Foreign founders can breathe a sigh of relief as the Biden administration will soon take charge and hopefully will make it simpler for foreign talents to live and work in the United States as the new administration may finally introduce the start-up visa.
55 percent of the private companies in the US with a valuation of more than $1 billion, according to the National Foundation for American Policy has at least one foreign-born founder. And there have been numerous actions and executive orders during President Donald Trump’s tenure that significantly reduced investments by foreign founders in the U.S.
Although immigration laws haven’t really changed much under the Trump administration, there have been a plethora of significant reforms that have caused frictions in the immigration system.
Biden’s win is expected to eventually reverse some of the major hindrances created by the Trump administration.
According to the National Venture Capital Association (NVCA), Biden is expected to focus on immigration reforms in his first year in office, potentially paving the way for a US startup visa.
Benefits of a Startup Visa
The number one benefit of a startup visa would be that it would foster an environment for foreign entrepreneurs where they can thrive without having to deal with impossible immigration regulations that will hinder their legal residence in the United States.
Similarly, the program will provide entrepreneurs with valuable assistance in navigating the American business environment which can be challenging for newcomers. It will also provide the private sector access to a broader range of entrepreneurs, including the best and the brightest minds from around the world.
It is because of these reasons that countries like Norway, Sweden, and Canada already have start-up visas, while the U.S is still mulling over it.
The only visas that start-up founders can apply for are visas like the TN visa or the O-1 visa and both these visas are not specifically for startup founders.
How PassRight can help?
Interested in applying for a visa to the US? Have questions about what the best strategy for your case might be?
Check out our website to see which visa you might qualify or contact us.