Last week, Senator Lugar (R-IN) went on CNBC’s Street Signs to discuss the StartUp Visa Act that he and Senator John Kerry (D-MA) recently introduced.
Lugar focused on quelling concerns that this act would steal jobs from Americans, explaining how it would actually create them instead. He said that “this is what competition is about in the world, as opposed to talent and capital flowing the other way.”
The bill is already strongly supported by over 150 VCs.
The basic premise of the StartUp Visa Act is to encourage job creation by granting foreigners visas to start businesses in the U.S.. Foreign entrepreneurs would receive a two-year visa if they could fulfil the two requirements:
- They must secure a minimum $250,000 investment from a qualified U.S. investor, and an additional $100,000 per founder in investment capital
- They must promise to hire at least five American employees
If, after the two years, the entrepreneur could prove that they had created at least five full-time jobs in the U.S. OR received $1 million in additional capital OR reached $1 million in revenue, they would receive permanent “legal resident status.”
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