As part of the America Competes Act of 2022, a group of House leaders is proposing a new W nonimmigrant visa classification and to exempt individuals with Ph.D. degrees in STEM (science, technology, engineering, or mathematics) fields from annual green card caps.
The Bill creates a W-1 visa for foreign-born entrepreneurs and a limited number of W-2 visas for employees essential to the success of the startup entity if the startup serves as the basis for the W-1 status of an entrepreneur. The W-1 visa would be valid for an initial three-year period if:
The individual possesses an ownership interest of not less than 10% in a startup;
The individual will play a central and active role in the management or operations of the startup;
The individual possesses the knowledge, skills, or experience to substantially assist the startup with growth and success; and
During the 18-month period preceding the filing of the petition, the startup received:
At least $250,000 in qualifying investments from one or more qualified investors; or
At least $100,000 in qualifying government awards or grants.
The Bill allows for an extension of W-1 status for an additional three years if:
The individual possesses at least a 5% ownership stake, and will continue to play a central and active role in management or operations; and
The startup has received at least $500,000 in additional qualifying investments, created at least five qualifying jobs, or generated not less than $500,000...
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