Over a year ago he started to apply for a visa to allow him to carry on working in the Valley, but he soon encountered problems.
In the end, Mr. Diep decided to base himself in his native Canada and travel back and forth to Silicon Valley.
The start-up visa is aimed at streamlining the country's EB-5 visa system which was initially introduced in 1990 to attract foreign capital to the US.Each year 10,000 EB-5 visas are available but to get one, applicants need to invest $1m and create 10 full-time jobs.
Mr. Polis said he wants "a new class of eligibility" with the start-up visa. It would be granted to foreign entrepreneurs if their business plan attracts either $250,000 from a venture capital operating company that is primarily US based or $100,000 from an angel investor.
They must also show that the business will create five to ten jobs or generate a profit and at least $1m in revenue.
Some of these requirements may well be changed when the bill goes to committee in the new year.
Sunday, January 3, 2010
New US Visa for Start Ups?
Courtesy of BBC News:
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I did not know the eb5 investor visa was going to be looked at again soon. I know it was recently extended for 3 more years, but I thought that meant it was closed to revisions. Can you give me any further info?
ReplyDeleteHi Mike,
ReplyDeleteThanks for leaving a comment/question! I think this is more talk than anything else, unfortunately. Looks like you've found a government affiliated regional center - nice choice! Give me a call anytime to talk immigration.
Cheers,
Michael
Michael, update on this topic - it seems that the "startup" immigrant investor visa
ReplyDeleteis gaining a little bit of steam : http://www.feld.com/wp/archives/2010/07/senator-mark-udall-co-sponsors-the-startup-visa-act-of-2010.html