US president Barak Obama’s outgoing administration is making some bold moves to fix country’s immigration policies. Earlier this week, United States’ Department of Homeland Security (DHS) has proposed a new immigration policy formally known as ‘International Entrepreneur Rule’ which will enable entrepreneurs from all over the world to easily obtain visas to US. This new visa is being dubbed as ‘Startup Visa’.
Under this new proposed rule, an entrepreneur whose company meets certain criteria and he has a central role in the company can obtain a temporary ‘startup visa’ for up to two years. After it expires, the immigrants can apply for additional three years of stay if their company is showing continued growth and benefit to the American public (like increases in capital investment, job creation, or revenue).
People who meet following criterion can apply for such a visa:
- A significant ownership interest in the startup (at least 15 percent) and an active and central role to its operations;
- Startup was formed in the United States within the past three years; and
- Startup has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by: Receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments; receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
Its a very good step by Obama’s administration which will really benefit country’s economy by attracting brightest of the minds from all over the world as America is known to be a ‘startup heaven’.
According to White House, immigrants or their children have played a very key role in boosting country’s economy. About 25% of the total publicly listed companies have been started by immigrants. In addition to that, nearly 40% of Fortune 500 companies were also founded by immigrants. Some of the top companies of USA like Apple, AT&T, Google, Goldman Sachs have been founded by immigrants.