Today Senators Kerry (D-MA), Lugar (R-IN) and Udall (D-CO) unveiled the Startup Visa Act of 2011. This is an updated version of the Startup Visa bill from last year that is aimed at making it much easier for foreign entrepreneurs who want to start a company in the US to get a visa. Today, this process is incredibly difficult and has been stifling the creation of new companies and the corresponding job creation that these companies provide.
The Startup Visa Act of 2011 has several significant improvements over last years bill.
- Lowered, More Realistic Thresholds: The minimum investment has be lowered to $100,000. This is more in line with a larger number of startup companies.
- Broadened Qualifications to Include H-1B or Students with Advanced Degrees: Entrepreneurs already in the US on an unexpired H-1B or those who have completed a graduate level degree in science, technology, engineering, math, computer science are eligible to apply as long as they have either an annual income of $30,000 or assets of at least $60,000 and a qualified US investor has agreed to invest at least $20,000. This opens up the Startup Visa to students after they graduate, which is a huge thing.
- Entrepreneurs Who Want to Relocate: Entrepreneurs who’s companies are based outside the US can now relocate as long as their businesses have generated at least $100,000 in sales in the US.
I’m particularly excited about the broadened qualifications. I think every student that graduates with an advanced STEM or computer science degree should have a green card stapled to his or her diploma. It makes no sense to me that we’d make it difficult for the best and the brightest to stay in the US if they want. While this doesn’t go that far, at least it’s now easy for them to stay in the US and start a company if they want.