Aug 30, 2016

Obama clears ‘Startup Visas’ to encourage Foreign Entrepreneurs

startup visa obama america immigrant entrepreneur

Creating a “startup visa” for international entrepreneurs has always been a part of the President Obama's commonsense immigration reform principles, and was part of the bipartisan immigration bill that passed the Senate in 2013.

The Department of Homeland Security (DHS) is publishing the White House’s International Entrepreneur Rule. The program grants temporary visas to startup founders from other countries if their companies meet certain requirements, like financing from U.S. investors.

What Startups Qualify for this program?
To qualify for what the White House calls “startup visas,” entrepreneurs must own at least 15 percent of a U.S. startup, and demonstrate the company’s growth potential, investments from qualified American investors, and “significant public benefit to the United States.”

The rule would allow entrepreneurs that fit those requirements to stay in the U.S. for up to two years. They could then apply for an additional three years if the company shows continued growth and benefit to the American public (like increases in capital investment, job creation, or revenue).

How does United States benefit from this reforms?
The administrative reforms announced by the President in November 2014, if fully implemented, could boost the nation’s economic output by up to $250 billion, while shrinking the federal deficit by $65 billion over the next ten years.

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