Startup Visa Provisions under Comprehensive Immigration Reform Bill 2013!

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.

qualified entrepreneur can apply for this visa.  A qualified entrepreneur means:

  1. Has significant ownership in a US business
  2. Is employed in a senior executive position
  3. Submits a business plan to the USCIS, and
  4. 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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