There was good news for both foreign entrepreneurs and the US economy in Washington this week. On February 24, 2010, Senators John Kerry (D-Mass.) and Richard Lugar (R-Ind.) introduced The StartUp Visa Act of 2010 to the senate floor. The legislation will create jobs, increase investment in the economy, and attract immigrant entrepreneurs to the US, giving the US an advantage in the global economy.

The new legislation would add a new category to current immigration law under the EB-5 category, creating a new EB-6 category for entrepreneurs. Currently, the EB-5 law is set up to attract foreign investors by granting them a green card after they invest at least $1 million in the economy and thereby create ten jobs. The proposed EB-6 category will grant immigrant entrepreneurs a two-year visa if they can show that a qualified US investor is willing to invest at least $250, 000 in the immigrant’s startup venture. If, after two years, the immigrant can show that he or she has generated at least five jobs in the US, attracted $1 million in additional capital, or achieved $1 million in revenue, then he or she will be granted permanent legal resident status.   

This new legislation is a win-win situation for both foreign entrepreneurs and the US economy. In this crucial time of growth and recovery, I can see no downside to encouraging investment in the US economy. This is why I am joining Senators Kerry and Lugar in their support of the StartUp Visa Act of 2010.

Tags: EB-5, EB-6, immigration law, The StartUp Visa Act of 2010, visa

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