Proposed Legislation Would Grant U.S. Visas to Entrepreneurs

Authored by Mark Hefflinger on February 26, 2010 - 9:58am.

Washington - A new proposal on Capitol Hill would grant visas to immigrant entrepreneurs launching new companies in the U.S., provided they have commitments to secure a minimum amount of investment capital. The Startup Visa Act, sponsored by Senators John Kerry (D-Mass.) and Richard Lugar (D-Ind.), is being supported by signatures from more than 100 U.S. venture capital and angel investors.

To qualify, entrepreneurs would need to land capital from a qualified U.S. investor of at least $100,000, as part of an equity financing of not less than $250,000.

A previous incarnation of the act enables investors from other countries to earn visas in exchange for starting a business in the U.S. with $1 million in capital and creating at least 10 U.S. jobs.

"We applaud Senators Kerry and Lugar for recognizing the importance of foreign born entrepreneurs to U.S. economic growth," said Mark Heesen, president of the Arlington-based National Venture Capital Association.

"These individuals want to build their companies in the United States, but many have been discouraged in the past by difficult immigration laws. Today entrepreneurs can build their companies and create jobs anywhere. This bill sends the right signal that we want them here."

http://startupvisa.files.wordpress.com/2010/02/startup-visa-act_-final-final-1.pdf

http://snipurl.com/uj9p9 (NVCA statement)