The United States of America is planning to create a new visa category for the business entrepreneurs who wish to establish and pursue a successful business in the country. The idea was proposed by two Democrats in the House of Representatives as the EB-6 visa. An applicant willing to acquire this visa must fulfill any one of the two conditions.
The major requirements
He or she must either possess sufficient capital for investment or must prove that the business has the potential to create jobs. This unique and beneficial legislation was proposed by U.S. Rep. Zoe Lofgren (D-Calif.), representing the Silicon Valley, and Luis Gutierrez (D-Ill.), who has been serving as an immigration reform leader. The future of this bill is yet to be decided.
The Lofgren-Gutierrez bill as it is called, is part of the Entrepreneurial Business Creating Jobs Act. Anyone hoping to obtain the EB-6 visa, must fulfill certain essential conditions. These conditions include having a start up with a minimum back up of 5,00,000 dollars sponsored either by “established” venture capitalist, angel investor, or by a qualified employer.
In case the investment is made by a qualified seed accelerator it must be a minimum of 100,000 dollars. There is also a provision for self investment. The only condition even in this case is to create jobs for the people in the United States. There are other conditions to be fulfilled by those who wish to establish their business in the U.S.
Some more conditions to be fulfilled
An entrepreneur must be able to provide five or more full time jobs for workers in the country, with his or her business. The business must contribute 2 million dollars additionally to capital investment. Its revenue should have gone up to the level of one million dollars while employing three U.S workers with a salary of 1,00,000 dollars each. This information was revealed in National Law Review.
The opinion of the House of Republicans is still to be known in this matter. The present situation requires one with an EB-5 Visa to invest a minimum of 5,00,000 dollars while creating jobs in a high unemployment area. This visa requires an entrepreneur to create a minimum of 10 jobs to be eligible for this visa.
The Grassley-Leahy bill requires the government to keep a check on the background of the investors.
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Posted on September 10, 2015