The LIKE (Let Immigrants Kickstart Employment) bill introduced to Congress as a new category of visas for migrant entrepreneurs. This project can be an alternative to the EB-5 visa.
The idea behind the bill is to encourage the creation of new companies in the United States to create new jobs and stimulate economic growth.
If LIKE is accepted, a new Category W visa will be created, which will allow migrant entrepreneurs to stay in the United States for three years.
The conditions for participation in the program are following: applicants must have at least 10% ownership interest in a start-up entity that has received US$ 250,000 from qualified investors from the United States or US$ 100,000 in the form of government awards or grants. As for the minimum investment amount for applicants, it has not been established.
Compared to the current EB-5 program, LIKE has more advantages. For example, the benefits are in the minimum investment amount. For the EB-5 program, this is US$ 1 million, and for an investment in a Targeted Employment Area (TEA), this amount is US$ 500,000.
With a W visa, applicants can temporarily work in the United States, seek permanent residence, and the number of green cards will not be limited.
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Source: eb5investors
