A new legislation was introduced in the American House of Representatives on Tuesday. The COMPETES Act of 2022 intends to open America’s doors to talented persons across the world via the introduction of a ‘startup visa’. President Joe Biden believes that this Act can strengthen supply chains and spur innovation in the United States.
This move is contradictory to the U.S’ general stance on immigrants, especially during the Trump rule, when criteria to get an H-1B visa was further tightened. America Competes is a reform that comes after China’s increased prominence as a global trade superpower. This bill aims to outbeat the PRC and other powerful nations for the next few decades.
The specifications of the Act are aimed to modify the Immigration and Nationality Act to develop a new category of ‘W’ non-immigrants for creators and innovators interested in owning start-ups in the U.S. The visa will also be applicable for the core committee of the respective start-up, along with the kin of the founder, which will be categorized as W-2.
The provisions of the bill outline that if the start-up entity showcases a consistently positive outcome, the foreign nationals who own the entity can self-petition for legal permanent resident status. Criteria for the same include job creation and revenue generation.
Holders of this visa category can receive an extension of stay in the country for up to eight years, if the Secretary of Homeland Security is satisfied with the firm’s performance. Numerical limits of the visa are not applicable to immigrants with doctoral degrees in STEM subjects from either U.S institutions, or their foreign equivalent.
