This bill would amend the Immigration and Nationality Act to establish an employment-based, conditional immigrant visa known as the StartUp visa. It would be made available to a sponsored foreign entrepreneur who:
Has met the required amounts of financial backing (at least $100,000) from a qualifying investor, government entity, or venture capitalist;
Has commercial activities that can generate the required levels of employment, revenue (at least $500,000), or capital investment (at least $500,000) over a two year period.
The Secretary of Homeland Security (DHS) would be directed to terminate the legal status of a sponsored entrepreneur (and their foreign spouse and children) if the entrepreneur has failed to meet investment, job creation, capital investment, or revenue requirements within three years.
Provisions could be made available for prospective entrepreneurs who have an unexpired H-1B visa, or have received a graduate degree in a STEM field (science, technology, engineering, math) from an accredited U.S. university to receive a StartUp visa.
Also, entrepreneurs who can demonstrate that they have an income greater than 250 percent of the federal poverty level, or have assets exceeding two years of income at 250 percent of the federal poverty level could qualify. Other ways to satisfy the StartUp visa requirements would be raising $20,000 in qualified investment for a company that has generated $100,000 in revenue, that would create three new full-time jobs.