This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process. Opinions expressed by Contractor the contributors are theirs.
Since May 2021, the Joe biden the administration relaunched a “visa” program for international entrepreneurs, which had been envisaged since Barack obama administration, but was cut short during the Donald trump .
the International Entrepreneur’s Rule was proposed by Obama three days before leaving office with the aim of granting asylum to international entrepreneurs in the United States for five years as long as they attract at least $ 250,000 in venture capital and employ at least 10 people. Biden framed his resurrection in a speech that revolves around the development of startups and the economic reactivation of the United States after the crisis caused by COVID-19.
Technically, it’s not a visa; rather, it is a kind of “probation” subject to a series of requirements. However, this initiative represents an opportunity for Mexican startups to reach the American market and compete with other companies.
“What is interesting about this category is that its benefit is palpable in both directions: on the one hand, it contributes to the value chains of a globalized market; on the other hand, it means a huge boost in strengthening entrepreneurs around the world, especially in developing countries, ”said Víctor Aguirre López, founding partner of BlackBox Startup Law, specializing in advising international startups operating in Mexico.
What benefits can it bring to Mexican companies?
According to an “autopsy” performed by CBInsights on 111 failed startups, around 35% of them failed due to lack of demand for their services and around 20% disappeared due to their lack of ability to compete in the market. .
The program aims to function as a solid foundation for new entrepreneurs to consolidate their businesses, under adequate regulation and close to flourishing ecosystems with high growth potential: nearly 50% of startups worldwide are based in the United States. United.
“These are environments in which these companies can really mature and thrive. As startups are close to the hubs of their industries, they gain access to knowledge and technologies that they might not otherwise be able to. It is in these exchanges that entrepreneurs find the necessary tools to perfect their products and services, ”explains the founding partner of BlackBox Startup Law.
How to get the visa?
The eligibility criteria are not necessarily lax. To benefit from this “visa”, applicants must meet at least three aspects:
- Have a central and active role in a startup created over the past five years.
- Hold at least 10% of the shares of a startup.
- Show that in the 18 months preceding the request, it has been achieved:
- An investment of at least $ 250,000 from one or more qualified US investors or
- Government awards or scholarships in the amount of $ 100,000.