U.S. House of Representatives passed America COMPETES Act. When it comes into force, this legislation will offer new visa opportunities for immigrant entrepreneurs.
The new W visa type to be introduced with legislation will allow immigrant entrepreneurs to apply for a U.S. residency permit valid for three years. To renew the visa, the entrepreneur must maintain at least 5% ownership in a U.S. startup company, contribute to creating at least five jobs and hold annual business revenue growth at 20%, no less than $500,000. Eventually, permanent residency for the immigrant entrepreneurs and their families is also possible.
Currently, the two main options for immigrant entrepreneurs to get a residency in the U.S. are E-2 visa and EB-5 program. You can learn more about each of these opportunities on our website:
The new visa category will become a law only after the U.S. Senate and House reconcile their adopted legislation and President Biden signs the final document. We will be monitoring situation and let you know about further changes. To keep updated, please get in touch with us with our form.
