf of each entrepreneur; OR
- The applicant has a controlling interest in a foreign company generating at least $100,000 in U.S. sales during prior year ; has activities generating at least 3 new full-time jobs in the first 2 years; and raise at least $100,000 in further capital investment or revenue in the first 2 years.
If you are an entrepreneur thinking of working in the United States, please contact an immigration attorney to determine what options might be available to you. There are plenty of options.