What’s an efficient way to create more jobs in the United States? Give startup visas to those living outside the country.
According to the Phoenix Business Journal, 1.6 million jobs could be created by granting visas to foreign business owners over the next 10 years.
The process would be in conjunction with the Startup Act 3.0, which would grant visas to 75,000 foreigners who already are in the U.S. on H-1B visas or F-1 student visas.
If these individuals hire at least two full-time employees (family members don’t count) and invest or raise at least $100,000 for their business in the first year, their visas would be extended for three years. After three years, if these entrepreneurs have hired, on average, one additional employee per year, they may apply for a green card, giving them permanent resident status in the U.S.
Phoenix Business Journal noted that Arizona offers more startup visas than any other state, which could mean a massive increase in job opportunities for Arizonans in the coming years.