Working as an immigration attorney in San Francisco, I am interested in how immigration policy can help or hurt a struggling economy. Senator John Kerry (D-Mass) and Senator Richard Luger (R-Ind) have introduced a bipartisan bill, the Startup Visa Act of 2010. The bill is intended to help global entrepreneurs obtain US visas.
This is not a simple open door policy. A foreign entrepreneur may be granted a two-year temporary visa (currently designated as an EB-6 visa) if he is able and willing to invest $250,000 in a business he is starting. This can lead to a permanent visa.
To be eligible for permanent legal status, the entrepreneur must have achieved one of the following after two years:
• Have created five full-time jobs in the US.
• Managed to raise $1 million in additional investment cash.
• Generated $1 million in revenue.
It has been endorsed by more than 160 venture capitalists from around the world. This bill, of course, can have an impact on the economy of the San Francisco area, as well as my practice as an immigration attorney. At this time it is difficult to estimate how many entrepreneurs can take advantage of this opportunity.
This could really have an impact on immigration from China. A recent article in Newsweek.com reported that an MIT study found that China has a higher entrepreneurship rate than Europe and the US. They also have a high rate of founders of companies that focus on high growth. Those who work in the high-growth area are starting companies that have at least 20 employees.
In recent years, European countries have focused on further fostering high-growth entrepreneurship. For the last five years, European countries have been working to create better business conditions, such as tax incentives to encourage entrepreneurs.
This bill is designed to bring innovators and job creators to the country. The US economy, workers, and consumers are expected to benefit from the Start-up Visa Act of 2010. As an immigration attorney in San Francisco, I hope that this law will be debated, as it always is with any change in immigration policy.
