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
I think this is a great decision considering America has been losing a lot of talented people because they have no choice or choose to return to their home countries after receiving their education in the U.S. This is a great way to pump money into the economy and create jobs for Americans. American companies and entrepreneurs have been going overseas to capitalize on growth and development in other countries creating jobs while they're at it so it seems reasonable that foreigners come to America and create business/jobs for Americans.
ReplyDeleteAlthough immigrants have been coming for centuries and starting businesses, it is getting harder and harder for foreigners, especially if they are here illegally. Many immigrants in the past open sub-standard grocery stores, restaurants, and hotels, some illegally run because they lack the funds and resources. This new act could encourage a wealthier and more educated class of foreigners opening a higher standard of foreign-run restaurants and hotels which will benefit the American economy as a whole.
Lorenz