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Senators Dick Luger and John Kerry introduced today a new piece of legislation entitled “The Startup Visa Act of 2010.” This visa would permit immigrant entrepreneurs to stay or immigrate into the  United States if they have secured “significant” funds to start a new company. The goal of the act is to bring new jobs, opportunity and investment to the US.

To make the visa available, a new EB-6 category would be created. This new visa category would draw from visas under the existing EB-5 category.

One potential sticking point for many budding entrepreneurs is the proposed legislation’s definition of “significant” funds. The bill requires investment capital available from a sponsoring US venture capital or angel investor of at least $100,000 in an equity financing of not less than $250,000. If after 2 years the immigrant entrepreneur can show that he or she has generated at least 5 full time jobs or attracted at least $1 million in additional capital or revenue, then he or she would achieve legal status.

Clearly, this bill is aimed at attracting startup immigrant all-stars. Perhaps the young entrepreneur from Russia who started Chatroulette would qualify.  It will also help young entrepreneurs with great ideas who have recently graduated from college who have  obtained venture funding.

Most immigrant entrepreneurs who contact my office have great ideas but only limited access to capital.   I field a few calls a week from potential immigrant entrepreneurs who have amazing business plans which would be inexpensive to implement, but would fall short of the capital requirements.  I am not sure Bill Gates would qualify for a visa under the Startup Visa Act of 2010 if he hailed from Bangalore when he started Microsoft.

Nevertheless, this proposed law is  a step in the right direction and I support the bill.

Full Text of Proposed Legislation of The Startup Visa Act

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Whether you are interested in starting a business or looking for help with your existing corporation, your first meeting with an attorney should include strategic business planning.  This includes discussing what are the:

• Desirable course of action your company should take among the different alternatives;
• Feasability of each alternative;
• Consequences of each course of action.

DESIRABILIITY ANALSIS

When discussing which alternative is most desirable you need to look at:

• The level of risk you are willing to accept;
• ROI, or return on investment;
• What control or management decisions you wish to have;
• The tax implications of each course of action.

When starting a business, as a preliminary matter you need to discuss the corporate form of your company.   Thereafter, you should have your attorney investigate:

• Whether there are any licenses or government approvals required to run your business;
• Trademarks;
• Copyrights;
• Labor;
• Securities;
• Environmental concerns.

Violations of any of the above laws could be very costly for your company and a stategy needs to be developed with a lawyer to deal with them.

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It is gray and bit dreary today in New York.  After a weekend devoted to Halloween, football and Yankees, I can bet that you are not bringing your A game to work today. It’s time to grind it out.  Watch this video by Gary Vaynerchuck and go out and kick some ass.

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I have recently started reading The Magic of Thinking Big, by David J. Schwartz. The book, written in 1959, has been getting a lot of ink lately because his ideas are classic. Business thought leaders such as Seth Godin and Tim Ferriss cite the book as required reading.

Mr. Schwartz suggests that we should practice giving value.

• Practice adding value to things. Look for ideas to make things worth more
• Practice adding value to people. As you move higher and higher in the success world, more and more of your job becomes people development. Look for ways that you can help others. Take a look at your contacts and find ways to connect them.
• Practice giving value to yourself. You need to ask yourself everyday what can you do to make yourself more valuable today. With social media, you can make yourself more valuable by writing a blog.

Let me know of your action steps towards providing more value.

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The big banks are no longer in crisis mode. But how does that help small business? It doesn’t. This is an important issue for economic recovery. In the past, small businesses created 60-70 percent of new jobs coming out of recovery.

The federal bailout legislation, know by the moniker “TARP” is once again on everyone’s minds. The big banks are no longer in crisis but the money is not flowing. Many small businesses cannot simply wait for the big banks to begin to lend more freely in the next quarter or three.

A Senator from Virginia, Mark Warner has an idea. Why doesn’t the government take some of the TARP money and use it for small businesses. Banks, large and small, are still recovering. Senator Warner’s proposal, to re-allocate TARP funds is a plan to assist small business.

Senator Warner’s proposal is a step in the right direction. What small businesses need now is easy access to credit. What do you think?

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So, you decided to take the plunge to start your own business.  You are probably wondering whether you need a license to set up shop.  There are many professions and businesses that require a unique license so that they could operate. For example, dentists, locksmiths, food processors and real estate agents all need licenses.  If you are in a profession that requires schooling, you probably know about the licensing requirements.

What Should You Do If You are Unsure of Whether You Need a License?

1. Contact the Governor’s Office of Regulatory Reform.  They have a list of over 1000 businesses that require licenses.
2. In New York City, contact the License Issue Division of Consumer Affairs.

Permits

If you are planning to open a retail or manufacturing business, you may need a permit to do so. For example, you would need a liquor license if you plan on opening a  bar.  If you need to do renovations to an existing space, you may need a building permit. Also, check to see if there are any restrictions regarding the type of sign you can display.  Some community boards in the City also restrict certain types of businesses, such as new restaurants.

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