§ 4802 : INVEST IMMIGRANT VISA |
Section 203(b)(8 U.S.C. 1153(b)) is amended—
by redesignating paragraph (6) as paragraph (7); and
by inserting after paragraph (5) the following:
INVEST IMMIGRANTS.—
DEFINITIONS.—In this paragraph, section 101(a)(15)(X), and section 214(s):
QUALIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION.—The term qualified community development financial institution is defined as provided under section 1805.201 45D(c) of title 12, Code of Federal Regulations, or any similar successor regulations.
QUALIFIED ENTREPRENEUR.— The term qualified entrepreneur means an individual who—
has a significant ownership interest, which need not constitute a majority interest, in a United States business entity;
is employed in a senior executive position of such United States business entity;
submits a business plan to U.S. Citizenship and Immigration Services; and
had a substantial role in the founding or early-stage growth and development of such United States business entity.
QUALIFIED GOVERNMENT ENTITY.—The term qualified government entity means an agency or instrumentality of the United States or of a State, local, or tribal government.
QUALIFIED INVESTMENT.—The term qualified investment—
means an investment in a qualified entrepreneur’s United States business entity that is—
a purchase from the United States business entity or equity or convertible debt issued by such entity;
a secured loan;
a convertible debt note;
a public securities offering;
a research and development award from a qualified government entity to the United States entity;
other investment determined appropriate by the Secretary; or
a combination of the investments described in items (aa) through (ff); and
may not include an investment from such qualified entrepreneur, the parents, spouse, son or daughter of such qualified entrepreneur, or from any corporation, company, association, firm, partnership, society, or joint stock company over which such qualified entrepreneur has a substantial ownership interest.
QUALIFIED JOB.—The term qualified job means a full-time position of United States business entity owned by a qualified entrepreneur that—
QUALIFIED STARTUP ACCELERATOR.—The term qualified startup accelerator means a corporation, company, association, firm, partnership, society, or joint stock company that—
is organized under the laws of the United States or any State and conducts business in the United States;
in the ordinary course of business, provides a program of training, mentorship, and logistical support to assist entrepreneurs in growing their businesses;
is managed by individuals, the majority of whom are citizens of the United States or aliens lawfully admitted for permanent residence;
aa. regularly acquires an equity interest in companies that participate in its programs, where the majority of the capital so invested is committed from individuals who are United States citizens or aliens lawfully admitted for permanent residence, or from entities organized under the laws of the United States or any State; or
is an entity that has received not less than $250,000 in funding from a qualified government entity or entities during the previous 5 years and regularly makes grants to companies that participate in its programs (in which case, such grant shall be treated as a qualified investment for purposes of clause (iv));
during the previous 5 years, has acquired an equity interest in, or, in the case of an entity described in subclause (IV)(bb), regularly made grants to, not fewer than 10 United States business entities that have participated in its programs and that have—
each secured at least $100,000 in initial investments; or
during any 2-year period following the date of such acquisition, generated not less than $500,000 in aggregate annual revenue within the United States;
has its primary location in the United States; and
satisfies such other criteria as may be established by the Secretary.
QUALIFIED SUPER ANGEL INVESTOR.—The term qualified super angel investor means an individual or organized group of individuals investing directly or through a legal entity—
each of whom is an accredited investor, as defined in section 230.501(a) of title 17, Code of Federal Regulations, or any similar successor regulation, investing the funds owned by such individual or organized group in a qualified entrepreneur’s United States business entity;
aa. if an individual, is a citizen of the United States or an alien lawfully admitted for permanent residence; or
if an organized group or legal entity, a majority of the individuals investing through such group or entity are citizens of the United States or aliens lawfully admitted for permanent residence; and
each of whom in the previous 3 years has made qualified investments in a total amount determined to be appropriate by the Secretary, that is not less than $50,000, in United States business entities which are less than 5 years old.
QUALIFIED VENTURE CAPITALIST.—The term qualified venture capitalist means an entity—
that—
is a venture capital operating company, as defined in section 2510.3–101(d) of title 29, Code of Federal Regulations (or any successor to such regulation); or
has management rights, as defined in, and to the extent required by, such section 2510.3–101 (d) (or successor regulation), in its portfolio companies;
that has capital commitments of not less than $10,000,000; and
the investment adviser, that is registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b–2), for which—
has its primary office location in the United States;
is owned, directly or indirectly, by individuals, the majority of whom are citizens of the United States or aliens lawfully admitted for permanent residence in the United States;
has been advising such entity or other similar funds or entities for at least 2 years; and
has advised such entity or a similar fund or entity, with respect to at least 2 investments of not less than $500,000 made by such entity or similar fund or entity during each of the most recent 2 years.
SECRETARY.—Except as otherwise specifically provided, the term Secretary means the Secretary of Homeland Security.
SENIOR EXECUTIVE POSITION.— The term senior executive position includes the position of chief executive officer, chief technology officer, and chief operating officer.
UNITED STATES BUSINESS ENTITY.—The term United States business entity means any corporation, company, association, firm, partnership, society, or joint stock company that is organized under the laws of the United States or any State and that conducts business in the United States that is not—
a private fund, as defined in 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2);
a commodity pool, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a);
an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a–3); or
an issuer that would be an investment company but for an exemption provided in—
section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a–3(c); or
section 270.3a-7 of title 17 of the Code of Federal Regulations or any similar successor regulation.
IN GENERAL.—Visas shall be available, in a number not to exceed 10,000 for each fiscal year, to qualified immigrants seeking to enter the United States for the purpose of creating new businesses, as described in this paragraph.
ELIGIBILITY.—An alien is eligible for a visa under this paragraph if—
I. the alien is a qualified entrepreneur;
the alien maintained valid nonimmigrant status in the United States for at least 2 years;
during the 3-year period ending on the date the alien files an initial petition for such status under this section—
AA. the alien has a significant ownership in a United States business entity that has created no fewer than 5 qualified jobs; and
a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution [Whitehouse1]qualified startup accelerator, or such other entity or type of investors, as determined by the Secretary, [Whitehouse1] or any combination of such entities or investors, has devoted a qualified investment or combination of qualified investments of not less than $500,000 in total to the alien’s United States business entity; or
AA. the alien has a significant ownership interest in a United States business entity that has created no fewer than 5 qualified jobs; and
during the 2-year period ending on such date has generated not less than $750,000 in annual revenue within the United States; and
no more than 2 other aliens have received nonimmigrant status under this section on the basis of an alien’s ownership of such United States business entity;
I. the alien is a qualified entrepreneur;
the alien maintained valid nonimmigrant status in the United States for at least 3 years prior to the date of filing an application for such status;
the alien holds an advanced degree in a field of science, technology, engineering, or mathematics, approved by the Secretary; and
during the 3-year period ending on the date the alien files an initial petition for such status under this section—
AA. the alien has a significant ownership interest in a United States business entity that has created no fewer than 4 qualified jobs; and
a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution [Whitehouse1]qualified startup accelerator, or such other entity or type of investors, as determined by the Secretary, [Whitehouse1]or any combination of such entities or investors, has devoted a qualified investment or combination of qualified investments of not less than $500,000 in total to the alien’s United States business entity; or
AA. the alien has a significant ownership interest in a United States business entity that has created no fewer than 3 qualified jobs; and
during the 2-year period ending on such date has generated not less than $500,000 in annual revenue within the United States; and
no more than 3 other aliens have received nonimmigrant status under this section on the basis of an alien’s ownership of such United States business entity.
ATTESTATION.—The Secretary may require an alien seeking visa under this paragraph to attest, under penalties of perjury, to the alien’s qualifications.