The migrant population has been contributing significantly to the growth of the US economy as they launch more than one-fourth of the new companies. Taking into consideration this fact, the Department of Homeland Security is planning to approve work permits to select foreign businessmen.
The proposal is aimed to redress the issues faced by these non-native businessmen while their migration documents are processed. Although their contributions to the US economy are considerable, they confront several obstacles owing to the existing immigration regulations.
As per the existing laws, overseas students after bagging a job in the US and wanting to stay back there need to get lucky in the yearly H-1B lottery, the probability of which is one in three. The new law has made options practical for providing H-1B visas to overseas degree holders who intend to launch a promising new venture. It also gives enough assurance to businessmen.
Meanwhile, America has also lowered the amount required to invest when compared to the current provisions. It will require migrants to procure only $345,000 from the US financiers or $100,000 in government funding as compared to the existing $500,000 or $1 million investment as per the EB-5 visa.
The Buffalo News quotes that this move to approve work permits for workers of new ventures will make angel financiers and venture capitalists provide finance with more assurance.
Overall, the new law, if implemented, provides a new path for overseas businessmen who seek permanent residency status in the US. Foreign businessmen can carefully pore over the new regulations to ensure that their ventures are profitable in the US.
If you are looking to migrate to the US, approach Y-Axis to get professional advice and assistance to file for a visa from one if its offices close to you in India.