II 111th CONGRESS 2d Session S. 3029 IN THE SENATE OF THE UNITED STATES February 24, 2010 Mr. Kerry (for himself and Mr. Lugar) introduced the following bill; which was read twice and referred to the Committee on the Judiciary A BILL To establish an employment-based immigrant visa for alien entrepreneurs who have received significant capital from investors to establish a business in the United States.

1.

Short title

This Act may be cited as the StartUp Visa Act of 2010.

2.

StartUp Visas

(a)

In general

Section 203(b) of the Immigration and Nationality Act (8 U.S.C. 203(b)) is amended— (1)by redesignating paragraph (6) as paragraph (7); and (2)by inserting after paragraph (5) the following: (6)

Sponsored entrepreneurs

(A)

In general

StartUp visas shall be made available, from the number of visas allocated under paragraph (5), to qualified immigrant entrepreneurs— (i)who have proven that a qualified venture capitalist or a qualified super angel investor has invested not less than $100,000 on behalf of each such entrepreneur in an equity financing of not less than $250,000; and (ii)whose commercial activities will, during the 2-year period beginning on the date on which the visa is issued under this subparagraph— (I)create not fewer than 5 new full-time jobs in the United States employing people other than the immigrant’s spouse, sons, or daughters; (II)raise not less than $1,000,000 in capital investment in furtherance of a commercial entity based in the United States; or (III)generate not less than $1,000,000 in revenue. (B)

Definitions

In this paragraph: (i)

Qualified super angel investor

The term qualified super angel investor means an individual who— (I)is an accredited investor (as defined in section 230.501(a) of title 17, Code of Federal Regulations); (II)is a United States citizen; and (III)has made at least 2 equity investments of not less than $50,000 in each of the previous 3 years. (ii)

Qualified venture capitalist

The term qualified venture capitalist means an entity that— (I)is classified as a venture capital operating company under section 2510.3–101(d) of the Code of Federal Regulations; (II)is based in the United States; (III)is comprised of partners, the majority of whom are United States citizens; (IV)has capital commitments of not less than $10,000,000; (V)has been operating for at least 2 years; and (VI)has made at least 2 investments of not less than $500,000 during each of the most recent 2 years. . (b)

Conditional permanent resident status

Section 216A of the Immigration and Nationality Act (8 U.S.C. 1186b) is amended— (1)by striking Attorney General each place such term appears and inserting Secretary of Homeland Security; (2)in subsection (a)— (A)in paragraph (1)— (i)by striking (as defined in subsection (f)(1)) and inserting , sponsored entrepreneur; and (ii)by striking (as defined in subsection (f)(2)) shall and inserting shall each; and (B)in paragraph (2)(A), by inserting sponsored entrepreneur, after alien entrepreneur,; (3)in subsection (b), by adding at the end the following: (3)

Sponsored entrepreneurs

The Secretary of Homeland Security shall terminate the permanent resident status of a sponsored entrepreneur and the alien spouse and children of such entrepreneur if the Secretary determines, not later than 3 years after the date on which such permanent resident status was conferred, that— (A)the qualified venture capitalist or qualified super angel investor who sponsored the entrepreneur failed to meet the investment requirements under section 203(b)(6)(A)(i); or (B)the entrepreneur failed to meet the job creation, capital investment, or revenue generation requirements under section 203(b)(6)(A)(ii). ; (4)in subsection (c)— (A)in paragraph (1)— (i)in the matter preceding subparagraph (A), by inserting sponsored entrepreneur, after alien entrepreneur,; and (ii)by striking alien entrepreneur must each place such term appears and inserting entrepreneur shall; and (B)in paragraph (3)— (i)in subparagraph (A)(ii), by inserting or sponsored entrepreneur after alien entrepreneur; and (ii)in subparagraph (C), by inserting sponsored entrepreneur, after alien entrepreneur; (5)in subsection (d)(1)— (A)in the matter preceding subparagraph (A), by striking alien and inserting alien entrepreneur or sponsored entrepreneur, as applicable; (B)in clause (i), by striking invested, or is actively in the process of investing, and inserting has invested, is actively in the process of investing, or has been sponsored by a qualified super angel investor or qualified venture capitalist who has invested,; and (C)in clause (ii), by inserting or 203(b)(6), as applicable before the period at the end; and (6)in subsection (f), by adding at the end the following: (4)The term sponsored entrepreneur means an alien who obtains the status of an alien lawfully admitted for permanent residence under section 203(b)(6). .