US Immigration revamp: A boost for startups

The US Immigration Bill may not be bad news for everyone because not only does the Bill aim to grant huge advantages to entrepreneurs aspiring to create startups in the country but even students are likely to benefit.

Especially those pursuing advanced degrees will find it easier to stay on in the US. So, living the American dream might just get that much easier once the new US Immigration Bill is passed reports CNBC-TV18's Shreya Roy. Even though the Bill proposes strict changes to the H1B visa regime, which is a huge concern for IT companies, it simultaneously proposes to relax conditions for other categories of foreigners - especially those who are planning to set up start-ups in the US. Also Read: Killer H-1B provisos still in Immigration Bill despite deal The Bill proposes to create a new non-immigrant category, the X visa, which would make it simpler for entrepreneurs to create start ups in the US. Under this, the minimum investment requirement for a startups will come down from USD1 million to USD 100,000 or, the startups have to create at least 3 jobs in the US at an annual revenue of USD 250,000 . Commenting on the same, Sheela Murthy, US immigration law attorney, Murthy Law Firm says, “They are not even requiring that the USD100,000 be from the foreign national, like the previous EB-5 category required that the USD 1 m had to be. This can be raised through angel investors. It is a pretty big deal, fantastic for entrepreneurs.” The bill has also proposed an EB-6 immigrant visa category for foreign nationals, Meant for those who have a significant ownership in a US business, or senior executive with a significant role in the founding of enterprises. Students pursuing a degree in STEM (science, technology, engineering and mathematics) in the US, too will have much to cheer if the Bill is made into law as it proposes to relax requirements for them getting a green card. Sajai Singh, employment law attorney and partner, J Sagar Associates says, "It will be easier for students with science background with a graduation or a doctorate to get a green card, get a status to stay on and continue to work there." But this is still a while away from being a reality as the Bill is still under consideration and has to go through a series of debates before it can be made law.