Submission + - White House is planning to let more foreign entrepreneurs work in the U.S (recode.net)
Peter Hudson writes: 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. 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.
To be eligible to work in the U.S. under the new rule there are three conditions: 1) the foreigner would have to own at least 15 percent of a U.S.-based startup, 2) the foreigner would need to have a central role in the startup's operations and 3) the startup would need to have ”potential for rapid business growth and job creation.” The third requirement could be met by having at least $100K in government grants or $345K invested from US venture investors.
To be eligible to work in the U.S. under the new rule there are three conditions: 1) the foreigner would have to own at least 15 percent of a U.S.-based startup, 2) the foreigner would need to have a central role in the startup's operations and 3) the startup would need to have ”potential for rapid business growth and job creation.” The third requirement could be met by having at least $100K in government grants or $345K invested from US venture investors.
