U.S. Investors Could Help Secure Green Cards for Foreign Entrepreneurs

Democrat John Kerry and Republican Richard Lugar introduced legislation to the U.S. Senate on February 24, 2010, that proposes a new category of employment-based visas for foreign entrepreneurs who create startup companies and jobs in the U.S. The goal for the legislation is to establish an employment-based immigrant visa for foreign entrepreneurs who have received significant capital from investors to establish a business in the U.S.

The Startup Visa Act of 2010 (Act) would provide a foreign entrepreneur with conditional permanent residence if he or she is able to raise at least $250,000 in capital, with $100,000 of that amount coming from either a "qualified venture capitalist" or a "qualified super angel investor" as defined in the Act.  If the foreign entrepreneur can establish that his or her efforts created five or more jobs (employing people other than the potential immigrant's spouse or children) and raised either an additional $1 million in investment capital or generated at least $1 million in revenue, then the foreign entrepreneur would be granted permanent residence without condition after the initial two year approval.

This proposal was generated in response to limitations in the H-1B temporary visa category which is capped annually and does not permit self-sponsorship, as well as to address harships in the EB-5 immigrant visa category which requires direct investment of at least $1 million and creation of 10 jobs in the U.S.

If you have any questions regarding this proposed legislation or other questions concerning I-9 compliance, employment verification and other immigration-related issues, please contact Jenifer Brown, Christl Glier, Lindsay Ramsey or any member of the immigration group.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader must consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.