How’s this for a swap? Start a business in the U.S., get a piece of paper saying you can stay.
That’s what some lawmakers in Washington D.C. are proposing as part of a plan for keeping the U.S. competitive, especially the tech sector. The StartUp Visa Act would grant a two-year visa to a foreign entrepreneur who can prove an American investor is willing to sink at least $100,000 into his or her startup. Overall, the business needs at least $250,000 in backing.
After two years, that entrepreneur becomes a permanent resident of the U.S. if the company has produced five jobs, attracted $1 million more from investors or generated that much in revenue.
The bill is sponsored by a Democrat and a Republican, and has the backing of about 160 investors. But immigration tends to be a hot-button issue for Congress, and it’s not yet clear if this proposal will get any traction.
The act has its own Web site, if you want to learn more. What do you think of the idea?
Know a small business you think we should write about? Contact Herald writer Amy Rolph at arolph@heraldnet.com.
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