Key Highlights
- The immigration system in the US not supporting the entrepreneurs and nascent innovations emerge.
- The visa scheme is suited for the world’s leading firms Amazon, Facebook, and Google.
- Canada offering Visa program “Startup Visa”.
Survival of start-ups in US face problem
Immigrant worker permits in the United States are typically tied to a single employer, and new businesses are unable to apply for them. According to Crunchbase, a company that monitors entrepreneurs and their financing. An estimated 1,865 individuals from outside the United States have created U.S.-based businesses. They have raised venture funding since 2016. Israel led the way with 12% of those founders, followed by the United Kingdom and India with 11% each. Another 7% came from Canada, and 4% were from Germany. It became increasingly quick to launch a U.S.-based tech business from abroad. It’s now the preferred alternative for some foreign-born citizens, even those who would like to stay in the country.
Related: Work visas pile up in the United States post-pandemic
Growth of foreign entrepreneurs: concern for US economy
There are so many global entrepreneurs launching businesses in the United States. The economy has built up around them to provide services, a development that has intensified in the last five years. Stripe, a business consulting firm based in San Francisco, started providing what amounted to a start-up-in-a-box in 2016. A suite of services that included incorporation in Delaware, a U.S. bank account, and a payment system.
Categorization of US visa
The United States has different categories of visas for immigrants and non-immigrant. Some of which may already be applied to startup owners or investors. EB-5 visas are a type of visa for those who spend $1.8 million or more in their capital. Startup entrepreneurs may be considered for the scheme, known as “International Entrepreneur Parole,” if their firms have raised at least $250,000 from angel investors, venture capitalists, or related investors, and if they meet other requirements.
Canada: Attracting Visa program
Canada has a formal “startup visa” scheme to encourage people who would be denied entry into the United States. Skilled immigrant entrepreneurs may apply for Canadian permanent residency through Canada’s Start-Up Visa Program. Candidates can enter Canada on a work permit backed by their designated Canada-based donor before qualifying for permanent residence until their company is operational.
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