A bill introduced into the Senate last week would create a new EB-6 “StartUp Visa” category for those foreign entrepreneurs who can obtain backing from U.S. venture capitalists.  The new EB-6 visa would confer a 2-year conditional immigrant status to foreign entrepreneurs who can place a $250,000 investment into a commercial activity, of which at least $100,000 must provided by a registered venture capitalist or “qualified super angel investor”.  If the initial investment is expanded to $1 million by the end of the two year period, and if the resulting commercial enterprise has hired at least 5 workers, the conditions from the EB-6 visa will be removed, and the foreign investor will be accorded full immigrant status.

The new visa is intended to help “drive job creation and increase America’s global competiveness by helping immigrant entrepreneurs secure visas to the United States.”  The EB-6 visa category will take unused numbers from the existing EB-5 category, which allocates up to 10,000 immigrant visas for individuals who invest $1 million into a new U.S. enterprise, and hire at least 10 American workers.  Due to the high barriers to entry for the EB-5 visa, only a few hundred EB-5 visas are issued each year.  The new EB-6 visa is hoped to expand opportunities to a wider band of immigrant entrepreneurs, allowing for a reduction in the minimum investment and staffing requirements. 

A similar House bill matching the one in the Senate bill soon be introduced, thus raising hopes that this visa bill may have some chance for success. Jackson & Hertogs will closely monitor the development of this promising new visa category, and provide regular updates.

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