Democrats in the United States House of Representatives are to propose a new visa for the immigrants whom are to be categorized under EB-6 visa, as to receive a significant venture capital and funding for the businesses or otherwise to establish businesses that creates the jobs in USA.
It is to be known that legislation is from the U.S. Representative Zoe Lofgren and Luis Gutierrez, the bill is to be a part of Entrepreneurial Business Creating Jobs Act that includes language to create a new EB-6 visa.
One of the provisions is EB-6 visa seekers must have to invest in a start up at least $500,000 with the backing from an established venture capitalist, an angel investor or by a qualified seed accelerator with an at least invested amount of $100,000.
However, the visa does not come automatic, as any prospective business venture of EB-6 hopeful must prove and meet the certain thresholds revolving around job creation and revenue.
Currently, business investors can obtain permanent residence by applying for EB-5 visa that requires an investment of a minimum $500,000 in an area with high unemployment potential. They may also pool their investment in the regional centers that are used to fund the multi-million dollar projects with at least ten jobs to be created.
This newly proposed bill while extending the regional center program for about five years required a minimum threshold investment of $500,000 to $800,000 along with the other stipulations.