Three federal lawmakers from Colorado are pushing for visa overhaul measures that would encourage entrepreneurs with intellectual capital to pursue their ideas in the United States. We are glad to see it, and hope the two different pieces of legislation are successful.
For too long, the nation’s EB-5 visa was geared toward recruiting wealthy foreign investors who essentially bought a green card to the U.S.
It requires foreign investors put up at least $500,000 — and in some cases $1 million — of their own money to support businesses in the U.S. that create at least 10 jobs over two years.
The revisions included in the StartUp Visa legislation would give a visa to those foreigners with business ideas who can convince American investors to risk a relatively small amount of capital in order to get a business off the ground.
We see this as encouragement, for example, for foreign students who studied at U.S. universities who otherwise would have no choice but to return home with their knowledge and compete with the country that educated them.
Sens. Mark Udall and Michael Bennet are among the sponsors of the StartUp legislation, which holds promise, but to date hasn’t advanced very far in the Senate. We hope to see lawmakers put some muscle behind moving this bill, which has bipartisan support.
The StartUp Visa Act would create a new EB-6 visa, but it is important to note that it would not create more visas.
Instead, it would allow the unused slots in the EB-5 program to be awarded to immigrant entrepreneurs who would get a two-year visa if they can show U.S. investors are willing to put money into their ideas.
There are several categories within the StartUp legislation, but this one is illustrative of the legislation’s approach.
Immigrant entrepreneurs who have completed graduate-level degrees in fields of study including science or engineering would be eligible for a StartUp visa if they can get a U.S. investor to put up $20,000. The applicants also must have a $30,000 annual salary and $60,000 in assets. They have to create three jobs over two years.
Basically, they are showing that they have enough in the way of personal resources so they aren’t a burden to this country, and their ideas are promising enough to attract investment.
To us, this embodies the American spirit of welcoming those who have ideas or a dream and are willing to work hard to make them happen.
The other piece of legislation that shows promise is sponsored by Colorado’s Rep. Jared Polis, D-Boulder, among others. The IDEA Act of 2011 would allow American companies to recruit those highly skilled foreigners who graduate from American universities with advanced degrees in math and science.
Among its many provisions, it would also set up a new green card category for those who create new businesses.
For too many years, the U.S. has failed to define an immigration path for those non-citizens who have much to offer our economy. These measures could open the door for innovative entrepreneurs with the sort of gumption that has made this country what it is.
