Startup Visa Act of 2010 Create Jobs Raise Money Green Card

Finance, National by Pradeep Kolla
Startup Visa Act of 2010 a Bright Idea or Immigration Nightmare?

February 25th, 2010

Startup Visa Act of 2010 a Bright Idea or Immigration Nightmare? Senators John Kerry and Richard Luger have created a bi-partisan effort to create a bill that would allow immigrant entrepreneurs an opportunity to gain US residency through the Startup Visa Act of 2010. Of course, any immigration reform is controversial as there are many people who feel strong about securing our borders and not letting anyone else in. On the other hand there are those who are all for reform – as long as everyone is held to the same standards.

The Startup Visa Act of 2010 would allow foreign entrepreneurs a temporary two year visa if they are able to raise $250,000 in capital with $100,000 of that coming from a US Source. After the two years are up, the potential immigrant’s visa would turn into a residency class E-6 if they a) create 5 or more jobs (their family doesn’t count), b) raise an additional $1 million in capital, or c) produce $1 million in revenues.

In a time where the US is having a hard time creating jobs, perhaps a bill like the Startup Visa Act would jump-start innovation and produce incentives to create jobs. In addition, if a company produces $1 million in revenues, they will be paying taxes into our system – and we need all the money we can get.

Still yet, there will be skeptics of the bill, and there will be those who inevitably try to abuse this legislation as an easy way in to the United States. The message, however, is a positive one: to become a resident, someone will have to contribute something to our country. It’s a potential win-win, as long as the loopholes are closed.

What are your thoughts on the Startup Visa?

Source:

Forbes.com

Photo Credit: Pam Roth (Bubbels on sxc.hu)/Wikimedia Commons