Congressman Jared Polis unveiled legislation today that would create a "Start-up Visa" for entrepreneurs and update the EB-5 visa system to help create American jobs by encouraging investment in U.S. companies.
"With our economy still struggling to create jobs, we should be taking every possible step to encourage investment to start and grow businesses," said Polis. "The American Entrepreneurship and Investment Act will modernize our immigration system, allow great companies to launch and grow in the United States, and bring in needed capital to create jobs."
The EB-5 immigrant investor visa is one of five employer sponsored visas and is designed to attract foreign capital to the U.S. Each year, 10,000 EB-5 visas are available and 3,000 are reserved for the pilot Regional Center Program for those who invest in federally designated a Target Employment Area (TEA). TEAs are rural areas or those that have experienced high unemployment.
To obtain an EB-5 visa, applicants must invest $1 million ($500,000 in a TEA) and create ten full-time American jobs (5 in a TEA).
Polis' legislation, the American Entrepreneurship and Investment Act (H.R. 5874), would streamline and speed-up the application process; permanently reauthorize and expand the pilot Regional Center Program; and, create the "Start-up Visa" for foreign entrepreneurs who have already attracted investors so that they can locate their company in the U.S.