AUSIB hails Secretary Napolitano, USCIS’ initiatives of attracting foreign entrepreneurs, promoting start-ups .
August 5, Washington, D.C.: The Alliance for US India Business (AUSIB) lauds Secretary of Homeland Security Janet Napolitano and US Citizenship and Immigration Services (USCIS)’ announcement of new policies, and operational & outreach activities to revive the US economy. AUSIB also welcomes the proposal for attracting foreign entrepreneurs to stimulate investments and spur job creation. AUSIB firmly believes that these moves would encourage the best of talents from around the world and help grow the nation’s economy.
President of AUSIB Mr. Sanjay Puri, while commenting on the outlined series of new policies and efforts, said, “Inviting foreign entrepreneurs, who could invest in high employment areas, promoting start-up enterprises will help optimize the potential of existing immigration laws.” He further added, “There are many second, third and fourth generation Indian-American entrepreneurs who could definitely use these policies to expand their business and motivate others to set up new ventures.”
Survey of Business Owners (2007) report, released by the US Census Bureau, shows that there are around 308,514 Asian Indian-owned businesses in the US with the employee strength of 850,191 and revenue of $152 billion. The receipts of Asian Indian-owned firms are larger than the state GDP of about 21 states in the US. The new policies are expected to pave ways for more foreign nationals to do business with the US.
USCIS clarified that entrepreneurs may obtain an employment-based second preference immigrant visa (EB-2) and may qualify for a National Interest Waiver; H-1B beneficiary – the sole owner of the petitioning company – could qualify for H-1B nonimmigrant visa by establishing valid employer-employee relationship. The EB-5 immigrant investor program is being modified and estimated to create $1.5 billion in capital investments and 34,000 jobs.
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