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EB-6 visas could prove beneficial for US economy

Posted on June 18, 2016
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US Economy

Studies show that startups have been one of main generators of employment in the US in the last few years. It is, therefore, being said that policymakers need to attract entrepreneurs to float new ventures in the US by putting in place a new visa for startups.

In fact, it is for this very reason that the Senate allowed the Startup Visa Act of 2011 in 2010. It would be the sixth type of visa program to encourage employment creation by allowing overseas entrepreneurs with enough capital to float a company in the United States. It would also afford them the possibility of obtaining permanent residency post two years stay in the country. Estimates indicate that the Startup Act has the potential to generate anywhere between 500,000 to 1.6 million jobs in a decade if it is enacted as a law

As of now, there are four categories of Start-up Acts in place, each of which needs different terms and conditions for getting a visa. Conditional green card status is offered by three laws. It will be done away with if the requirements are fulfilled after a particular period. Another law has a temporary status in place which would be renewed after some conditions are met after a certain duration.

For instance, Canada, Australia New Zealand and the UK have similar kinds of visa programs for startups to enable them develop their bottom lines and also create gainful employment for the US job seekers. So, some analysts feel that it is high time to pass the startup act and introduce EB-6 visas, which would profit entrepreneurs and, in turn, the US economy.

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