US government is planning to facilitate procedures relating to the setting up of innovative businesses in the country. On Friday, August 26, Obama administration proposed new measures to encourage more foreign-born entrepreneurship so as to further boost the economy and thus create more jobs. The start-up visa should allow foreign entrepreneurs to stay in the country for a total of five years.
To qualify for this visa, the foreign entrepreneur must hold interests of at least 15% and an active and central role in the company's operations. He will then be eligible for a conditional or temporary authorization to stay in the US for two years. If agreed, he may subsequently apply for an extension of the conditional authorization for more three years. This will allow not only the setting up of the company but also its rapid growth.
This visa is also accessible to entrepreneurs having set up their company in the US during the past three years and whose businesses have shown substantial potential for rapid growth and job creation. However, the company must have received either capital investments of $ 345,000 from certain qualified US investors with established records of successful investments, or substantial grants or awards of at least $ 100,000 from certain federal, state or local government agencies, or partially fill one of the two above-mentioned criteria in addition to other reliable and convincing evidence as to the starting potential and business growth.
Moreover, the conditional authorization of three additional years will be granted only if the entrepreneur and his company continue to demonstrate a public interest in terms of capital investment, revenue and job creation.
León Rodríguez, director of the USCIS (US Citizenship and Immigration Services) highlights the considerable contribution of foreign entrepreneurs to the US economy since many years. He believes that the new measures should boost economic growth through the expansion of immigration possibilities for entrepreneurs meeting the set requirements.
Parties concerned have 45 days to submit their comments on this new measure before the vote.
Sources :
- US Citizenship and Immigration Services (USCIS) : https://www.uscis.gov/news/news-releases/uscis-proposes-rule-to-welcome-international-entrepreneurs
