Slashdot Mirror

← Back to Stories (view on slashdot.org)

White House Is Planning To Let More Foreign Entrepreneurs Work In the US (recode.net)

Posted by BeauHD on from the overseas-recruits dept.

Peter Hudson writes from a report via Recode: "After failing to get Congress to pass a 'startup visa' as part of broad immigration reform, the Obama administration is moving ahead with an alternative that would allow overseas entrepreneurs to live in the U.S. for up to five years to help build a company," reports Recode. "Already speaking out in favor of the new rules is PayPal co-founder Max Levchin: 'I believe that the most promising entrepreneurs from around the world should have the same opportunity I had -- the chance to deliver on their potential, here in America.' Levchin moved to the U.S. from the Soviet Union in 1991." There are three conditions that need to be met in order to be eligible to work in the U.S. under the new rule: the foreigner would have to own at least 15 percent of a U.S.-based startup, the foreigner would need to have a central role in the startup's operations, and the startup would need to have "potential for rapid business growth and job creation." The third requirement could be met by having at least $100,000 in government grants or $345,000 invested from U.S. venture investors. "Under [the International Entrepreneur Rule (PDF)] being formally proposed on Friday, the Department of Homeland Security would be empowered to use its existing authority to allow entrepreneurs to legally work in the country for two years, possibly followed by a one-time three-year extension," reports Recode. "While the public will have 45 days to comment, the rules aren't subject to congressional approval."

3 of 131 comments (clear)

  1. To get more lunatics, I suppose by Anonymous Coward · · Score: 0, Informative

    With the current abundance of surveillance culture, fascist laws, and patent trolls in the US, anyone who voluntarily moves to the US to found a company must be out of his mind.

    1. Re:To get more lunatics, I suppose by Anonymous Coward · · Score: 0, Informative

      Well, Mr. Smartass, wait until you get sued in East Texas for looking up people on a list on an electronic device or similar generic nonsense, and don't forget to reserve at least 5 million dollars of investment funding for patent troll lawsuits, or be prepared to pay hundreds of thousands a year to scammers for literally getting nothing in return.

      Or get a clue. Virtually any place in the world is better then the US for a startup right now.

  2. Re:How does it work now for foreign owners? by peter.hudson452 · · Score: 3, Informative

    The process right now for entrepreneurs coming to the US is reasonably straight forward, but still requires a fair amount of paperwork. I'm a Canadian entrepreneur who recently moved to the Bay Area to work on my startup and I'm in the US on an L-1A VISA. The process wasn't too hard, but it was still about about 3 weeks worth of preparing documentation for US Immigration. I documented the entire process of getting an L-1A VISA here: https://www.startupgrind.com/b...