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New StartUp Visa Proposed for Foreigners Who Create Jobs

If you are a non-US citizen thinking about launching your own business in the US, this may be interesting to you. Today, Senators John Kerry (Democrat) and Richard Lugar (Republican) have introduced The Startup Visa Act targeted specifically at alien entrepreneurs.

The message of the Startup Visa program is simple: More startups, more jobs. The bill proposes legislation to modify the existing EB-5 Visa in order to create jobs and therefore stimulate the US economy. This would enable immigrant entrepreneurs who are creating new companies to obtain an employment-based US visa, as long as they raise at least $100,000 per founder and $250,000 per company from a sponsoring US venture capital or angel investor. The Act also provides an alternative to other existent immigrant visas, such as the controversial H-1B, which allows highly skilled immigrants to work in specialized occupations.

Two years after receiving the visa, these entrepreneurs would be granted permanent residency status if they employ at least five people (other than spouse, sons or daughters), raise at least $1 million in financing, or generate over $1 million in revenue.

A copy of the complete Act can be found below:

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