Business Immigration Developments – Senators Kerry and Lugar Introduce the StartUp Visa Act of 2010

On 2/24/2010, Senators Kerry (D-MA) and Lugar (R-IN) announced the introduction of legislation aimed at driving job creation and increasing America’s global competitiveness by helping immigrant entrepreneurs secure visas to the United States.

The bill, titled the StartUp Visa Act of 2010, will allow an immigrant entrepreneur to receive a two year visa if they can show that a qualified U.S. investor is willing to dedicate a significant sum – a minimum of $250,000 – to the immigrant’s startup venture.

In general, StartUp visas shall be made available, to qualified immigrant entrepreneurs—
(i) who have proven that a qualified venture capitalist or a qualified superangel investor has invested not less than $100,000 on behalf of each such entrepreneur in an equity financing of not less than $250,000;
and (ii) whose commercial activities will, during the 2-year period beginning on the date on which the visa is issued (I) create not fewer than 5 new full-time jobs in the United States employing people other than the immigrant’s spouse, sons, or daughters; (II) raise not less than $1,000,000 in capital investment in furtherance of a commercial entity based in the United States; or (III) generate not less than $1,000,000 in revenue.

The StartUp Visa Act of 2010 would amend immigration law to create a new EB-6 category for immigrant entrepreneurs, drawing from existing visas under the EB-5 category, which permits foreign nationals who invest at least $1 million into the U.S., and thereby create ten jobs, to obtain a green card. After proving that he or she has secured initial investment capital and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.

This should create some very interesting opportunities for foreign entrepreneurs. It will also create jobs for U.S. citizens. I will post further information on this effort when I receive it.