Unlike the system of using H1B visas as the first step in outsourcing jobs over-seas, the white house is planning to allow immigrants who work at a funded startup where they have at least a 15% ownership stake to stay in the US for up to 5 years.
http://www.recode.net/2016/8/26/12652892/white-house-startup-visa
Already speaking out in favor of the new rules is PayPal co-founder Max Levchin, who moved to the U.S. from the Soviet Union in 1991.
"I believe that the most promising entrepreneurs from around the world should have the same opportunity I had — the chance to deliver on their potential, here in America," Levchin said in an email released by the White House.
To be eligible to work in the U.S. under the new rule, the foreigner would have to own at least 15 percent of a U.S.-based startup, have a central role in its operations and have "potential for rapid business growth and job creation."
(Score: 0) by Anonymous Coward on Sunday August 28 2016, @04:28AM
Won't work as stated.
Dig a bit, you'll see that you need some pretty substantial capital for each one. This would be one hell of an expensive way of importing rack monkeys and cable squirrels.
(Score: 0) by Anonymous Coward on Sunday August 28 2016, @04:51AM
Start with 1 million dollars. 'loan' it to someone else who pays 0% interest. Then loan it again... Poof 2 companies with 2 million in 'capital' on paper...
(Score: 0) by Anonymous Coward on Sunday August 28 2016, @08:37AM
Ready to start. Can haz million dollars?
(Score: 1) by khallow on Sunday August 28 2016, @10:49AM
(Score: 0) by Anonymous Coward on Sunday August 28 2016, @03:37PM
> I think this is the loophole.
Nope. RTFS. Each one must "have a central role in its operations."
This sort of "pass-through" would never pass even a cursory examination.
(Score: 1) by khallow on Sunday August 28 2016, @04:31PM
Each one must "have a central role in its operations."
Still not seeing what the difficulty is supposed to be. Of course, there's going to be some hoops to jump through for appearances.
This sort of "pass-through" would never pass even a cursory examination.
I think we can look to the H1-B program to get an idea of just how cursory the examination will be.
(Score: 0) by Anonymous Coward on Sunday August 28 2016, @02:34PM
Start with 1 million dollars. 'loan' it to someone else who pays 0% interest. Then loan it again... Poof 2 companies with 2 million in 'capital' on paper...
Yeah, they would never think to verify the paperwork. INS, checking papers? That never happens.