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New StartUp Visa Legislation Hopes to Enhance Immigrant Investor Program

The modifications to the EB-5 Program may not be the only help available to immigrant investors. In March, the House of Representatives introduced a bill to supplement the EB-5 Visa program. The StartUp Visa Act of 2011 is another avenue for creative immigrant entrepreneurs to form new ventures in the United States.

The difference between the StartUp legislation and the EB-5 program is that immigrant investors do not have to have money of their own. They can open their business with the financial backing of a sponsor. Like the EB-5 program, all applicants will be required to show that they've created new jobs.

Immigrant entrepreneurs will have three ways of attaining a StartUp visa.

First, immigrant investors can obtain a visa provided they have a qualified financial backer who will invest a minimum of $100,000 in the new venture. After two years, the investors will have to show they have created five jobs and been able to generate at least $500,000 in revenue or have raised an additional $500,000 in investment money.

The second option applies only to immigrant investors already in the United States. The potential investors must be in the U.S. on unexpired H-1B visas or have just completed graduate programs in science, technology, math, computer science or another field of relevant study from an accredited college or university within the United States. These immigrant entrepreneurs may acquire a StartUp visa provided they can show they earn a minimum of $30,000 and have the backing of a qualified investor who will invest a minimum of $20,000 in their new venture. During the first two years, the immigrant entrepreneurs must create three new jobs and raise at least $100,000 in capital investment or that same amount in revenue.

The final option would be available to immigrant investors holding a controlling interest in a foreign company that has generated at least $100,000 from sales in the United States within the past year. They will be required to show that within two years of the visa's issuance, they have created three new jobs and raised $100,000 in capital investment or revenue.