On Friday, The Department of Homeland Security (DHS) published the White House’s International Entrepreneur Rule. This rule will allow foreign entrepreneurs to be granted startup visas so they can resident in the US so as to start and build their businesses.
“Today marks an important step in attracting the world’s best and brightest entrepreneurs to start the next generation of great companies and create jobs here in the United States,” White House technology directors Tom Kalil and Doug Rand wrote in a blog post.
To qualify for startup visas entrepreneurs must own at least 15 percent of a U.S. startup. Also, they will demonstrate the company’s growth potential, investments from qualified American investors, and “significant public benefit to the United States.”
Entrepreneurs who are qualified will stay in the U.S. for up to two years. If the company shows potential growth and benefit to the American public, they can apply for an additional three years.
“Today’s announcement is welcome news for the entrepreneurial ecosystem and we applaud the Obama Administration for keeping its foot on the gas of this important issue. Immigration reform has long been a focus of NVCA and we are glad to see our priorities on the issue woven into this proposal,” said Bobby Franklin, President and CEO of the National Venture Capital Association.
“Absent congressional action to finally pass comprehensive immigration reform, NVCA and the venture community will continue to support all measures that make it easier for foreign-born entrepreneurs to come to the U.S. to start and grow successful businesses. We look forward to digging in and reviewing all the details of the proposed rule and working with the administration in the coming weeks to iron out the finished product so that the rule best meets the stated goal of attracting the best and brightest entrepreneurs from around the world.”
These startup visas is a change which is highly accepted by many tech and startup groups. Giving the fact that immigration policies over the years have prevented the U.S from competing with other countries.