The Let Immigrants Kickstart Employment Act encourages the establishment of start-up companies in America
WASHINGTON, DC (TIP): U.S. Congresswoman Zoe Lofgren (CA-19), Chair of the House Subcommittee on Immigration and Citizenship, on July 26, introduced H.R. 4681, the Let Immigrants Kickstart Employment (LIKE) Act, a bill that encourages immigrant innovators to establish and develop their venture capital-backed start-up companies in the United States to spur economic growth, create jobs for American workers, and enhance our competitive advantage on the world stage. Start-up companies create an average of 3 million net new jobs per year, more than four times as many jobs as mature companies. Despite widespread evidence that high-skilled immigrants are fueling the next generation of high growth companies, our current immigration laws don’t provide a viable visa option for such individuals to start a new venture. The LIKE Act creates a new temporary visa for founders of start-up entities, as well as the opportunity for lawful permanent residence if the start-up entity meets certain growth-related benchmarks that demonstrate the founder has a proven track record of success in business development.
“For the world’s best and brightest innovators seeking a home for their companies, America used to be the top destination. Sadly, that has changed. Today, the technology sector in Canada is growing at a faster pace than it is in America, and it is almost entirely because of restrictive U.S. immigration policies that do not benefit our economic interests. Congress can change that. We can make the United States more prosperous by-passing bills like the LIKE Act that stimulate the economy, curb brain drain, create jobs for American workers, and restore our country’s standing as the number one choice for the next-generation of entrepreneurs worldwide,” said Chair Lofgren.
