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White House Is Planning To Let More Foreign Entrepreneurs Work In the US (recode.net)
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."
"the rules aren't subject to congressional approval" - a lot of "laws" have passed since Bush onwards that are no longer subject to congressional approval. They're just a source of comedic entertainment any other time, why do we even have congress or a judiciary for that matter? It didn't pass congress properly, let's just make it a presidential order.
If anything, you should vote for Trump because he's too stupid to realize he can pull legalistic shit like this, perhaps "the people" can restore some of the balance and take it away from the attorneys-in-charge. That or Gary Johnson/Jill Stein - may not be ideal but anything is better than an extension of these Bush-Obama policies.
Either way, I'm sure this won't be abused. Come to the US, get $500k in funds, you just have to promise us to create some jobs in the next 5 years even though our own startups fail 90% of the time this won't be a problem for you. If anything, give ANY startup in the US access to the same funds. I sure could use them, I'm an immigrant even.
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For sale for about $345k plus whatever the 'service change' from any venture firm is; or if your prior donations got you some 100k in gov. grant goodies.
That's some beyond Andrew Jackson level action there.
This United States is a government of separate powers. Congress, the opposite of progress, makes the laws. The Supreme Court, usually by not doing anything, judges the laws. And the President? That's just a certain civil servant in the bureaucracy that implements the laws. Lots of responsibility and has to approve anything coming out of Congress. But Congress can still override him if they can quit bickering for 10 minutes about the plushness of their revolving doors.
People need to stop thinking the US President is some kind of King who makes, judges and tasks the laws of the land. The first person who needs to remember this basic civics lesson is the President himself.
Stop writing laws through treaties and directives. The next administration may not be so kind to your interests once you are an ex-President.
But as long as I'm fantasizing about a working government I might as well ask that Congress stop passing laws written by lobbyists and the ultra rich to protect their money.
I'm curious how this works now for foreign owners of business assets.
Are there rules in place now that prevent foreign investors from owning equity stakes in US companies (outside of sectors with existing statutory limits)?
If a foreign investor owns an equity stake in a US company, are they prevented from coming to the US for business purposes? Do they need a special visa? Are there limits on how long they can stay to participate in this business under current rules?
This proposal seems like a gold mine of loopholes that would seem to allow for further bulk import of workers. What's to prevent Tata from creating an XYZ Consultancy and selling the minimum share of the company to workers it wants to import? It's not hard to imagine all kinds of games they could play "loaning" the equity investment funds to the worker in India so that they appear in the US as legitimate stakeholders who have made their own investments.
I'm all for bringing the talent to the US. If they have what it takes to start a successful company then fine, but their companies should employ local labor once started.
Laws are rules for the court, but merely a bottom bar to hit for life. Think beyond laws in your actions always.
"...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..."
After which time they can outsource it to the Far East like normal American entrepreneurs. Here today, gone tomorrow! Thanks to the miracle of globalization.
I am sure that there are many other solipsists out there.
anyone who voluntarily moves to the US to found a company must be out of his mind.
As opposed to where else, Mr. Wizard? I can't think of a better, easier place to start a business in the entire world than in the US.
I don't respond to AC's.
Paying a subcontractor $345,000 for 5 years of work is undercutting American wage rates.
Exactly. People who haven't lived and worked in at least a couple of other countries don't realize how much better the opportunities to start something are here compared to most of the world... even with all the crap going on.
Never underestimate the bandwidth of a 747 filled with CD-ROMs.
There are certainly easier places, with far less regulation. In some cases, if you have a sign, you have a legal company.
That said, those places aren't "better", because your suppliers and customers are also little more than signs and promises. If a supplier takes your money and disappears, you have no recourse. If an engineer copies your trade secrets and starts his own competing business, the law doesn't protect you.
Every restriction exists because someone abused the system at least once already.
You do not have a moral or legal right to do absolutely anything you want.
Mostly Indians who hire only Indian visa workers. They call themselves "technology companies" and brag about all the jobs they create.
A government grant if he's going to come here to do something useful. What we definitely do not need more of is entrepreneurs, we need people who are going to work for a living, stay here and invest. We produce useless business types by the metric ton, we need to find a way to make them our chief export.