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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: 1, Interesting) by Anonymous Coward on Sunday August 28 2016, @02:30PM
You don't make laws like this, unless they hugely benefit some class of lobbiest, or rather, those lobbiests' customers.
You are right. You don't make laws like this without benefiting lobbyists. That's why congress couldn't make this law. It is an executive order - from the president who no longer needs money from donors in order to get re-elected.
Maybe, if an individual invests and works in a company that is starting in SV,
RTFA, that's exactly what this is about.
retain 50.1% ownership and distribute the rest to the Indian programmers in place of salaries?
Since each person must have at least 15% ownership, that's just 3 people. Hardly a wave of unchecked immigration.