The recent US move to bring to an end the Obama-era Start-up Visa Programme may not do any good to the cause of the US. It, in fact, may help its competitors like Canada, for example in a fairly big way, at the cost of the US, of course.
Much strangely, the US and its immediate neighbor in the north, Canada, reportedly, appear to be moving in opposite directions, in the matters of visas for the immigrant entrepreneurs, eager to build and develop high-potential startups.
In the former, the US, the Department of Homeland Security (DHS) is reportedly planning to end the Obama-era International Entrepreneur Rule, which would have provided temporary residence to the immigrant entrepreneurs with encouraging start-up concepts.
Significantly, the new visa plan has, reportedly, been long eagerly sought by the tech investors and startup chiefs across the US, as a method to set-up a company and job growth, and guarantee the nation draws top-level entrepreneurs from across the world.
At present, no clear path to residing in the US for the entrepreneurs exists, and several first land in the nation to work through the HB-1 Visa, which, reportedly, the Trump government and the US Congress have also advocated restraining.
To make the cut for the planned Startup Visa, as per the requirements, entrepreneurs must possess not less than 15% of a US startup and illustrate the firm’s growth possibility, investments from the eligible American investors, besides substantial public benefit to the US.
The regulation would permit entrepreneurs, who fit those requirements, to live in the country for a maximum period of two years. They may, afterwards, submit an application for an added three years, in case the firm illustrates continued development and advantage to the local US people (such as growths in capital investment, employment creation, or proceeds).
The US President Donald Trump administration targeted the scheme during the early 2017 even as the DHS reportedly stated that the proposal to end it comes from the US administration’s conviction that, among other fears, the law lacks satisfactory safeguards for the local US manpower and investors, and is not the right tool for drawing and retaining worldwide entrepreneurs.
Expectedly, the proposal to end the International Entrepreneur Rule has, reportedly, been condemned by many, who have termed the same not only short-sighted but a major mistake as well.
Allegedly, the world’s best immigrant entrepreneurs presently have several very good options on where to launch a new firm, and the International Entrepreneur Rule would enable such job creators launching a startup in the US, instead of abroad.
Another critic echoed the feeling when she reportedly declared that the decision to end the International Entrepreneur Rule sends across a very scary note to entrepreneurs and investors across the globe that the US is not interested in them and does not need them.
Criticizing the move further, she added that when the US has lost its previous position as the world’s 11th most innovative country even as some top economic rivals such as France, Canada, the UK, and Singapore are utilizing the dedicated entrepreneur visas to attract job creators to their territories, the US decision is bizarre and a step backwards.
Significantly, the hold on the Startup Visa law reportedly surfaces just days post Trump met with some top technology chiefs to discuss the manner the federal administration and the technology business may better work together and propel innovation in the US.
Ottawa Makes Start-Up Visa Made Permanent
Meanwhile, Ottawa has reportedly made its Start-Up Visa permanent. The nation’s Start-Up Visa Scheme is an important instance of the dedicated entrepreneur visas stated a short while ago.
Launched with much fanfare, just a few years back, in 2013 to be precise, as a 5-year pilot project, Ottawa reportedly made the same permanent this year in the month of March.
Expressing his government’s commitment to the cause, the in-office Immigration, Refugees and Citizenship Canada Minister, Ahmed Hussen, reportedly stated that the government’s innovation and skills plan has recognized the cultivation of entrepreneurship and the development of startups as indispensably crucial to the nation’s economy, making the Start-up Visa Scheme permanent backs the said programme.
For those not tuned in, the Canadian Start-Up Visa Programme enables admission to the Maple leaf Country for the skilled people, keen to set-up a start-up business in the hotspot that is innovative, generates jobs for the local people, and may compete on an international level.
It is mandatory that the immigrant entrepreneurs get a minimum investment from a nominated business group in the Maple Leaf Country, besides other requirements, to get sanction.
The scheme is pretty unique in that it offers successful aspirants with Permanent Residence (PR) in the country, notwithstanding whether the undertaking succeeds. Comparable schemes in other nations, including the US International Entrepreneur Rule, only provide temporary residence in the beginning, and now even that is on the hit list of the government.
Importantly, the Start-Up Visa Plan is just one of the many good choices available for the ambitious entrepreneurs interested in setting themselves up in the Maple Leaf Country. Several provinces and territories of Canada also have entrepreneur-focused immigration categories that are part of the nation’s Provincial Nominee Programme (PNP).
What’s more: the Canadian province of Quebec also has a 100% dedicated entrepreneur category.
So, while the US is foolishly shutting down its doors for the global entrepreneurs, its neighbor Canada is launching and expanding different visa programmes for such ‘proven assets’, and giving them Permanent Residence in the country, to flourish and prosper together.