Creating an outstanding startup could earn you a US VISA
Other than all the obvious benefits of nurturing a winning startup, a two-year (extendable) visa to the United States could soon be one of the other perks. This is if (there always is a condition attached) your startup meets certain investment mark points. This is what the US Congress has been trying to push.
Thankfully, because (our) Obama rocks and his administration can’t dally waiting for the Congress to make up its mind, it [the Barrack Obama administration] said it will go ahead and create the ‘startup visa-like program’ that will be called the International Entrepreneur Rule.
Some of the conditions that need to be satisfied for this program include financing from qualified US investors, at least 15% ownership of the startup by the entrepreneur, feasible demonstration of the startup’s growth and significant public benefit to the United States as published by the Department of Homeland Security (DHS).
Being a temporary visa, qualified entrepreneurs can stay in the United States for up to two years on ‘extended immigration parole’ after which they can apply for an additional three years’ stay extension on their visa if (of course) the company shows continued growth and US public benefit or ‘humanitarian reasons’. Of course the DHS can revoke this at their will.
To get the said parole status the entrepreneur will have to demonstrate significant investment of capital (at least $345,000 from ‘certain qualified’ US investors or $100,000 from federal, state or local governments) and again, visible growth activity.
“Creating startup visas for entrepreneurs has always been a part of the President’s commonsense immigration reform principles and was part of the bipartisan immigration bill that passed the Senate in 2013.” Wrote Tom Kalil Deputy Director for Technology and Innovation at the White House Office of Science and Technology Policy.
“While there is no substitute for legislation, the administration is taking administrative action, where possible and consistent with current law to fix our broken immigration system”
In the following months the Obama administration will open up a 45-day public comment period on the International Entrepreneur Rule once they are published. They are working to finalize the rule by the end of the year.