What is the Startup Visa Act?

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2 Answers

The Startup Visa was a proposed amendment to the U.S. immigration law to create a visa category for foreign entrepreneurs who have raised capital from qualified American investors. It aims at addressing the absence of a visa category for entrepreneurs raising outside funding. It is currently denominated in congress as the Startup Visa Act of 2011, as introduced on March 14, 2011. The Startup Visa Act had bi-partisan support but was not passed into law.

The Startup Visa would have been a temporary immigrant visa, or conditional permanent resident visa (conditional green card) which converts to a permanent residency (green card) after two years if certain conditions are met.

Across developed countries, there is now an obvious interest in attracting exceptionally skilled immigrants who can bring new knowledge and create jobs within the local economy. However, in countries other than the United States, entrepreneurs are not facing the same scope of immigration issues because of the availability of point-based visa systems, and/or the absence of ownership restrictions on self-sponsored employment visas.

These countries have recently implemented specific visas for entrepreneurs and startup founders:

Australia - Australia was one of the first country to create a visa specifically for entrepreneurs back in the 70s. Several categories exist for business owners. Recently a new category called Business Innovation and Investment Visa was added that targets and is attractive to innovative startups.

Canada - Entrepreneurs and start-ups founders are offered the option of a start-up visa for which the rules and funding requirements vary according to the source of funding the business-owner(s) has/have obtained to finance their business. The program aims to recruit innovative entrepreneurs to the country by linking them with Canadian angel investor groups, venture capital funds or business incubators to facilitate the establishment of their start-up business in Canada.

Chile - Entrepreneurs and start-ups founders can apply to Start-up Chile, an accelerator program that support entrepreneurs and innovative businesses. Acceptance to the program will grant applicants with a visa to stay for a year.

Denmark- 2-year work and residence permit for non-EU/EEA founders seeking to start and grow their businesses in Denmark. Focus on high-growth and globally minded entrepreneurs, and permits are given for up to 2 founders for 2 years, renewable for another 3 years thereafter.

Ireland - Entrepreneurs and startups founders can apply to the startup visa targeted at innovative companies.

Italy - Italy introduced a groundbreaking startup visa in June 2014, which is reserved for innovative business ideas (a 'standard' self-employed visa is also available; see below). It offers a simplified visa procedure for entrepreneurs by cutting red-tape and providing a range of tax and labour regulation benefits. To qualify for it, the entrepreneur applicant must prove the innovative character of the business idea ; and show access to €50,000 in investment capital for the business.

New Zealand - Entrepreneurs and start-ups founders have now a new option since March 2014, the Entrepreneur Work visa. The visa works in two stages, one to support the settlement in the country and launch of the business. After the first year, the entrepreneur(s) needs to develop the business to be able to stay in the country on the visa.

Singapore - Entrepreneurs and startup founders are offered the option to settle via the entrepass as long as they prove to bring innovation, investment and revenues. The length of stay is dependent on the cash-flow generated by the business and its innovative nature.

Spain - Entrepreneurs are offered a fast tracked resident permit, requiring them to have a government-vetted business plan, health insurance and enough money to support themselves while living in Spain. Visa decisions are promised within 10 working days, and residence permit decisions in 20 days.

United Kingdom - Entrepreneurs and start-ups founders are offered three visa options depending on their situation and the length of their stay. The Entrepreneur Visa, the Graduate Entrepreneur Visa and the Prospective Entrepreneur Visa.

For more information on the respective countries startup visa option you could refer to the official immigration website.