EB-6 "Start-Up Visa" for US may be offered to Technology Entrepreneurs

New EB-6 Visa

A Bill that’s currently in the United States Senate will add another category to the list of American visas available for foreign nationals.

The Bill, called the Start-Up Visa Act, was introduced by Republican Senator Richard Lugar and former presidential candidate John Kerry in February. This new visa would stimulate the American economy while creating jobs in the United States.

A Start-Up Visa would allow someone from another country to enter the United States if they raised $250,000 from venture capitalists over two years. Then, once the entrepreneur raises $1 million and has created five jobs, they would gain permanent residency.

The American EB-5 visa already allows investors into the country who raise $1 million and create 10 jobs. Currently, the American EB-5 visa is relatively underused with only 1,265 applications out of a 10,000 annual cap received in 2009. The Start-Up Visa will be called the EB-6 visa.

It’s not known when a position on this visa will be given by the White House. While immigration reform in the United States is strongly needed, there are also several issues at hand, such as climate change and a hotly-debated position available for the Supreme Court later this year. It’s not yet apparent whether immigration reform will “jump the queue” and be placed at the forefront, or fall behind as other pressing issues are dealt with first.

Any information provided here does not constitute legal advice and is intended for general information only. Should you require legal advise, you are encouraged to contact a lawyer directly. All blog postings are public and are not subject to solicitor/client confidentially. Case results depend on a variety of factors unique to each case, and case results do not guarantee or predict a similar result in any further case undertaken by the lawyer.

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About Michael Niren

Michael is a graduate of Osgoode Hall Law School in Toronto. He is a member of the Law Society of Upper Canada, the Canadian Bar Association’s Citizenship and Immigration Section and the American Bar Association. He is frequently called upon to appear in the media to discuss Canadian and US immigration issues effecting North Americans. He has been interviewed by Canada AM, CTV, Canada News Net, the Globe and Mail and the Toronto Star and has given lectures on immigration topics overseas.

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