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02-25-2010, 03:30 PM #1
Sen. Lugar proposes Start-Up Visa Program
What guarantee would this legislation contain that the employees of these start ups are US citizens?
http://blogs.wsj.com/venturecapital/201 ... ss_WSJBlog
With the endorsement of more than 100 venture capitalists, Senators John Kerry (D-Mass.) and Richard Luger (R-Ind.) introduced the Startup Visa Act (opens PDF document), a bill that if passed would make it easier for immigrant entrepreneurs to work in the U.S. Foreigners would be able to secure visas here if they can obtain at least $100,000 from a sponsoring angel investor or at least $250,000 from a qualified venture capital firm. Within two years, the start-up must create five new jobs, raise at least $1 million or generate at least $1 million in revenue. (Learn more here.) Essentially, this bill is designed to boost the number of EB-5 visas available to foreign entrepreneurs by lowering thresholds; under current law, only 3,000 EB-5 visas are reserved for foreign entrepreneurs who must secure at least $1 million (or $500,000 in certain regions) and create 10 jobs within two years. If this new bill sounds like “déjÃ* vu all over again,â€"Men of low degree are vanity, Men of high degree are a lie. " David
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