'Startup Visa' for International Entrepreneurs
President of the United States Barack Obama propose an important step in attracting the world’s best and brightest entrepreneurs to start the next generation of great companies and create jobs there. The general concept is actually great, however, industry observers still uneasy about the requirements.
The so-called “start-up visa” was announced by the Department of Homeland Security. Those for and against the proposal have 45 days to comment before a final rule is implemented. The proposed rule aims to address a common complaint among immigration reform advocates that existing laws force many bright and highly educated immigrants to return to their countries of origin every year. Those individuals then start companies abroad that compete with U.S. firms, advocates say, rather than building those companies here and hiring American workers.
For foreign startup founders to qualify, they must own at least 15% of the startup and have started the company in the US within the last three years. There’s also a requirement that the startup has raised at least $345,000 from prominent investors or received at least $100,000 in grants, and “significant public benefit to the United States.”
The rule would allow entrepreneurs that fit those requirements to stay in the U.S. for up to two years. They could then apply for an additional three years if the company shows continued growth and benefit to the American public (like increases in capital investment, job creation, or revenue).
Studies suggest that more than 40 percent of Fortune 500 companies were founded by immigrants or the children of immigrants.
America is every immigrant and entrepreneur from Boston to Austin to Silicon Valley, racing to shape a better world. And that’s President Obama think what makes American. This could be a huge opportunity for Indonesian startups which plan to enter a broader market.