The legislation would enable immigrant entrepreneurs who are creating new companies to secure visas to come to the United States, if there is investment capital available from a sponsoring US venture capital or angel investor of at least $100,000 in an equity financing of not less than $250,000.   If, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.

Similar legislation (H.R. 4259) was proposed in the House of Representatives last year by Representative Jared Polis (D-CO), and was rolled into the House Comprehensive Reform Bill.

The Startup Visa Act is a tremendous positive step for immigrant entrepreneurs, and has been endorsed by over 100 venture capital and angel investors.  Unfortunately, the House version’s inclusion in the contentious immigration reform debate makes its outcome uncertain.

Follow the progress of both the Senate and House legislation on the Startup Visa blog.