The immigration debate continues: Senators John Kerry and Richard Lugar have reintroduced a startup visa bill into Congress.
The bill, which has been modified since it first burst onto the scene last year, is designed to encourage partnerships between U.S. investors and immigrants in a way that benefits the national economy. The Senators hope that the StartUp Visa Act will attract innovation and innovators to the country, creating jobs and propelling the United States back to the top in the realm of technological development.
Will the startup visa bill have the desired effect?
Under the proposed bill, a foreign national living abroad will be given a startup visa if he can raise $100,000 from a U.S. investor to start a business. If the immigrant is already in the country on an employer-sponsored H-1B visa, or a recent graduate from a U.S. university in math or science, and has an annual income of at least $60,000 along with $20,000 from a U.S. investor, a startup visa will also be granted.
Those with startup visas must created a certain number of jobs and meet certain revenue/financing requirements within two years to maintain startup visa eligibility.