Get expert advice on every topic you need as a small business owner, from the ideation stage to your eventual exit. Our articles, quick tips, infographics and how-to guides can offer entrepreneurs the most up-to-date information they need to flourish.
August 20, 2018 | 3-minute read (499 words)
Photo by Maarten van den Heuvel on Unsplash
An Obama-era rule allows immigrant founders of companies in the US to stay for two and a half years, with the possibility of an extension, but that opportunity is in danger. Last year, The Department of Homeland Security pushed out its effective date to March 2018 while announcing that rule would eventually be eliminated.
DHS recently filed that elimination proposal, citing existing visas—such as the E-3 and EB-5 classifications—that allow certain entrepreneurs to start businesses and work in the United States. The administration and other advocates for eliminating this rule argue that immigrants are taking jobs from US workers, though that’s not really the case.
With the current administration’s habit of enforcing broader and more stringent immigration policies, we’re not surprised, but we’re still disappointed.
Existing visas are restrictive
The E-2 “investor visa” allows a person with a substantial investment to work inside of the United States but are only available to citizens of certain countries. For startups, the investment must be large enough to start and operate the business—if it’s not large enough to capitalize the business, the visa will be denied.
The EB-5 visa requires an investment of at least $1,000,000 into a business that creates and maintains (for the two-year duration of the visa) 10 jobs for US workers, not counting the investor or their immediate family.
What about the H-1B? Under the Trump Administration, there’s been an increase of denials and requests for evidence—41% in the last quarter of 2017 alone. Despite economists well-cited evidence that highly skilled foreign scientists and engineers benefit America, the Trump Administration is limiting their entry into the country.
Accounting
Finance
Learn how we can put more time back in your day.
