Foreign Entrepreneurs Will Get a Green Card for Starting a Business in the U.S.?

According to the newly proposed Start-up Visa Act by Senators John Kerry and Richard Lugar, foreign entrepreneurs will have another alternative of getting a green card and staying in the U.S. permanently. Before, they can only go through the EB-5 or H-1B process, where EB-5 requires they invest $1+ million in the U.S. and employ 10+ people and H-1B is for skilled workers employed by a U.S. company.

Under the Start-up Visa Act, foreigners will be granted U.S. visas “if they can secure at least $100,000 from a sponsoring angel investor or at least $250,000 from a qualified venture capital firm. After two years, if the immigrant entrepreneur can create 5 or more jobs (hiring his or her children or spouse is not included), attract an additional $1 million in investment, or produce $1 million in revenue, he or she can become a legal resident.”

Hospitality industry is a business where people serving people. America is a country that welcomes diverse culture. If this bill is passed, I can see more foreign entrepreneurs opening new restaurants, hotels, and other hospitality relative business. Running a big nice restaurant or hotel needs (1) substantial investment; (2) many employees; and (3) a usually long-term commitment. Starting up a new hospitality business fits the description of this Act very well. However, I am not sure if investing in a franchised hotel or restaurant would work in this case.

It seems to me it is a great new idea of attracting foreign investments and creating new jobs in the U.S. market. What do you think?

References:
Inc.com: http://tinyurl.com/linchikwok03032010
Cartoon was copied from: http://tinyurl.com/linchikwok03032010P

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