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Senators John Kerry (D-MA) and Richard Lugar (R-IN) have introduced the StartUp Visa Act of 2010 (S. 3029), which would create a new visa category (EB-6) for foreign entrepreneurs. Foreign entrepreneurs would qualify for a two-year visa upon demonstrating that a qualified U.S. investor will dedicate at least $250,000 to his or her startup venture. Moreover, permanent resident status would be available to EB-6 visa holders after two years upon demonstration that the startup has:
- created five full-time jobs in the United States (excluding employment of the entrepreneur’s spouse or children); and
- secured $1 million in additional investment capital; or
- generated $1 million in revenue.
The bill has been referred to the Senate Judiciary Committee.