Egged on by more than 160 venture capitalists, including several Indian Americans, US Senators John F Kerry, Massachusetts Democrat and Richard Lugar, Indiana Republican, have introduced a legislation to create jobs in America and increasing America's global competitiveness by helping immigrant entrepreneurs obtain visas to the United States.
The bill by Kerry and Lugar, chairman and ranking member, respectively, of the powerful Senate Foreign Relations Committee, titled The StartUp Visa Act of 2010, will allow an immigrant entrepreneur to receive a two-year visa if he or she can show that a qualified US investor is willing to dedicate a significant sum -- a minimum of $250,000 -- to the immigrant's startup venture.
The legislation would amend immigration law to create a new EB-6 category for immigrant entrepreneurs, drawing from existing visas under the EB-5 category, which permits foreign nationals who invest at least $1 million into the US, and thereby create 10 jobs, to obtain a green card.
Under Kerry and Lugar's bill, after proving that he or she has secured initial investment capital and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $ 1 million in revenue, then he or she would receive permanent legal resident status.
To read the full, original article click on this link: Create jobs in US, get a green card!: Rediff.com Business
Author: Aziz Haniffa
