Many tech startups are started by immigrants to the United States and they require a visa to continue to stay in the U.S. Often, the startups are created and operated by immigrants that do not know if, they will be able to continue to stay in the United States. Well the old L1, L2, L3 visa’s for business owners are not always effective and do not provide for immigrants to stay in the U.S.
Even though many of these immigrants create jobs and provide new technology, products and services to the U.S. they are not allowed to remain in the United States. Many fortunes 500 companies like Google, PayPal, and EBay were started by immigrants that were not US Citizens. Today, Google is the largest company has provide numerous jobs and created countless new venture capitalists and entrepreneurs.
Google has also provided some of our most innovative products, services and created Googling as new activity for Americans. The Obama Administration in an effort to address the immigrants concerns about continuing to stay in the United States while growing and operating their start up is providing a new form of Visa. It is like a startup visa that lets immigrant entrepreneurs stay in the United States for two years and a possible third year depending on the success of the startup.
The contributions that these immigrants and startups make to the US Economy is a compelling reason to allow them to remain the United States. The parameters of this visa and its impact on the startup, technology, Silicon Valley and US Economy remains to be seen. The more such Visa’s awarded to start up immigrants–the more benefit to the US Economy and its citizens in terms of improved technology, quality of life and jobs. Let’s see how these Visas are granted and how the Trump administration addresses these issues.
However, for now, we have one more quiver in our arrows to help employees and immigrants starting up and operating new business enterprises. The employee or immigrant owner must own 15% of the company and must raise at least $345,000 in funding to continue to stay for that critical third year of operations. Otherwise, you will have to see what you can do with the L1, L2 and L3 visas. Just one more reason why business, employment and intellectual property laws intersect so, often, in today’s economy.