February 25, 2010
On February 24, 2010, Senators Kerry (D-MA) and Lugar (R-IN) introduced a bill entitled the StartUp Visa Act of 2010. The Senators claimed this bill would drive job creation and increase the global competitiveness of the US by enabling immigrant entrepreneurs to secure visas. Under the proposed legislation, an immigrant entrepreneur will be eligible to receive a two year visa if he or she can show that a qualified US investor is willing to dedicate a significant sum – at least $250,000 – to the immigrant's startup venture. On conclusion of the two year period the entrepreneur would be eligible for permanent residence if certain conditions have been met including the hiring of at least 5 US workers.
Over 160 US venture capitalists endorsed the Senators' proposal. The full text of the StartUp Visa Act may be viewed at: http://www.aila.org. In order to become law, this bill would have to pass both the US Senate and the House of Representatives, and would have to be signed into law by President Obama.
