The biggest criticism of the US government's H1-B visa program is that it takes high-tech jobs away from deserving US citizens. A new visa proposal could actually have the opposite effect: It may create jobs in the US.
A so-called "entrepreneur's visa" would allow foreign citizens who start new businesses and create jobs in the US to stay in the country, according to The Wall Street Journal. The entrepreneur provision is part of a larger visa proposal that would make it easier for foreign students to remain in the US after they finish their studies, the WSJ says. The students must have a specific skill set: They must hold post-graduate degrees in math, science, or engineering.
US visa programs and its university system have come under increasing fire in the past decade. Critics charge that specialty visas displace US workers; and that universities educate foreign students who take their skills back home after their education is done. The new proposal appears to address both issues by encouraging job creation and by retaining talent.
The H1-B visa program, which allows companies to hire highly skilled foreign workers in the US, has long been a cornerstone of the tech industry. As fewer and fewer US college students graduate with engineering degrees, tech companies say they have to look outside the US for qualified employees. The H1-B program allows individuals with highly specialized skill sets to work in the US in three-year increments, which can be renewed. (See: 2013 H1-B Visa Cap Remains the Same.)
Opponents of H1-B visas say the program has been exploited to bring in workers who are paid less than their US counterparts. This has been a particularly touchy subject in the last few years as US unemployment rates have increased and fair immigration policies are being debated in a presidential election year. (See: H1-B Critics Outline Program Flaws.)
The WSJ reports that the new bill already has bipartisan support. Additionally:
The bill would also create a targeted tax credit to encourage startup firms to invest in research and development. It would allow investors who cash in investments made in start up businesses to avoid capital gains tax as long as they had held the investment for at least five years. This last provision was included in a small business bill signed into law last year.
It would require the administration carry out a cost benefit analysis of any new regulation that has an economic impact of greater than $100 million.
The bill’s backers are hoping that by combining popular immigration provisions with tax and regulatory measures they can convince Senate leaders to bring the legislation to the floor, and avoid a wide ranging debate on immigration policy that would be almost certain to doom the bill in an election year.
I wish those who are really interested in the "entrepreneur visa" could be able to realize their dream and not regret anything in the end.
It depends on individuals. Government has its plans and US market climate is better to other developed nations, perhaps the best. I dont really envisage potential enterpreneurs regretting it.
I was just reading about bad the Debt situation is in Spain,Japan and the UK today.
Do watch it HERE
http://www.youtube.com/watch?v=cfPJu-CeNks
In a rational world where Countries had to compete for Capital with the Private Sector today;these Debt Burdens are clearly unsustainable.
Still How much do UK or Japanese Bonds Yield today?
Less than 3% Annually.
Why is that?
Because they have access to the Printing Press.
I don't disagree that most Markets Globally are in Bubble Mode.But if you were wondering which Bubble would prick first;then its Gonna be Japan,the UK and the US(in that order). Europe is just ahead of this Queue here.
Why restrict ourselves to just Bond markets ,I was recently reviewing Property Prices Globally and I was most Amazed by how expensive Property is in the UK,Switzerland,Australia,Canada,Singapore ,Hong Kong,China,Brazil and India today.
Take just one example;In India it takes 40-50 Years today for an Average Working Class Person to buy a Home in the Three Biggest Property Markets in India(None of the Buildings will last even 30 years...)!!!
@tech4people: thanks for sharing your thoughts; anyway if we consider what happened once Facebook have started its stock adventure, it seems US still facing bubble issues, am I missing something? - rgds.
I the various supporting policies in place, or soon to be implemented to surport the idea behind the H1-B visa will determine what class of businesses it atracts.
Getting foreign investors in is one thing, encouraging young start ups by foreigners is another thing all together.
@Cryptoman, you're right that job creation is an issue in this current economic climate. And I agree, the US government will need to do more to entice foreign business investors. I think the H1 - B Visa programme is a good move, but like you said, it needs to be backed by tax incentives of some sort.
@FlyingScot, In addition, the move is not only to create jobs but to stimulate the US economic growth. . Will other country follow suit? I'm curious to know, which other country would you like to see follow this move?
Another question is whether all the startups would be treated the same by the government and get the incentives that are offered to national startups? It may be so on paper, but what would it be in reality? I wish those who are really interested in the "entrepreneur visa" could be able to realize their dream and not regret anything in the end.
"Capital and the Best Brains go where they are well cared for"
Asish you are right and its quiet natural. In order to attract the best brain and capital investments, the government's has to do the needful. We know the Red tapisom / Bureaucracy are the major problems with investments and industrialization. Eventhough government announces many schemes for FDI and other investments, this category of peoples make it cumbersome.
HH, along with that another important point is whether the local governments are capable to create necessary infrastructure and manpower for startup companies. Most of the startup companies may need angel/VC funds, tax payment holidays or some extra benefits from the local authorities.
In America we have two major impediments to Business Growth One is Obamacare and the other is excessive Bueracracy/Paperwork. Revoking both these measures will go a long way to ensuring Massive Business growth in America.
"
Capital and the Best Brains go where they are well cared for.Right now the US is somewhere in the Middle on both these measures.If America wants to go straight to the top;then we need to Simplify,Simplify and Simplify.
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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