Last week, the Senate introduced a bill that would create a new visa for entrepreneurs who can create jobs and contribute to revitalizing the economy. The Startup Visa Act of 2010 would allow a pathway to a green card if the entrepreneur can raise capital for a business and create jobs. The business would have to add at least $1 million in revenue.
With the growing bio-tech and life sciences industry in San Diego, CA, this city could be a beneficiary of such a visa program as it could add jobs in the area and raise tax revenues for the local cities.
Details of the visa are stated in the following article:
A bill introduced in the Senate would provide new, expanded visa terms for people who come to the U.S. and create startups.
The Startup Visa Act of 2010 allows for immigrant entrepreneurs to receive visas good for two years if they can raise a minimum of $250,000; of that $100,000 must be from qualified U.S. investor. After the two years is up, the person could become a legal resident if they’ve been able to create five or more jobs — not for children or a spouse — and can add another $1 million in revenue or investment.
A large number of angels and VC heavyweights are backing the bill, including Reid Hoffman, founder of Mountain View-based LinkedIn, and Brad Feld, co-founder of Mobius Venture Capital, which has an office in Palo Alto.
On the Startup Visa Web site, backers say that entrepreneurship, “the primary engine of our prosperity in the last two decades, is endangered by our immigration policy, which makes it very difficult for some of the brightest and most motivated individuals to stay in our country … We are a group of entrepreneurs, technologists and venture capitalists passionate about creating visa reform that allows immigrant entrepreneurs to contribute to the US economy by starting new companies.”
Introducing the bill Thursday were Senators John Kerry (D-MA) and Richar Lugar (R-IN).