Proposal of US Startup Visa under the new legislation by Biden
On 25th January 2022, the US House of Representatives introduced a highly ambitious America Competes Act, 2022. The act proposes to open up new opportunities for talented foreign individuals with the initiation of the new US Startup visa. It will allow the authorities to create a new classification of “W” non-immigrants for entrepreneurs who wish to establish a startup entity in the USA, essential employees of the startup, and their spouses and children.
USA Startup Visa
US President Joe Biden completely supports the new legislation. He believes that the new America Competes Act, 2022 is an essential step to strengthen the supply chains and strengthen the innovation operation of the economy to compete and beat China and the rest of the world. He said that proposals resemble the transformational investments in the 20th century, which made America a global power in industrial base and research and development.
He added that the new ACT would help bring manufacturing jobs back to the country and ease supply chain bottlenecks. The ACT will spearhead historic investments to strengthen America’s economy, security and leadership. Moreover, it influences core strengths and values, challenges, and opportunities of the 21st century.
What does the ACT entail?
- The ACT empowers USA Visa Authorities to establish the procedures for foreign nationals who wish to set up a startup for lawful permanent resident status as an immigrant entrepreneur.
- Applicants must determine a proven track record of successful careers through job creation and revenue generation.
- Applicants will be classified as W-1 non-immigrants and will receive a three-year visa initially if they possess a minimum of 10 percent interest in the startup.
- Applicants will receive extensions for up to eight years if the business meets growth benchmarks. In the interim, one can apply for a US Green card subject to applicable regulations.
- W-2 visas will also be introduced for the personnel essential for the growth and success of the startup.
- The bill exempts limits on immigrant visas for certain foreign nationals who have earned a doctoral degree in engineering, science, technology, or mathematics from a qualified US research institution or a foreign institution.
- Applicants must play a significant role in the management of the startup entity or possess the knowledge or experience to drive the business with growth and success.
- Before filing the petition, the startup entity must have received a minimum of USD 250,000 in qualifying investments from qualified investors or a minimum of USD 100,000 in government awards or grants.
For more information on the US Startup Visa and immigration procedures, you can reach our experts at (+91) 859 533 8595 for immediate free counseling or write to [email protected] or visit Abhinav Immigration.