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posted by janrinok on Sunday August 28 2016, @02:03AM   Printer-friendly
from the come-one-come-all dept.

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."


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  • (Score: 0) by Anonymous Coward on Sunday August 28 2016, @04:28AM

    by Anonymous Coward on Sunday August 28 2016, @04:28AM (#394096)

    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

    by Anonymous Coward on Sunday August 28 2016, @04:51AM (#394102)

    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

      by Anonymous Coward on Sunday August 28 2016, @08:37AM (#394139)

      Ready to start. Can haz million dollars?

    • (Score: 1) by khallow on Sunday August 28 2016, @10:49AM

      by khallow (3766) Subscriber Badge on Sunday August 28 2016, @10:49AM (#394160) Journal
      I think this is the loophole. Combine that with a processing fee of say, oh, $20k per entrepreneur, and I think you can generate a decent return on investment, even if all you do is move the people to the US and nothing else.
      • (Score: 0) by Anonymous Coward on Sunday August 28 2016, @03:37PM

        by Anonymous Coward on Sunday August 28 2016, @03:37PM (#394231)

        > 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

          by khallow (3766) Subscriber Badge on Sunday August 28 2016, @04:31PM (#394248) Journal

          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

      by Anonymous Coward on Sunday August 28 2016, @02:34PM (#394211)

      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.