News :H1B Visa Holders benefit – Startup Visa Act 2011 – Kerry Lugar Bill

In H1B Visa by KumarUpdated : 1 Comment

Almost after one year of initial proposal of Startup Visa act of 2010 & EB6 Visa, the bill was re-introduced as ‘Startup Visa Act 2011’ on March 14th, 2011, adding some new terms to include H1B visa holders and also more options.

Summary of the Startup Visa Act 2011  Bill:


Main aim of the bill is to create jobs by encouraging innovative entrepreneurs from other countries and educated internationals in America. It really benefits innovative H1B holders to become an entrepreneur. The bill seems very promising to help H1B holders to take a chance and try out their ideas talking to some Angel Investors or Venture Capitalist firm.  There are rules in place to prevent fraud. Lets see what happens and how many jobs it will create.

Three options as mentioned exactly in Original Bill :

Options for Entrepreneurs
The StartUp Visa Act of 2011 would amend immigration law to give immigrant entrepreneurs three new options for entry or retention of residency:
Option One: Immigrant entrepreneurs living outside the U.S. would be eligible to apply for a StartUp Visa if a qualified U.S. investor agrees to financially sponsor their entrepreneurial venture with a minimum investment of $100,000. After two years, their business must have created 5 new jobs and raised not less than $500,000 in additional capital investment or generate not less than $500,000 in revenue.
Option Two: Immigrant entrepreneurs currently in the U.S. on an unexpired H-1B visa; OR immigrant entrepreneurs currently in the U.S. who have completed a graduate level degree in science, technology, engineering, math, computer science, or other relevant academic discipline from an accredited United States college, university, or other institution of higher education would be eligible for a StartUp Visa if;
They demonstrate annual income of not less than roughly $30,000 or the possession of assets of not less than roughly $60,000; and
Have proven that a qualified U.S. investor agrees to financially back their entrepreneurial venture with a minimum investment of $20,000.
After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.
Option Three: Immigrant entrepreneurs living outside the U.S. would be eligible to apply for a StartUp Visa if they have controlling interest of a company in a foreign country that has generated, during the most recent 12-month period, not less than $100,000 in revenue from sales in the U.S.
After two years, their business must have created 3 new jobs and raised not less than $100,000 in additional capital investment or generate not less than $100,000 in revenue.

What are your thoughts ? What do you think of the bill ?

References :

   

Other Articles


Comments ( 1 )

  1. balabala

    No idea when it was posted, but anyone has the latest update? I am current have H1B and thinking about starting a new business. Definitely meet Option Two, if there was an option, of course.

Leave a Comment

Comments Policy :
  • Comments are to drive conversation, add your thoughts, experiences, ask questions!
  • Do NOT write hate speech, swear words, or get into fight. Maintain etiquette
  • Enter your Name, valid Email, URL(optional - Facebook, LinkedIn profile URLs).
  • Your email will NOT be published. Do NOT post any phone numbers, email-ids
  • Do NOT post any links from other websites, unless official sites, University websites.
  • By submitting your comment, you agree to Term and Conditions of our website.