New immigration rule for entrepreneurs

New immigration rule for entrepreneurs Immigrant Entrepreneurs make huge contributions in developing economies all around the US. Due to strict laws in the United States of America, many bright and highly educated immigrants moved abroad and created rival firms to compete. Thus to address the common complaint against immigration rules, the Obama administration has proposed new rules for foreign-born entrepreneurs. Interested immigrants have the option to apply for admission in two tiers. This proposal is open for comments and objections for 45 days before the final verdict is adopted. In the first tier, interested immigrant entrepreneurs must hold an ownership of at least 50% in the companies, raise at least $345,000 from qualified and eligible US Investors or have raised at least $100,000 from local government, federal or state agencies. This would grant them a temporary permission to stay for two years. The second tier extends the parole for another three years subject to conditions that they retain 10% of the ownership and the business is still running in the US. They either raise $500,000 from US investors, generate 20% growth per year with an annual revenue of $500,000 or substantiate that they have generated 10 full-time jobs in five years. After this, the entrepreneurs can apply for other existing visas like EB-2 visa for the continuance. Though there is no upper ceiling on the number of people to be admitted, there are some restrictions. The rule aims to promote those enthusiasts that have the potential of rapid business growth, job creation and innovation. This new reform is nicknamed as “start-up visa” and experts believe that this reform could bring out radical changes in the US. Many immigrant entrepreneurs have studied in World’s best B-School, these reforms will make them work in a suitable environment and make America a global economic powerhouse. The White House is planning to roll out the rule before Mr. Barack Obama leaves his presidency.

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