If passed, the StartUp Visa Act of 2011 would create an opportunity for immigrant entrepreneurs to bring their innovative business plans to the United States. It would add to the number of immigrant visas issued every year, but would draw from the number of visas already allocated to the EB-5 visa classification. In recent years, only half of the yearly allotment of visas in the EB-5 category has been issued. In theory, the implementation of the Act would help stimulate the U.S. economy by attracting a greater number of talented entrepreneurs who may not have qualified for immigrant visas before due to financial limitations.

Senators John Kerry and Richard Lugar today introduced The Startup Visa Act in Washington. The full text of the proposed legislation is here. This new legislation is also supported by signatures from over 100 US venture capital and angel investors. The Startup Visa Act proposes legislation to modify the existing EB-5 Visa in order to [...]