Public Description:
S. 3217, the Startup Act 2.0, would would create 50,000 new STEM (science, technology, engineering, and mathematics) work visas for foreign students who graduate from a U.S. college with a master's degree or a Ph.D each year. The foreign students automatically earn 1-year work visa upon graduation and earn an additional 4-years if they are "actively engaged" at the end of the first year. At the end of the 5 year period, the foreign workers will be able for legal permanent worker status. The bill also creates a new visa program for 75,000 new immigrant "entrepreneurs" -- individuals who already hold an H-1B visa or a STEM degree would be allowed 4 years to remain in the U.S. and operate a new business. During the first year, the immigrant entrepreneur must start a business that employs at least 2 full-time U.S. citizens or legal permanent residents and invest or raise at least $100,000 of capital. In years 2-4, the business must employ at least 5 Americans or legal permanent residents.
