Start Me Up

April 16, 2010 § Leave a comment

Recently, Senators John Kerry and Richard Lugar proposed a new type of investor-based visa called the  The Startup Visa Act,  with the goal of creating jobs in the US and increasing American global competitiveness.

The Startup Visa Act has been drafted to allow immigrant entrepreneurs who are creating new companies to get visas to come to the US,  if there is investment capital available from a sponsoring US investor of at least $100,000 in an equity financing of not less than $250,000.

Under current law, the next potential Bill Gates [who is born in a foreign country] typically requires a $1 million investment to apply for a green card.

The new legislation is particularly important when innovators —  such as immigrant students at American universities  —  design a new project that could have immediate  effects on US economy.

Imagine if the next Google or Facebook were started by young people  from another country?

Then, imagine that those developers could not stay in the US long enough to see their project through, due to expiration of their visas?   Or even get visas in the first place?

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