StartUp Visa Act of 2010
February 24, 2010 Leave a comment
Today Senators John Kerry and Richard Lugar introduced the “StartUp Visa Act of 2010,” which proposes a new EB-6 category visa for immigrant entrepreneurs.
While EB-5 gives visas to immigrant investors who contribute capital ($500,000 or $1 million) to US enterprises, EB-6 would give visas to immigrant entrepreneurs with startup ventures that attract US investors (willing to invest at least $250,000). EB-5 immigrants receive permanent residency after two years if the invested enterprise generates at least 10 full time jobs; EB-6 immigrants would receive permanent residency after two years if the enterprise has generated at least five full-time jobs, attracted $1 million in additional investment, or achieved $1 million revenue.
This idea has been generating buzz for months, and more than 160 venture capitalists from across the country have endorsed the senators’ proposal.
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