During the administration of Donald Trump, the United States of America had barred a lot of Visas and had bought a lot of regulations on the immigration by the foreigners to the country. People from all around the world found it difficult to immigrate into the United States under the Trump administration.
Recently Joe Biden has reopened the doors for the foreign entrepreneurs through startup visas. Let’s look at what exactly is a startup visa.
What is Startup Visa
The door for the foreign entrepreneurs to enter the United States of America has been reopened under the administration of Joe Biden. The US Department of Homeland Security (DHS) had announced that it is withdrawing a proposed rule which was issued under the administration of Trump.
The withdrawn proposed rule was to remove the International Entrepreneur Rule (IER) which is more commonly known as the Startup visa programme.
IER is also known as startup visa. This will act as a permit for the foreign entrepreneurs to enter the country and stay in the country for a period of 2.5 years and also has a possibility of another extension for a similar period of time.
Eligibility for Startup Visa
IER or the Startup visa will let entrepreneurs who are qualified which will be based on certain conditions such as funds raised which should be a minimum of USD 250,000 if it is from a qualified US investor or USD 100,000 which should be through government grants.
If they meet the above criteria the entrepreneurs will obtain the immigration parole. The immigration parole will let the entrepreneurs to temporarily enter the country to stay, build and develop their startup even without having a green card or a working visa.
Views on IER
DHS has stated that the withdrawal of the policy is an effort of the Biden’s administration to ensure that all the ways available under the law should be available for the ones who are trying to come to the US which includes the qualified entrepreneurs who would come to the US grow their startups that would benefit the country by growing their business and creating new jobs for the workers.
Fiona McEntee who is a Chicago based immigration attorney has conveyed that, she is thrilled that the Biden administration has decided to implement the IER and added that the current immigration system does not provide an option for the foreign entrepreneurs to enter the Country which provides a competitive disadvantage and IER is expected to fill that gap. She added that the country will have to do what it can in order to retain the innovative immigrant entrepreneurs.
Immigrant Entrepreneurs in the US
Bobby Franklin who is the President and CEO of the National Venture Capital Association has said that the immigrant entrepreneurs in the country have made huge contributions to the economy of the US. The entrepreneurs have created some of the major companies in the country such as Moderna and Pfizer which have successfully developed vaccines for Covid-19.
He added that by implementing IER the Biden Administration has unlocked a way for job creation which would help US in remaining as a global leader in innovation.
Other advantages of the Startup Visa
The foreign entrepreneurs even the ones from India will have an added advantage because of IER. Other than the advanced technology that is available in the United States even when the founders of the company are present in the same country, the US investors would have a comfort level.
How will it affect US Economy
According to an early representation made by the National Venture Capital Association and other associations to the DHS, the IER is expected to create more than 4.29 lakh jobs in the first 10 years which would account for more than USD 25 billion in the form of additional wages and will also inject the indirect value of around USD 18 billion to the US economy.
Which countries have startup visa?
Australia, Austria, Canada, Chile, Denmark, Estonia and France are some of the top countries that have Startup Visa.
Which country is best for entrepreneurs?
Japan, Germany, United States, and United Kingdom are some of the best countries for entrepreneurs.
Which country has most successful startups?
United States, China, India, and UK are some of the countries with most Unicorn startups.
Countries such as Canada, UK and Israel already have a separate category of visas for foreign entrepreneurs. The IER was originally created at the end of Obama’s administration but was later stopped under the Trump administration.