permanent residence

Startup Immigration Visa for Entrepreneurs announced by Senators Kerry & Lugar

by Fred Abramson on February 24, 2010 · 1 comment

Headshot of John Kerry with the U.S. flag in t...

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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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For 2011 H-1B Visa Applications April 1, 2010 is the filing date #Immigration #USCIS

by Fred Abramson on February 5, 2010

On April 1, 2010 The United States Citizenship and Immigration Service (USCIS) will accept new H-1B visa applications for Fiscal Year 2011 (for work which starts on October 1, 2010).  Now is the time to review your files to see whether you are in need of any H-1B visas for your workers.

You should be on the lookout for any interns from colleges working for you or anyone else who has a  J-1, E-1, E-2 or O-1, to H-1B visa. Be aware that the paperwork to file H-1B visa preparation is  more lengthy than ever.  This is because the Department of Labor is requiring a Federal Tax ID verification process.

What is an H-1B visa?

H-1B visas are granted by the immigration service (USCIS) to foreign nationals that are individuals who are offered a position in a specialty occupation.

What is a Specialty Occupation?

A specialized occupation is one in which require a high level of specialized knowledge.  The Immigration Service generally mandates that the job offered to would required at least the equivalent of a 4-year US Bachelor’s degree.

Employer Requirements:

  • The job offer must be in a specialty occupation
  • The job offered for the visa must meet Department of Labor criteria for wages
  • The company, not the employee submits the immigration visa application
  • No US Citizen is available for the job

Advertising Requirements:

  • The employer is required to advertise the position offered in the United States before petitioning to employ H-1B workers for those positions

H-B Limits:

  • Only 65,000 of the immigration visa applications are issued every year
  • Non-profits visa applications are exempt from the cap

Because the H-1B Visas are limited each year and often exhausted on the first day of filing, it is important to start the application process now.

Call the The Law Office of Frederic R. Abramson if you have a question about immigration at 212-233-0666 or visit my website.

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