Senators John Kerry and Richard Lugar introduced legislation last week to promote job creation and increase our nation’s ability to remain globally competitive.  If the bill is signed into law, it would help foreign national entrepreneurs pursue a new way to immigrate to the U.S.

The Start Up Visa Act of 2010 would allow foreign nationals who are entrepreneurs to pursue an immigrant visa (green card) on a conditional basis for a two year period as long as he or she can prove that a U.S. investor such as a venture capitalist allocates at least $ 250,000 to the foreign national’s start up company.

If passed into law, the immigration laws would be amended and create a new EB-6 immigrant visa category.

The EB-6 like the EB-5 immigrant visa category is also based on investment in which the foreign national must create jobs for U.S. citizens and/or legal permanent residents (green card holders) excluding the foreign nationals immiediate family and, that the green card would be valid initially for two years. 

The most significant difference is that under the EB-6 category, the funds for the investment must come from a U.S. based venture capitalist.  On the other hand under the EB-5 category, the funds for the investment must come from the foreign national directly.

This is great news for foreign nationals who have a business concept, but do not have the money to develop the concept and make it a reality.  This seems to be a win-win situation due to the fact that jobs would be created and thus reduce the unemployment rate.  Furthermore, it would allow an opportunity for foreign entrepreneurs who come from countries that might not offer the same oportunities for advancement to come to the U.S. and contribute significantly to our nation’s economy and ultimately, maintain our position as a global leader in business.