To make the lives of American entrepreneurs easier, the 'Start-up and Stay' initiative is a new project from the Biden administration. This scheme allows entrepreneurs to stay for five years, provided they secure an investment of Rs 2 crore. The business owner's spouse and the three initial hires are also permitted to remain.
Indian entrepreneurs must submit a comprehensive startup plan called the 'Statement of Pros', which highlights the creation of jobs and innovative services. After that, US investors can extend an invitation to these business owners by contributing Rs 2 crore to their projects. Furthermore, should an Indian businessperson obtain a direct grant of Rs 88 lakh from the U.S. for a five-year stay in addition to receiving government funding for their launch?
Through partnerships with Indian startups, the program aims to double employment opportunities within five years and boost employment locally. At present, in the U.S., despite the historically low unemployment rate of 4.0%, local business owners find it difficult to increase employment opportunities. About 97,00 Indians live in the United States., and it is anticipated that beginning in October this program will assist approximately 60000 Indians with a net worth of Rs 2 crore.
What is "Start-up and Stay scheme" of America?
The US is making it easier for business owners and entrepreneurs to extend their stay. You may be familiar with the Obama-era programme called the 'International Entrepreneur Rule' (IER). Under this programme, foreign entrepreneurs were initially allowed to stay in the US for two-and-a-half years. Now, according to the US Citizenship and Immigration Services (USCIS), they can remain for up to five years if their ventures meet specific criteria such as funding milestones and job creation.