Here is some good news for the budding entrepreneurs all around the world who are looking to get their ideas and products into the American market. It has been all about getting student visas or H1 type visas to go to the US until now and not a lot of entrepreneurs could find their way to starting something up in the US. Ending that streak, President of the United States of America, Barack Obama and his administration have decided to ease the process of visas for the enthusiastic entrepreneurs all around the world so that they could set up their startups in the US. This initiative is going to help a lot of startup founders and entrepreneurs from India in getting their services to the public of United States.
The Department of Homeland Security (DHS) is publishing the White House’s International Entrepreneur Rule. The program grants temporary visas to startup founders from other countries if their companies meet certain requirements, like financing from US investors.
To qualify for these startup visas, these are the criteria:
1. Entrepreneurs must own at least 15 percent of a US startup
2. Present the company’s growth curves
3. Acquire investments from qualified American investors
4. Provide significant public benefit to the United States
This rule will allow entrepreneurs that fit those requirements to stay in the US for up to two years. They could then apply for an additional three years if the company shows continuous growth with tangible results and benefit to the American public.
The concerning officials from the White House stated that creating a startup visa for international entrepreneurs has always been a part of the President’s commonsense immigration reform principles, and was part of the bipartisan immigration bill that passed the Senate in 2013. And while there is no substitute for legislation, the Administration is taking the steps it can within the existing legal authorities to fix as much of our broken immigration system as possible. The administrative reforms announced by the President in November 2014, if fully implemented, could boost the nation’s economic output by up to $250 billion, while shrinking the federal deficit by $65 billion over the next ten years.