The US government is making lives for the foreign entrepreneurs easier. Now it is possible to get US visas to start new companies in the US.
Earlier this week, the Department of Homeland Security released the White House’s International Entrepreneur Rule. The program grants temporary visas to startup founders from other countries. To qualify for the startup visas, entrepreneurs have to meet the following criteria:
- Own at least 15 percent of a US startup
- Demonstrate the company’s growth potential
- Raise at least $345,000 from qualified American investors, or getting at least $100,000 in public grants and
- Ensure their enterprise is of “significant public benefit to the United States.”
The new proposed rule would allow qualified entrepreneurs to stay in the U.S. for up to two years. It is possible to extend the stay for three more years in case the company shows a sustainable growth and clear benefits to the American public such as increases in capital investment, job creation, or revenue.
At the present moment, tech titans like Microsoft and Amazon rely heavily on H1-B visas to get skilled workers from abroad into the U.S. This approach is only suitable for people migrating to the US to work for well-established companies.
The “startup visas” initiative brings new opportunities for international entrepreneurs to start their own businesses in the U.S., and that was a change welcomed by many tech and startup-oriented groups.
“This announcement is welcome news for the US entrepreneurial ecosystem. Immigration reform has long been a focus of NVCA and we are glad to see our priorities on the issue woven into this proposal,” — Bobby Franklin, President and CEO of the National Venture Capital Association.
While this proposal is subject to a public comment period, experts forecast it will go into effect in about 45 days. The US will open doors for more entrepreneurs.