Wright Johnson applauds all efforts to bring investment capital to the United States.
The StartUp Visa Act of 2010 would amend immigration law to create a new EB-6 category for immigrant entrepreneurs.
After proving that he or she has secured initial investment capital from a qualified U.S. investor willing to dedicate a significant sum – a minimum of $250,000 – to the immigrant’s startup venture and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.
Senators Kerry and Lugar believe that this act will stimulate more business within the United States and increase the dispersion of good ideas. We should look for ideas everywhere in the world to improve the nature and diversity of business within our country, yet this act should not be looked upon as a saving grace for most immigrants. The reality is, the only way you’re going to come across the “significant” funds needed for the visa is if you’re extremely lucky or you’re already “in-the-know” with people who can help you gain sponsorship. We at, Wright Johnson, are not very confident how many businesses are going to gross around $1 million in profit in the midst of this Great Recession especially in their first two years of operation.
An EB6 immigrant entrepreneur must be an “active” participant in their “own” business.
An EB-5 immigrant entrepreneur is “passive”. Their only responsibility, besides the dollar amount needed to invest ($1,000,000.00 or $500,000.00 if the business will be located in a targeted employment area) is as a limited partner. This limited partner designation and its minimal management requirements has already been approved by the responsible government agency, United States Citizenship and Immigration Services (USCIS) a division of the Department of Homeland Security.
In other words, 98% of the prospective immigrant investors do not want to be “active.” They do not want to build a new business. They have achieved success in their previous endeavors and now want to realize the fruits of such labor by gaining US citizenship for themselves and their immediate family. Live where they want. Obtain quality education for their children and the freedom to enjoy the best of both worlds-their homeland and their new home-America.
Please see full text of the draft bill.