Can Foreign Entrepreneurs Start Using the US Start-Up Visa?

The United States is making an effort to ease business migration for entrepreneurs. European countries and other developed places like Australia, the UK, and Canada, implemented the startup visa as an entry means for business owners. However, these countries do not accept random entrepreneurs, but only those that will contribute to the economic growth. Meanwhile, the United States is still on its way to implementing the startup visa. The idea has existed since the 24th of February, 2010, but it has not been passed. Nevertheless, the US government is not relenting in implementing the startup visa, especially with its positive influence in Canada.

Proposed US Legislation

The US legislation included several bills recently, especially since countries are trying to revive their economy from the COVId-19 outbreak. On the 8th of June, 2021, the house received a $250 billion Innovation and Competitive Act. However, the bill did not comprise a startup visa. It made it appear as though a startup visa would never belong in the equation. Fortunately, the Congresswoman proposed the Let Immigrants Kickstart Employment Act on the 26th of June, 2021. The new bill included more opportunities for startups and employees. The entrepreneur can enter the country with co-founders and family members, having met the criteria below.

• The foreigner will propose an ownership entity of a minimum of 10% of the startup investment.
• The foreigner is well-grounded in the appropriate skills and knowledge to sustain the business.
• The foreigner will be available to manage and coordinate the business operations.
• At some point, the entrepreneur should be open to receiving a minimum investment of $250,000.

Any Possibility of Extending Your Visa?

Although the startup visa has not been implemented yet, you must know what to expect. Entrepreneurs can extend their US visas for three years so far, they meet the requirements. You can also obtain a residency permit if you have a W1 visa as a non-immigrant. Also, if you have shown a leadership and ownership position towards the business, the government may grant you a long-term stay. You need to ensure your organization or business openings provide a minimum of ten job opportunities for people in society. More so, you must have raised up to $1.25million investment since you started your business. The number of investors you were able to attract is proof of whether your business is growing or not.

Is the US Start-Up Visa Usable Now?

Entrepreneurs cannot use the startup visa yet, because the Senate has not passed a bill yet. The government administration is filled with hierarchy, and the Senate has a stake in making significant decisions. More so, the US president needs to approve the startup visa bill.

Indian entrepreneurs are creating business in North America through the Canada startup visa. Many Indian entrepreneurs have been successful while eventually becoming a resident of Canada. Fortunately, there are limited uncertainties with the Canada startup visa, and you can even obtain a permanent residency. Make sure your business ideas are innovative to earn a good reputation.