Startup Visa Bill Encourages Foreign Entrepreneurs to Locate to U.S.

A new proposal in Congress makes it easier for immigrant entrepreneurs to come to the U.S. to start companies.

By Avery Fellow | March 8, 2010

A new bill in Congress would make it easier for foreign entrepreneurs to obtain a visa and come to the United States to start companies, spurring job creation.

The Startup Visa Act would allow foreign entrepreneurs to get a two-year visa if they prove they have at least $100,000 in financing from a qualified U.S. investor and at least $250,000 in total funds. The bill would grant permanent legal resident status to entrepreneurs bringing in $1 million in revenue or in additional funding.

Massachusetts Senator John Kerry, a Democrat, and Indiana Senator Richard Lugar, a Republican, introduced the bill on February 24. It’s backed by more than 100 U.S. venture capital and angel investors.

The Startup Visa movement was started last year by venture capitalist and former software entrepreneur Dave McClure.

McClure, along with a slew of other venture capitalists and entrepreneurs, came to Washington last week to rally behind the bill. The bill’s supporters believe tech entrepreneurs will benefit from the Act.

"With the Startup Visa Act, we can create thousands of new jobs immediately, and tens of thousands more as these new startups grow into the next Googles, Yahoos, and eBays of their generation," McClure said. "It’s a huge win-win."

"We applaud Senators Kerry and Lugar for recognizing the importance of foreign born entrepreneurs to U.S. economic growth," said Mark Heesen, National Venture Capital Association, based in Arlington, Va. "These individuals want to build their companies in the United States, but many have been discouraged in the past by difficult immigration laws. Today entrepreneurs can build their companies and create jobs anywhere. This bill sends the right signal that we want them here."

To view the text of the legislation, click http://startupvisa.files.wordpress.com/2010/02/startup-visa-act_-final-final-1.pdf.

To support the Startup Visa movement, visit http://startupvisa.com/, or tweet your support here: http://startupvisa.2gov.org/.



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