A new bill called “The Startup Act” wasintroduced in the Senate last week to benefit immigrant entrepreneurs and thosein the STEM (Science, Technology, Engineering, and Mathematics) fields.  The Startup Act states that new companiescreate jobs in the US and that entrepreneurs must be free to work in the US andto hire employees to get the US back to work.
The Startup Act offers the following three keybenefits:
1.      ConditionalPermanent Residency for Those in STEM Fields.
Aliens holdinga master’s or doctoral degree in a STEM field from a US institution can applyfor Conditional Permanent Residence (CPR) for up to one year after their F-1studies conclude.  CPR is a temporarygreen card, valid for a limited period of time and contingent on the green cardholder completing certain required actions. At the end of the temporary green card validity period, the applicantmust have completed the required actions to obtain a permanent green card,valid for ten years.
To qualify forCPR under this part of the Startup Act, the applicant must be “diligentlysearching” for an opportunity to become gainfully employed in a STEM fieldoccupation.  The alien can be granted CPRfor up to five years and can remove the conditions and obtain a permanent greencard, or naturalize and become a US Citizen after the five year period,provided the applicant has been employed in a STEM occupation for the durationof the five year period.
2.      ConditionalPermanent Residency for Entrepreneurs.
The StartupAct provides that immigrant entrepreneurs can be granted CPR for up to fouryears.  The CPR holder is eligible toapply for a permanent green card if:
·        the alienholds F-1 or H-1B status
·        during thefirst year of the CPR, the alien
o  registers anew business in the US
o  the alien’sbusiness employs at least full-time employees who are not members of thealien’s family
o  the alieninvests or raises capital of $100,000
·        during theremaining three years of the CPR, the alien employs at least five full-timeemployees who are not members of the alien’s family
3.      Eliminationof Per Country Caps and Rollover of Unused Green Cards.
Finally, theStartup Act phases out the per country caps on green cards over a three yearperiod.  It also provides for therollover of unused green cards.