While some immigrants seek to move to the U.S. seeking asylum, others may have a business on their minds. Innovation and competition come from anyone and recently proposed acts look to find it in immigrants and entrepreneurs from abroad.
As Business Standard reports, the America COMPETES Act of 2022 aims to add more opportunities to interested and successful foreign business owners and the essential workers that help them add value to an economy.
If the US government signs this new bill into law, it directs the Secretary of Homeland Security to add a new classification of visas with a couple of options. The W-1 nonimmigrant visa would allow foreign nationals with ownership interests in a startup entity to live on US soil.
No business grows by a single person’s hands forever. If a W-1 startup has essential personnel, there are a limited number of W-2 visas for this personnel.
The America COMPETES Act also directs Homeland Security to establish procedures for foreign nationals to self-petition for lawful permanent resident status as an immigrant entrepreneur if their entity has a proven track record of success.
The act proposes numerical limits on these new visas. However, foreign nationals with doctoral degrees in STEM fields, along with their families, may receive visas above those limits.
Immigration and business law may seem like overwhelming topics, especially as the government considers new bills to change them. If the act passes, investing in resources to help navigate these complex topics may help smooth out the immigration process while maintaining the original structure of a business.