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Congresswoman Zoe Lofgren has launched a brand new Invoice to the US Congress with an intent to offer a handy visa that can help foreign-born entrepreneurs within the US. Known as the Let Immigrants Kickstart Employment (LIKE) Act, or the Startup visa, it’s going to enable these foreign-born entrepreneurs to begin corporations and thus, create jobs within the US.
Much like the handy immigration legal guidelines and obtainable visa routes in nations like Canada, Australia, the UK, Germany and Sweden, the Startup visa program will present a selected immigration choice for startup founders.
On condition that start-up corporations create a median of three million new jobs per yr, that is thought of a welcome initiative by Congresswoman Zoe Lofgren.
Historical past Of The Startup Visa Act
Present immigration legal guidelines solely enable international born extremely expert labor to work within the US both on an O-1 visa meant for these with extraordinary skills. Or beneath an H1-B visa that doesn’t allow the work visa holder to begin his or her personal firm till a inexperienced card is obtained. The present look forward to a inexperienced card spans over 75 years!
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Earlier, in 2017, the Obama administration had rolled out the Worldwide Entrepreneur Rule (IER). The Trump authorities rescinded it after which once more, earlier this yr, the Biden administration carried out it absolutely.
Nevertheless, the IER is just not a visa or standing. Posing a number of roadblocks, the IER is just not essentially the most handy choice for the foreign-born entrepreneur to simply function inside the US.
Furthermore, many aspiring entrepreneurs are shifting to Canada as a result of tough immigration course of within the US. Just lately, each Rep Lofgren in addition to a number of attorneys testified in entrance of the US Congress about how the brain-drain is negatively impacting the US financial system. A number of enterprise leaders and extremely expert international employees are shifting base to different nations like Canada.
Thus, the introduction to the Startup visa.
How Does The Startup Visa Work?
The LIKE Act proposes issuing a W visa that can grant a official immigration standing to the foreign-born entrepreneur. The W visa is twin intent and the applicant might self-petition for a inexperienced card as an immigrant entrepreneur. Inexperienced playing cards beneath this feature wouldn’t be topic to numerical limitations beneath INA sections 201, 202, and 203.
To qualify for a inexperienced card, the brand new based enterprise ought to have created-
- Raised funds in extra of $1.25 million or
- Have greater than $1 million in annual income within the 2 years previous the applying.
W-1 Visa For The Overseas Born Entrepreneur
The brand new proposed Startup visa or the LIKE invoice will difficulty a non permanent W-1 visa for people who want to begin a enterprise entity within the US. There is no such thing as a numerical limitation for this visa. Premium processing can be obtainable for the W-1 adjudication, which means USCIS will give a solution in 15 days. A number of co-founders per firm might qualify.
The factors to qualify for this visa are that the entrepreneur ought to –
- Have at the very least 10% possession curiosity in a start-up entity that has obtained $250,000 from certified US traders or $100,000 from authorities awards or grants;
- Play a central and lively function within the administration or operations of the entity; and,
- Have the data, abilities, or expertise to considerably help the entity with its development and success.
W-2 Non-Immigrant Visa For Workers
The LIKE Act creates a W-2 visa for important staff of the start-up entity, with numerical limits per entity. The variety of staff which will use this nonimmigrant visa are restricted by the variety of staff on the firm. Premium processing can be obtainable for the W-2 visa candidates as effectively.
W-3 Non-Immigrant Visa For Dependents
A W-3 visa can be obtainable for the spouses and youngsters of W-1/W-2 nonimmigrants.
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The added benefit that comes with the W-3, dependent visa is that spouses can apply for employment authorization – EAD!
Period Of The W Visa
The preliminary approval interval of the startup W-1 visa is 3 years. This may be prolonged for an extra 3-years adopted by two additional 1-year extensions. The entrepreneur has to make sure continued job creation and income technology to qualify for the extensions.
Present Standing
The Startup Visa is simply at its introductory stage. It has to move each the Home and the Senate earlier than it may be accepted by USCIS as an official US Visa. Keep tuned to this area as we replace you on the progress of this Invoice.
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