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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.
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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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