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Senators unveil StartUp Visa Act of 2010
For months, lawmakers and economists have discussed the merits of offering a U.S. visa to immigrants who are looking to launch a new business in the country, thereby expanding the measures of the existing EB-5 visa program.
On Wednesday, February 24, Democratic Senator John Kerry of Massachusetts and Republican Senator Richard Lugar of Indiana, took a big step by unveiling legislation designed to take steps to that end, the Economic Times reports.
The senators’ proposal, dubbed the StartUp Visa Act of 2010, proposes to grant two-year visas to international entrepreneurs who can show that a U.S. investor is willing to contribute at least $250,000 to the startup enterprise.
John Kerry told the news source, “Creating a new magnet for innovations and innovators to come to the U.S. and create jobs 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.”
Drawing on the visas made available under the EB-5 visa program, the new bill would amend immigration law and create an EB-6 category, reports the news provider.
Immigrants given EB-6 status would have two years to show the he or she has created at least five full-time U.S. jobs and made at least $1 million in investments or revenue to be eligible for permanent legal resident status.