Immigration reform in new US Act aims to strengthen startups, ease green card access for STEM doctorates
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Immigration reform: US House of Representatives passed what is known as the America COMPETES Act that intends to take on China in the field of attracting innovation and entrepreneurship and stronger supply chains.
The House version of the America COMPETES Act also includes immigration-related changes for those wishing to undertake entrepreneurship and STEM doctorates allowing them easier access to a green card.
America misses out to nations like Canada for the need for a tailored startup visa. The Act will be useful for nations like India.
The Senate had passed a different version in June last year and presently a meeting panel will bridge the differences between the two versions.
Immigration reform in new US Act aims to strengthen startups
The Act will amend the Immigration and Nationality Act for giving startup visas. The ‘W’ category visa will be classified into three categories specifically W-1, W-2, and W-3.
W-1 visa will be given to foreign nationals who have an ownership interest in startups, W-2 visa is for staff critical for the operation of the startup, and W-3 visa for the spouses and children of W-1 and W-2 visa holders.
The foreign nationals should have at least a 10% stake in the start-up along with $250,000 of qualifying investments from a US citizen or association or $100,000 in government grants or awards or grants in the 18-month period preceding the date of the petition.
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The Act additionally removes any limit to green card issuance to the people who hold a doctoral degree in STEM from a US university or an equivalent foreign institution.
Also, the Act has provisions for Hong Kong residents who wish to remain and work in the US.
