Posted on 08/27/2016 6:27:25 PM PDT by 2ndDivisionVet
The Obama administration is making it easier for entrepreneurs worldwide to launch startups in the U.S.
Today, the Department of Homeland Security (DHS) is publishing the White House’s International Entrepreneur Rule. The program grants temporary visas to startup founders from other countries if their companies meet certain requirements, like financing from U.S. investors.
To qualify for what the White House calls “startup visas,” entrepreneurs must own at least 15 percent of a U.S. startup, and demonstrate the company’s growth potential, investments from qualified American investors, and “significant public benefit to the United States.”
The rule would allow entrepreneurs that fit those requirements to stay in the U.S. for up to two years. They could then apply for an additional three years if the company shows continued growth and benefit to the American public (like increases in capital investment, job creation, or revenue).
White House Deputy Director of Tech and Innovation Tom Kalil and Doug Rand, Assistant Director for Entrepreneurship at the Office of Science and Tech Policy, touted the economic benefits of the rule in a Medium post this morning:
Creating a “startup visa” for international entrepreneurs has always been a part of the President’s commonsense immigration reform principles, and was part of the bipartisan immigration bill that passed the Senate in 2013. And while there is no substitute for legislation, the Administration is taking the steps it can within existing legal authorities to fix as much of our broken immigration system as possible. The administrative reforms announced by the President in November 2014, if fully implemented, could boost the nation’s economic output by up to $250 billion, while shrinking the federal deficit by $65 billion over the next ten years.
Immigration is a hot-button issue for the tech community, and the country as a whole. Many industry leaders claim prohibitive immigration policies prevent the U.S. from competing with other countries and hinder innovation.
That was the impetus for the Partnership for a New American Economy, announced earlier this month. The initiative is a nationwide push for immigration reform, supported by hundreds of politicians and business leaders, including Matt Oppenheimer, CEO of Seattle-based Remitly.
Seattle-area tech titans, like Microsoft and Amazon, rely heavily on H1-B visas to bring skilled workers from other countries into the U.S.
But that strategy only works for people migrating to this country to work for established companies. Today’s announcement opens up possibilities for international entrepreneurs to start their own businesses in the U.S., and that was a change welcomed by many tech and startup-oriented groups.
“Today’s announcement is welcome news for the entrepreneurial ecosystem and we applaud the Obama Administration for keeping its foot on the gas of this important issue. Immigration reform has long been a focus of NVCA and we are glad to see our priorities on the issue woven into this proposal,” said Bobby Franklin, President and CEO of the National Venture Capital Association. “Absent congressional action to finally pass comprehensive immigration reform, NVCA and the venture community will continue to support all measures that make it easier for foreign-born entrepreneurs to come to the U.S. to start and grow successful businesses. We look forward to digging in and reviewing all the details of the proposed rule and working with the administration in the coming weeks to iron out the finished product so that the rule best meets the stated goal of attracting the best and brightest entrepreneurs from around the world.”
Oh goody. ISIS Bomb Shacks. Coming soon to a location near you.
Abolish congress. It’s proven useless, inert, unrepresentative, and not even entertaining. We have a(n illegal alien enemy agent) dictator who ruins USA all by himself. That’s more “government” than we need.
Boy! That takes the cake! We’ve got foreign entrepreneurs being encouraged to set up shop in the U.S., and American entrepreneurs encouraged to leave the U.S. and set up shop in foreign countries. Is this bizzaro world or what?
We already have 185 different types of visas. Do we really need another?
What this sounds like to me is a way to facilitate bringing terrorist in to the country under the guise of Entrepreneurs.
A terrorist organization only need to fund a terrorist leader's buy in to a promising startup and bingo he is in the country.
The selling of America...
Bordera? WHAT BORDERS?
This amazes me.
When a Republican is President, it seems like he can’t do a single thing without getting the permission of Congress. There are numerous things we would like him to do, and he can’t do a single one of them until Congress passes a law.
Obama turns our country upside down, throws our immigration laws out the window, stops policing the borders, gives away billions of dollars to foreign governments that want to destroy us, takes over corporations, and Congress doesn’t emit so much as a peep.
And no one says a word about what he is or is not authorized to do by law.
I don’t get it.
Borders
You hit it dead on!!!!!!!
Yes, I bet the muzzies get first choice.
O1, B1 are for that purpose, why need another one?
Having followed Obama’s actions the last eight years it was a gimmy.
Yep...I hear that......
The “Gig Economy” and sites like Uber and Guru.com only thrive today because so many cannot find traditional employment.
No one wants to have to earn extra money as a taxi driver or rent out possessions for cash, but whether you lost a job or only work 29 hours due to Obamacare at your main job, that’s driving demand for these sites.
How is this even possible.
Oh, I forgot. Congress no longer makes laws.
They just sit and watch Obama make laws.
Canada killed this type of visa because it led to too much money invested in real estate instead of actual businesses (making Vancouver one of the most expensive markets on the planet) and too many shell companies (like putting money into a shell company as fractional owner, and each shell company hired the same few people or went through contractors).
The administration has decided that it can do whatever it wants regarding immigration and borders, secure in the knowledge that Congress will fund whatever they do. Amnesty? Open borders? Transporting totally illegal minors from Central America so that they can “reunite” with an illegal parent in the USA? No problemo. Congress will fund it all.
This needs to become an ad. Americans are out of work in droves and he gives foreigners money to start up companies here. Is smoke coming out of my ears? I am so mad.
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