Small Business Startup News
New Visa Legislation Could Help Foreign Entrepreneurs Form U.S. Startups
Written by Jenna Weiner
New legislation might make it easier for foreign entrepreneurs to stay in the country.
Reportedly, the rate of business formation in the United States remains unaffected by factors like economic prosperity and entrepreneurial education. But can it be affected by immigration rates?
In recent small business news, Congress has commenced what looks to be a year-long debate over new visa legislation that will help immigrants who form startup businesses remain in the United States.
The proposed visa calls for a dramatic overhaul of the immigration system. Currently, immigrants must invest $1 million and create 10 full-time jobs with startup businesses to be eligible. The new system would lower the required investments to as little as $100,000 and no job creation would be necessary for businesses that can generate at least $1 million in revenue.
Experts at YouNoodle - a company that monitors small business start ups - estimates that if 10,000 of these new visas are made available, more than 3,000 additional companies would set up in the U.S. each year.
Indeed, the new visas could help rebuild the American economy. A report from the Kauffman Foundation shows the percentage of immigrants who start companies in the U.S is growing. The immigrant entrepreneurial activity rate increased from 0.37 percent in 2006 to 0.46 percent in 2007 and continues to climb.
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