Tuesday, March 15, 2011

Startup Visa Bill Reintroduced: Could Boost U.S. Entrepreneurship

Vivek Wadhwa: Startup Visa Bill Reintroduced: Could Boost U.S. Entrepreneurship

The new legislation provides visas to the following groups under certain conditions:

1.Entrepreneurs living outside the U.S. -- if a U.S. investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of100,000. Two years later, the startup must have created five new American jobs and either have raised over500,000 in financing or be generating more than500,000 in yearly revenue.

2.Workers on an H-1B visa, or graduates from U.S. universities in science, technology, engineering, mathematics, or computer science -- if they have an annual income of at least30,000 or assets of at least60,000 and have had a U.S. investor commit investment of at least20,000 in their venture. Two years later, the startup must have created three new American jobs and either have raised over100,000 in financing or be generating more than100,000 in yearly revenue.


3.Foreign entrepreneurs whose business has generated at least100,000 in sales from the U.S. Two years later, the startup must have created three new American jobs and either have raised over100,000 in financing or be generating more than100,000 in yearly revenue.

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