Benefits of Startup Visa
Building a startup means to think digital, furthermore going global. Global expansion which promise greater market require startup founders to connect with bigger ecosystem, so it force them to go abroad. Meanwhile, many local startups often hire exceptionally skilled immigrants who can bring new knowledge and create jobs within the local economy. But foreign entrepreneurs often find themselves hard with residence permits and visas. Some countries tackled down the issue by applying startup visa to those entrepreneurs as a solution.
Global entrepreneur network Startup Nations claimed that at least a dozen countries now have start-up visa programs including Australia, New Zealand, Singapore, the UK, Ireland, France, Spain, Italy, the Netherlands, Denmark, Canada and Chile. Startup Nations’ network continues to grow, and is expected to add the likes of Argentina, Poland, Norway, the Dominican Republic and Estonia, which plans to implement a start-up visa program in January.
The requirements among each countries may vary. The most recent startup visa program was released by US government which allow startup founders to live and work in the US for up to five years while building a high-growth tech company. Up to three co-founders will be able to apply for the visa, which will allow for a two year stay upfront and the potential for a further three years. must have been founded less than three years ago in the US, have the potential for rapid growth and job creation and have secured at least US$345,000 in private investment or US$100,000 in government grants, and goes on. The visa proposal is similar to startup visas in the UK, Canada, and the Australian.
For local economy, this obviously could lure the best and most talented high-potential entrepreneurial talent to start businesses and advance skills transfer initiatives from around the world. On the other hand, startup founders will greatly generate huge amount of insights, market, and massive network.