The Obama Administration has proposed a new rule that would make it easier for foreign-born entrepreneurs to establish high-tech startup companies here in the U.S. Announced by the Department of Homeland Security, the rule is meant to attract the best minds and ideas in the industry and help create jobs here in the America.
As reported by Reuters, White House technology policy advisor Tom Kalil says that the proposed rule is about "attracting the world's best and brightest entrepreneurs to start the next great companies here." Max Levchin, co-founder of PayPal and Ukrainian immigrant called the rule a "great, concrete step toward creating more jobs in America and more success stories."
The new rule would make it so that entrepreneurs would have temporary permission to reside in the U.S. as long as they owned 15% of a startup company formed here in the U.S. These companies must have at least $345K investments from U.S. investors.
Startup Difficulty for Immigrants
The new proposed rule is squarely aimed at a particular issue many young entrepreneurs find themselves in after finishing their education here in America: not having permission to stay to start their business. The White House hopes that the new rule will allow approximately 3,000 foreign-born tech entrepreneurs to stay in the country and begin their careers.
The administration is pushing to have the new rule established before the end of President Obama's term. Immigration has remained a marquee issue in this year's presidential election and at least one candidate, Mr. Donald Trump, is pushing for strict measures to restrict immigration.
Are you an investor, a business person, or a worker looking to secure an employment-based visa? If so, we invite you to contact us here at Sibirsky Law Firm, P.A. Attorney Sibirsky is a Board Certified Specialist in Immigration and Nationality Law who has helped countless clients navigate their immigration matter and secure legal status here in America.
Start learning about your options with a skilled Miami immigration lawyer today. Contact us to schedule a consultation.