Barack Obama to give US Visa for startups!

United States in its big move to promote Business and generate gobs ahs given nod for granting Visa’s to startups. US President Barack Obama made this announcement in favor of ‘International Entrepreneur Rule’, which allows foreign entrepreneurs to apply for temporary Startup Visas and to start a business in the US.

Formerly this rule was constituted under the country’s Immigration and Nationality Act which allowed temporary entry to people on a case-by-case basis for “urgent humanitarian reasons” or “significant public benefit.”

To encourage setting up Businesses in USA this rule was introduced with an aim to increase employment opportunities in the US. Employment rate is currently dwindling at 4.9% as against the highest observed at 9.9% in 2009. The employment downfall has seen it’s high under the Obama Regime as President. To counterfeit this charge Obama Government came up with the Visa rule to ease the startup process for foreign entrepreneurs in the US and to boost the employment rate. The White House has already established its faith in these startups by coming up with such a law and expects that startups would contribute to the Countries GDP and job creation.

According to the rule startups would be granted a Visa for two years upon fulfilling the eligibility criteria that they should own at least 50% share in the company, along with this they have to raise at least an amount of $345K from the US investors with a clean track record of the US investments or alternatively they can raise from federal, state or local government agencies an investment of $100k.

Once the above stage is passed by the startup they can now apply to extend the Visa for three more years, provided at this time they qualify the criteria of $500K from US investors, and generate $500K in annual revenue with 20% Y-o-Y growth, or prove they’ve created at least 10 full-time jobs over those five years. While startups retain at least 10% of the jobs.

Once the Startup passes these phases it can go ahead and apply EB2 visa which is an employment based immigration Visa.