STEM graduates offer their technical knowledge to offer leverage in the competitive environment. With the technological advancements going around, every country seeks entrepreneurs from STEM backgrounds to take up the cause and build up better and more efficient startups.
The House version of the ‘America Competes Act, 2022,’ was passed by the US House of Representatives. It aims to boost manufacturing and create stronger supply chains to surpass China. Additionally, it also has several immigration-related provisions to benefit foreign entrepreneurs, especially those with a doctorate in a STEM field.
All About This New us Act For Startup Visa
According to the report shared by the Times Of India, this Act is altogether a new category of non-immigrant visas known as ‘W .’It is the visa for foreign entrepreneurs, their families, and ‘essential’ foreign workers in such businesses.
Family members are also eligible for work permits, which will offer them an opportunity to explore their opportunities. It also opens the door to a green card, leading to citizenship in the United States.
This Act has some conditions for entrepreneurs.
- The entrepreneur must have at least a 10% ownership stake in the startup.
- At least $250,000 in investments from US citizens or organizations, or $100,000 in government awards or grants, received within the previous 18 months before filing the visa application.
- This business must have started within the last five years.
The Current Situation Of The Startup Visa
As of now, there is no startup visa in the US. However, an International Entrepreneurship Rule (IER) allows foreign entrepreneurs to be in the USA for 2.5 years. For the same, the condition to raise a fund is similar to the one described in the new US Act.
The Road Ahead On the Act
Th Act will provide multiple and unlimited numbers of Green cards, especially those who have doctoral degrees in STEM. The family will also be covered under the same. Additionally, the startup visa and the removal of the Green Card caps for the STEM Ph.D. have multiple benefits in the future.
