Posts Tagged ‘Entrepreneurs’

New Reports Confirm Must Needed Job Creation and Economic Stimulus from Immigration Reform

Friday, May 24th, 2013

We have periodically reported on new studies and reports that support the notion that immigrants and immigration stimulate the economy and create new jobs for U.S. business.  Here are some more:

  • A Kauffman Foundation report (February 2013), “Give Me Your Entrepreneurs, Your Innovators: Estimating the Employment Impact of a Startup Visa” states that between 500,000 and 1.6 million new jobs could be created over the next 10 years as a result of a “Startup” visa, a proposal to make 75,000 visas available for current holders of H-1B and F-1 visas.
  • The Center for American Progress (March 2013) reports that granting undocumented immigrants immediate citizenship would add $1.4 trillion to economic growth, increase tax revenues by $184 billion and create 203,000 jobs over the next decade.
  • A May 2012 report of The Partnership for a New American Economy and the Partnership for New York, concludes that America’s position as the global magnet for the world most talented and hardest-working is in jeopardy. In the report, entitled “Not Coming to America: Why the U.S. Is Falling Behind in the Global Race for Talent,” the authors compare America’s immigration policies with those of other nations — and finds our policies irrational and undirected, in sharp contrast with the targeted, strategic approaches seen elsewhere.  They outline six specific immigration reforms that the country should adopt to continue to attract the most talented, innovative, and necessary workers: (1) Provide visas to the STEM graduates educated in American universities. (2) Award more green cards based on economic needs. (3) Create a visa program to allow foreign entrepreneurs to build their firms in the US. (4) Let American companies hire the highly educated workers they need. (5) Give seasonal and labor-intensive industries access to foreign workers when they cannot find Americans to fill jobs. (6) Allow local governments to recruit more immigrants to meet regional needs. These are expected to be the main tenets of the new reform proposal.
  • And finally, National Economic Council Director Gene Sperling added his voice to the choir in a recent White House blog, stating that common-sense immigration reform is good for the economy, and describing how it would grow America’s GDP, stimulate small business growth, create more jobs, boost demand for consumer goods, and more.



Startup Visa Bill Introduced in Senate Aims to Promote Global Entrepreneurs

Friday, April 30th, 2010

While the pro-immigration leadership in the Senate continues to seek bipartisan support for comprehensive immigration reform, just a couple of months ago Senate veterans John Kerry (D-MA) and Richard Lugar (R-IN) successfully drafted and introduced the Startup Visa Act of 2010, a bill aimed to create jobs in the U.S. while enhancing the United States’ position in the global economy. Specifically, the Act would allow foreign entrepreneurs looking to start businesses in the U.S to qualify for permanent residency on a conditional two-year basis if a sponsoring U.S. venture capitalist invests $250,000 in the immigrant’s startup company. After the conditional residency period, the foreign entrepreneur would need to demonstrate that the business generated at least five full time jobs in the U.S. and attracted a $1 million initial investment or reached revenues of $1 million in order to have the condition on residency removed. The new category would supplement and draw from existing visa numbers under the current, yet underutilized EB-5 employment creation (fifth preference) category for alien entrepreneurs.

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Visas for Entrepreneurs — Current Considerations

Monday, March 1st, 2010

Over the last couple years, the immigrant investor program (also called the EB-5 program) has gained popularity and media attention as a viable option for those of means to obtain lawful resident status. Even those traditionally less-well-off financially have considered the program in light of ever growing immigrant visa backlogs and the devaluation of the dollar (which means fewer and fewer euros and yen are needed to meet the $1 million investment requirement (or $500,000 in certain cases)). Nevertheless, various issues have deterred would-be eligible applicants from applying for an investor green card including the uncertainly of USCIS interpretations of program requirements, and, more recently, USCIS’ fixation on the source and chain of custody of funds used for the investment.

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