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If you tune in to our bi-monthly newsletter then you know how NPZ Law Group feels about immigrant entrepreneurs and how they have contributed to the U.S. economy. The statistics are staggering. Immigrants started 33 percent of U.S. venture-backed companies between 2006 and 2012 that went public. It is a fact that there is not a reliable immigration program for foreign entrepreneurs (who must overcome enormous legal difficulties in order to create businesses and drive innovation and job growth).

Immigrant-founded venture-backed companies create enormous value in the U.S. and yet, no immigrant entrepreneur visa exists. The current E-2 investor visa is often unavailable to entrepreneurs because it is limited to companies owned by nationals of countries with treaties with the U.S. Many countries do not have a treaty. One example is India (where the largest percentage of foreign entrepreneurs come from). As many know, the E-2 is a temporary visa valid for only 2 years, and does not generally provide a smooth pathway to the green card. Another business visa, the H-1B visa, is also often unavailable to entrepreneurs. The annual quota for the H-1B visa is only 65,000 and this quota has been exhausted before the end of the fiscal year for the past decade. This past year the H-1Bs ran out in about 5 days. The H-1B is even harder for entrepreneurs to use since recent policy changes forbid "self-employment" which prevents entrepreneurs from working at their own companies. Entrepreneurs often must first find work with other companies in the U.S. (who sponsor them), or find another avenue to come to the U.S., and then face endless bureaucratic obstacles.

Even if a foreign entrepreneur obtains employment at another company it is often impossible for the company to sponsor them because H-1B visas are unavailable and the green card process is expensive and plagued by backlogs that result in waitlists that are decades long for many nationalities. For Indians, the leading creators of successful foreign-founded venture-backed companies, wait times for permanent residency may be as long as 70 years. The process is also incredibly expensive, with the cost of an H-1B visa soaring. In fact, sponsorship through the H-1B and the green card process can be exorbitant. As an added hurdle, immigration applications can be denied and sponsoring companies are increasingly subject to site visits and audits, with 30,000 such compliance audits being conducted in FY 2010-2011. The lack of an entrepreneur visa continues to be a serious roadblock to U.S.innovation and economic growth. It seems obvious that a start-up visa would benefit the U.S.economy.  Recent statistics have been reported that a start-up visa, with an annual quota of 75,000, would create 1.6 million new jobs in the U.S. in ten years.

The Senate Immigration Bill (S.744), and the House Skilled Immigrant Worker Bill (H.R. 2131), address these issues. Both Bills propose: (1) an entrepreneur visa granting permanent residence; and (2) that the entrepreneur attract venture capital of at least $500,000; and (3) create at least five full-time jobs. The Senate Bill creates a temporary entrepreneur visa lasting 3 years that requires a $100,000 investment and the creation of 3 jobs. Both Bills also make other fixes, like raising the cap on H-1B visas, increasing the number of employment-based permanent resident visas, and eliminating the per-country caps that create backlogs. The Bills represent a crucial step towards creating a functional immigration system that will drive innovation, growth, and prosperity.

For more information about Nachman Phulwani Zimovcak Law Group, P.C. and the ways that the U.S. economy can be bolstered by the hard work of immigrant entrepreneurs, please e-mail to us at [email protected] or call us at 201-670-0006 (x100).

The L-1 visa is one of many visa types that require an approved petition. Before a foreign traveler can apply for such a visa, a multinational company (the petitioner) must submit a petition (Form I-129) to USCIS requesting that the USCIS make a determination that the intending traveler (the beneficiary) fits within the L-1 visa category. USCIS examines the qualifications of both the petitioner and the beneficiary and refers to the requirements imposed by the law, and either approves or denies the request.

"Senator Charles Grassley requested that the Department of Homeland Security (DHS) Office of Inspector General examine the potential for fraud or abuse in the L-1 intracompany transferee visa program." It is argued that the New regulations / recommendations suggested in the final report will improve the integrity of the L-1 Visa Program.