Summary

To establish an employment-based immigrant visa for alien entrepreneurs who have received significant capital from investors to establish a business in the United States. Read More

Status

This bill was introduced on Mar 16, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To establish an employment-based immigrant visa for alien entrepreneurs who have received significant capital from investors to establish a business in the United States.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``StartUp Visa Act of 2011''.

SEC. 2. STARTUP VISAS.

(a) In General.--Section 203(b) of the Immigration and Nationality Act (8 U.S.C. 203(b)) is amended-- (1) by redesignating paragraph (6) as paragraph (7); and (2) by inserting after paragraph (5) the following: ``(6) Sponsored entrepreneurs.-- ``(A) In general.--StartUp visas shall be made available, from the number of visas allocated under paragraph (5), to qualified immigrant entrepreneurs-- ``(i)(I) who have proven that a qualified venture capitalist, a qualified super angel investor, or a qualified government entity, as determined by the Secretary of Homeland Security, has invested not less than $100,000 on behalf of each such entrepreneur; and ``(II) whose commercial activities will, during the 2-year period beginning on the date on which the visa is issued under this subparagraph-- ``(aa) create not fewer than 5 new full-time jobs in the United States employing people other than the immigrant's spouse, sons, or daughters; ``(bb) raise not less than $500,000 in capital investment in furtherance of a commercial entity based in the United States; or ``(cc) generate not less than $500,000 in revenue; ``(ii)(I) who-- ``(aa) hold an unexpired H1-B visa; or ``(bb) have completed a graduate level degree...

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Popularity Trend

Organizations Supporting

Foreign-born entrepreneurs in the U.S. are increasingly active in creating jobs for Americans in the U.S. Fast-growing companies have long been the main source of new jobs and innovation in the United States. Companies such as Google, Pfizer, Intel, Yahoo, DuPont, eBay and Procter & Gamble are all former start-ups founded by immigrants. Foreign-born residents made up just 12.5% of the U.S. population in 2008, while nearly 40% of technology company founders and 52% of founders of companies in Silicon Valley are foreign-born. However, U.S. immigration policies are forcing foreign-born startup founders with venture capital and employees out of the country, effectively sending thousands of high paying knowledge jobs overseas for no reason. The StartUp Visa Act spotlights entrepreneurs who are already integrated into American business or research culture (since they are lawfully present, working for a U.S. organization or conducting graduate research here). The StartUp Visa Act will create jobs and increase America’s global competitiveness. We urge lawmakers to support S. 565/H.R. 1114. http://www.uschamber.com/sites/default/files/file_attach/2011legislativeagenda.pdf

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NVCA is pleased to report that a new bi-partisan bill has been introduced in the Senate that is aimed at bringing and keeping the best and brightest entrepreneurs from around the world here in the United States. Introduced by Senators John Kerry (D-MA), Richard Lugar (R-IN) and Mark Udall (D-CO), the StartUp Visa Act of 2011 will permit entrepreneurs to come to the U.S. or to remain here after completing university studies if they meet certain criteria, including receiving investment in their businesses from a qualified U.S. investor. This would include venture capital dollars. http://nvcaccess.nvca.org/index.php/topics/public-policy.html

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Bill Summary

To establish an employment-based immigrant visa for alien entrepreneurs who have received significant capital from investors to establish a business in the United States.

H.R. 1113 Fair Employment Act of 2011 H.R. 1115 Expedited Offshore Permitting Act of 2011