The House version of the ‘America Competes Act, 2022,’ which was passed by the United States House of Representatives and aims to boost manufacturing and create stronger supply chains in order to outcompete China, also includes a number of immigration-related provisions that may be beneficial to international entrepreneurs and people with a doctorate in a STEM-related field.
It establishes a whole new classification of non-immigrant visas known as ‘W’ visas for foreign entrepreneurs, their families, and ‘essential’ international employees working for such firms. Furthermore, relatives are also able to apply for work visas, which is the cherry on top of the cake. Furthermore, it provides a method to obtaining a green card, which may eventually lead to American citizenship..
The entrepreneur must have a minimum of a ten percent ownership stake in the startup, acquired during the 18-month period preceding the submission of the visa application, as well as a minimum of $250,000 in investments from US residents or organisations, or a minimum of $100,000 in government awards or grants. This company must have been conceived much before the current 5-year mark.
“A startup visa has been our top objective for many years, and we are happy to see it move forward out of the House,” said Bobby Franklin, president of the National Venture Capital Association. This notion has always had bipartisan support since it permits the world’s most successful entrepreneurs to start new businesses and generate new employment in the United States.”
Currently, there is no startup visa available in the United States (which is obtainable by a number of different international locations similar to Canada and the UK). Instead, the Overseas Entrepreneur Rule (IER) is in place, which allows qualifying international entrepreneurs to stay in the United States for up to two and a half years, with the possibility of an extension for a second two-and-a-half-year period. The conditions for money raise are similar to those in the America Competes Act, with a minimum of $250,000 for qualified US purchasers or $100,000 from government subsidies..
After one year of holding a ‘W’ visa, the America Competes Act allows for the possibility of obtaining a green card. There are certain requirements that must be satisfied in terms of finance, turnover, and job creation, in addition to having an ownership interest in the company and taking an active role in its administration or operation.
This Act also provides for the issuance of an unlimited number of green cards to international residents who have earned a doctoral degree in science, technology, engineering, or mathematics (STEM) from a US institution of higher learning or an equivalent degree from a foreign institution of higher learning. This green-card scheme extends coverage to spouses and children as well as themselves.
In addition to the startup visa and the removal of green card restrictions for STEM Ph.D. holders and their families, the America Competes Act includes a number of immigration recommendations for Hong Kong citizens. The Startup Visa and the Removal of Green Card Caps
“The Senate has approved a version of the bill that does not include the immigration restrictions.” He added that “they’ll have to work up a compromise measure and bring it back to each chamber for a second vote.” Immigration attorney Greg Siskind agreed.