A new rule proposed by Department of Homeland Security will grant foreign entrepreneurs intent on building new companies within the United States with an immigration option which will provide them temporary entry. This entry will be valid for the maximum period of five years. This new rule was proposed on September 16.
Congressional approval is not needed for this proposal. Immigration officials will use it to admit entrepreneurs into US soil case by case. For an applicant to qualify, the person must play and important role in an American company and also must hold considerable ownership stake. It is applicable to companies established during recent three years. This Obama created proposal is one of multiple small efforts by the present administration to expand US immigration policies sans any action from Congress. Although entrepreneurs may come from any industry, it is expected that this particular rule will be especially applicable for those working in technology field. For Silicon Valley, one of its political priorities was to make an immigration route- and this tackles one of them.
According to Patrick Collison, the chief executive of payment processing company Stripe, and an immigrant himself, this is a move towards the right direction. He said that it is his belief that this will make an important impact on American entrepreneurship, and by extension, on the wider company. This is important as a study by National Foundation for American Policy; more than 50 percent of startups in the United States which are believed to be more than $1 billion in valuations has a minimum of one immigrant founder. This foundation concentrates on immigration issues.
President Barack Obama has made skilled immigration his signature policy issue. He speaks frequently about the requirement for a way which will permit skilled entrepreneurs to enter the country and build new companies. As a consequence, jobs will also be created. Congress, however, repeatedly nixed his proposals to initiate a certain “startup visa” aimed towards foreign entrepreneurs.
Repeated Congressional rebuffs made President Obama to change tactics. He used his executive action power and pushed Federal officials to make a plan where a few entrepreneurs would enjoy temporary immigration status. This particular proposal circumvents visas with its reliance on a certain Federal law that permits the homeland security secretary to temporarily allow people into US who have the potential to create considerable “public benefit”.