The US Startup Visa was advertised as a program that would attract 1000s of overseas entrepreneurs. This was with the aim of accentuating US Jobs and the economy. On the other hand, a mere 10 applications have been submitted for the program. Thus, its future has plunged into uncertainty.
The US already has several options for overseas entrepreneurs who wish to launch a startup with comparatively small funds. These include the E1 and E2 Visas. Chinese and Indians cannot access these visas, as quoted by the NY Times.
Another option for overseas businesses is the L1 ICT Visa. This is a welcome addition as a US Visa option. The US Startup Visa has received 10 applications but none of them have been approved.
The Startup Visa was launched by the US as a part of the IER rule. It is designed to permit overseas immigrants to work and live in the US for 5 years. They are required to obtain funding from a secure venture for the growth of their business in the US.
The program Startup Visa has now been marred with infinite delays. Just prior to its launch in 2017, DHS published a rule in the Federal Registrar. This delayed the implementation of the program till 2018 March. The Department of Homeland Security has also declared its intention to terminate the program itself now.
The National Venture Capital Association CEO and President Bobby Franklin said that this is not the welcome that needs to be given to the overseas entrepreneurs. NVCA is an industry lobbying group based in Washington. It will be better if the US Congress passes a real bipartisan Startup Visa rule, added Franklin.
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