Attracting and Retaining Entrepreneurs Act
This bill: (1) amends the Immigration and Nationality Act to establish a three-year nonimmigrant entrepreneur W-visa for an alien meeting specified investment, or job creation and revenue, requirements; and (2) establishes a $1,000 visa fee.
Additional three-year periods of admission are allowed if the individual meets specified job creation and revenue or investment requirements. An individual who has not met such admission renewal requirements may be granted up to two one-year renewals if: (1) he or she has made substantial progress in meeting such criteria, and (2) such renewal is economically beneficial to the United States.
The bill establishes an employment-based entrepreneur immigrant visa for an individual who: (1) has a significant ownership interest in a U.S. business entity, (2) is employed in a senior executive position at such entity, (3) submits a business plan to U.S. Citizenship and Immigration Services, and (4) had a substantial role in the founding or early-stage growth and development of such entity.
The bill sets forth visa criteria, which shall include qualifying: (1) nonimmigrant U.S. residency, (2) job creation, (3) investment and revenue amounts, (4) education levels, and (5) ownership in a U.S. entity.
Up to 10,000 entrepreneur immigrant visas shall be made available each fiscal year.