Arun Kumar

Washington, Feb 26 Backed by over 160 venture capitalists, including several Indian Americans, two US senators have introduced a bill to give fast track visas to immigrant entrepreneurs in return for creating jobs to increase America's global competitiveness.

The StartUp Visa Act of 2010 will allow an immigrant entrepreneur to receive a two year visa if he or she can show that a qualified US investor is willing to dedicate a significant sum — a minimum of $250,000 — to the immigrant's startup venture.

"Global competition for talent and investment grows more intense daily and the United States must step up or be left behind," said John Kerry Democratic chairman of the Senate Foreign Relations Committee, who introduced the bill with Richard Lugar, top Republican on the panel.

"Creating a new magnet for innovations and innovators to come to the United States and create jobs here will offer our economy a double shot in the arm — robust job creation at home and reaffirmation that we're the world's best place to do business," Kerry said.

"Our country should strive to attract to the United States the most talented and highly skilled entrepreneurs," said Lugar.

Among the Indian American entrepreneurs, many of them from California's Silicon Valley, who have endorsed the senators' proposal are, Sameer Gandhi of Accel, Manu Kumar of K9 Ventures, Deepak Kamra of Canaan Partners, Ravi Belani of Draper Fisher Jurvetson, Karan Mehanderu of Scale Venture Partners and Ajay Chopra of Trinity Ventures.

The StartUp Visa Act of 2010 would amend immigration law to create a new EB-6 category for immigrant entrepreneurs, drawing from existing visas under the EB-5 category, which permits foreign nationals who invest at least $1 million into the US, and thereby create ten jobs, to obtain a green card.

After proving that he or she has secured initial investment capital and if, after two years, the immigrant entrepreneur can show that he or she has generated at least five full-time jobs in the United States, attracted $1 million in additional investment capital or achieved $1 million in revenue, then he or she would receive permanent legal resident status.