American Competes Act of 2022: New Immigration Visa for the United States of America (U.S.A.).
President Joe Biden supports new legislation to propose startup visas to entice talent to the United States. With the creation of a new startup visa, the ambitious America Competes Act of 2022, which was presented in the US House of Representatives, seeks to expand opportunities for creative people from all over the world.
The America Competes Act, 2022, which is supported by President Joe Biden, is a significant step toward adopting legislation that will strengthen the supply chain and rev up the country’s economic innovation engine to enable it to compete with China and the rest of the globe for years to come.
U.S.A New Immigration Visa: American Competes Act, 2022
The act alters the Immigration and Nationality Act among other things by adding a new category of “W” nonimmigrants for business owners who have an ownership stake in a startup entity, key personnel of a startup entity, as well as their spouses and kids.
The legislation’s provisions were made public by House Speaker Nancy Pelosi. If passed into law, the legislation instructs the Secretary of Homeland Security to create procedures for foreign nationals with ownership stakes in startup companies to soft-petition for status as lawful permanent residents.
if the organization exhibits a track record of success through the creation of jobs, considerable revenue growth, or acquisition of investment funds
Additionally, it instructs the Secretary of Homeland Security to set up the necessary processes for foreign nationals with ownership interests in startup companies to self-petition for classification as W-1 nonimmigrants and to be granted extensions of that classification for up to eight years if the company meets certain growth benchmarks.
Additionally, if the company forms the basis for a founder’s W-1 status, it allows for a limited number of W-2 visas for employees who are crucial to the development and success of the startup business. Certain foreign nationals, as well as their spouses and children, are excluded from the bill’s numerical restrictions on immigration visas.
who have a doctorate in science, technology, engineering, or mathematics (STEM) from a foreign institution if the degree is equivalent to a doctorate granted by a qualifying U.S. research institution.
The legislation gives the Secretary of Homeland Security the authority to designate a person as a W-1 nonimmigrant for a three-year period at first if the person owns at least 10% of a startup firm.
who hold a PhD degree in science, technology, engineering, or mathematics (STEM) from an accredited U.S. research institution or a foreign institution if the degree is comparable to one awarded by an accredited U.S. research institution.
If a person has a stake of at least 10% in a starting company, the Secretary of Homeland Security may designate them as W-1 nonimmigrants for a three-year period initially under the terms of the bill.
America Competes has measures to protect important supply chains, establish the rules and standards that govern global trade and development, empower American workers and businesses, and invest in science and innovation, he said, all of which will help to increase economic competitiveness.
The crucial America Competes Act of 2022, which was passed by the Senate, was introduced in the House, according to Senate Majority Leader Chuck Schumer. This will enable lawmakers to quickly negotiate a final package that the President may sign into law.
In order to increase American competitiveness, solidify our leadership in global innovation, and address supply chain issues, especially those in the semiconductor industry, he declared that there was no time to waste.
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