New US legislation moots startup visas to attract talent

President Joe Biden, who supports the legislation, said the America Competes Act, 2022 is an important step forward in advancing legislation that will make the supply chains stronger and reinvigorate the innovation engine of the country’s economy to outcompete China and the rest of the world for decades to come.

The Act, among other things, amends the Immigration and Nationality Act to create a new classification of “W” non-immigrants for entrepreneurs with an ownership interest in a startup entity, essential employees of a startup entity and also their spouses and children.

According to the provisions of the bill released by House Speaker Nancy Pelosi, the bill when signed into law directs the Secretary of Homeland Security to establish procedures for foreign nationals with an ownership interest in a startup entity to self-petition for lawful permanent resident status as an immigrant entrepreneur if the entity demonstrates a proven track record of success through job creation and significant revenue generation or receipt of investment capital.

It also directs the Secretary of Homeland Security to establish procedures for foreign nationals with an ownership interest in a startup entity to self-petition for classification as a W-1 non-immigrant and to receive extensions of such classification for up to eight years if the entity meets certain growth benchmarks. It also provides for a limited number of W-2 visas for personnel who are essential to the growth and success of the startup entity if the startup serves as the basis for the W-1 status of a founder.