he comprehensive immigration reform bill 2013 finally provides the long and anxiously awaited Startup Visa Act provisions. Titled – Investing in New Venture, Entrepreneurial Startups and Technologies, the provisions include a non-immigrant visa category and an immigrant visa category.
A qualified entrepreneur can apply for this visa. A qualified entrepreneur means:
- Has significant ownership in a US business
- Is employed in a senior executive position
- Submits a business plan to the USCIS, and
- Had a substantial role in the founding or early stage growth and development of such US business entity.
Invest Non-Immigrant Visa:
- Initial admission for 3 years
- May be renewed for an additional 3 years, if during the most recent 3 year period alien did the following:
- Created at least 3 full-time jobs AND received $250,000 qualified investment.
OR,
- Created at least 3full-time jobs AND during the 2 year period ending on the date extension applied for generated at least $200,000 annual revenue.
- May obtain a renewal for up to 2 one-year periods for a waiver from the above if the alien has made substantial progress and that such renewal is economically beneficial to the US.
Invest Immigrant Visa: There are 2 types:
First
- Must be qualified entrepreneur
- Maintained valid non-immigrant status in the US for at least 2 years.
- During the 3-year period ending on the date extension filed alien has
- Significant ownership in a US business entity that has created at least 5 full-time jobs AND has received $500,000 qualified investment in the alien’s business.
OR,
- Has significant ownership in US business that created at least 5 full-time jobs AND generated at least $750,000 annual revenue during the last 2 year period. AND, no more than 2 other aliens have received non-immigrant invest visa status on the basis of alien’s ownership of such business.
Second
- Must be qualified entrepreneur
- Maintained valid non-immigrant status in the US for at least 3 years prior to filing for such status.
- Holds an advanced STEM degree, AND
- During the 3-year period ending on the date the alien files petition under this section:
- Alien has significant ownership in US business that created at least4 full-time jobs. AND received qualified investment of at least $500,000
OR,
- Alien has significant ownership in US business that created at least 3 full-time jobs. AND during the 2-year period ending on such dategenerated at least $500,000.
At first reading, these provisions seem reasonable to me and I think will greatly benefit the US economy. It does not restrict the type of business entity will have. There is no percentage of ownership of business.
As I read more and understand more, I will update this article. In the interim, the above provisions sum up a great addition to immigration reform.
*Copyright 2013 by Watson Immigration Law. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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