Sec. 101. Entrepreneurs who establish businesses and create jobs in the United States

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Section 203(b) of the Immigration and Nationality Act ( 8 U.S.C. 1153(b) ) is amended— by redesignating paragraph

(6)as paragraph (8); and by inserting after paragraph

(5)the following: Visas shall be made available, notwithstanding subsection (a)(2) or

(d)of section 201 or the matter preceding paragraph

(1)of this subsection, to qualified immigrants who are described in subparagraph

(B)or (C). An alien is described in this subparagraph if the alien intends to found and actively engage in the management or operations of a new commercial enterprise (which may include any entity formed for the purpose of doing for-profit business) in the United States— with respect to which the alien has completed an investment agreement requiring an investment in the enterprise in an amount not less than— $500,000 on the part of— a qualified venture capital fund whose investment adviser is a qualified venture capital entity; 1 or more angel investors (of which at least 1 such investor is a qualified super angel investor providing $100,000 of the required investment); or a qualified business entity; or $100,000 through a qualified seed accelerator; and which will benefit the United States economy, and, for purposes of this clause a commercial enterprise shall only be considered to benefit the United States economy if, during the 2-year period beginning on the date on which the alien obtains status pursuant to a visa issued under this paragraph, it will— create permanent full-time employment for at least 5 United States workers; raise not less than an additional $2,000,000 in capital investment; generate not less than $1,000,000 in revenue; or create permanent full-time employment for at least 3 United States workers who are each paid an annual salary in an amount of not less than $100,000. An alien is described in this subparagraph if— the alien has founded and is actively engaging in the management and operations of a new commercial enterprise (which may include any entity formed for the purpose of doing for-profit business) in the United States; the enterprise has created permanent full-time employment for at least 3 United States workers; and by not later than the end of the 2-year period beginning on the date on which the alien obtains status pursuant to a visa issued under this paragraph the enterprise will create permanent full-time employment for a total of— at least 10 United States workers (which total may include the employment described in clause (ii)); or at least 7 United States workers (which may include the employment described in clause (ii)) who are each paid an annual salary in an amount not less than $100,000. Effective for the third fiscal year that begins more than 6 months after the date of the enactment of this paragraph, and every third fiscal year thereafter, the monetary amounts described in subparagraphs

(B)and

(C)shall be increased by the percentage (if any) by which the Consumer Price Index for the month of June preceding the date on which such increase takes effect exceeds the Consumer Price Index for the same month of the calendar year 3 years prior. An increase described in the preceding sentence shall apply to aliens filing petitions under section 204(a)(1)(H) on or after the date on which the increase takes effect. For purposes of this clause, the term Consumer Price Index means the Consumer Price Index for all urban consumers published by the Department of Labor. For purposes of this paragraph: The term permanent full-time employment means employment in a position that requires at least 35 hours of service per week at any time, regardless of who fills the position, and which is expected to last for at least two years. Such employment may be satisfied on a full-time equivalent basis by calculating the number of full-time employees who could have been employed if the reported number of hours worked by part-time employees had been worked by full-time employees. Full-time equivalent employment shall be calculated by dividing the part-time hours paid by the standard number of hours for full-time employees. The term investment does not include investing any assets acquired, directly or indirectly, by unlawful means. The term investment adviser has the meaning given such term under section 202(a)(11) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(11) ). The term qualified business entity means, with respect to a qualified immigrant, an entity that— has been operating for a period beginning on a date that is not less than 2 years before the date of the petition for classification under this paragraph; employs not fewer than 10 United States workers in the United States; and has employed the alien for not less than 1 year on the date of the petition for classification under this paragraph. The term qualified seed accelerator means, with respect to a qualified immigrant, an entity that— is based in the United States; has a majority of ownership and control that is held by individuals who are United States citizens or aliens lawfully admitted to the United States for permanent residence; has been operating for a period of at least 2 years before the date of the petition for classification under this paragraph; and before the date of the petition for classification under this paragraph, has made at least— 5 seed investments in startup businesses that are each valued at not less than $100,000,000; or 20 seed investments in startup businesses that are together valued at not less than $150,000,000. The term qualified super angel investor means, with respect to a qualified immigrant, an individual who— is an accredited investor (as defined in section 230.501(a) of title 17, Code of Federal Regulations (as in effect on April 1, 2010)); is a United States citizen or an alien lawfully admitted to the United States for permanent residence; and has made at least— 2 equity investments of not less than $50,000 in each of the 3 years before the date of the petition for classification under this paragraph; or 15 equity investments with a total investment of not less than $250,000 during the 3-year period preceding the date of the petition for classification under this paragraph. The term qualified venture capital entity means, with respect to a qualified immigrant, an entity that— serves as an investment adviser to a venture capital fund that is making an investment under this paragraph; has its primary office location or principal place of business in the United States; has a majority of ownership and control that is held by individuals who are United States citizens or aliens lawfully admitted to the United States for permanent residence; has been advising one or more venture capital funds for a period of at least 2 years before the date of the petition for classification under this paragraph; and advises one or more venture capital funds that have made at least— 2 investments of not less than $500,000 in each of the 2 years before the date of the petition for classification under this paragraph; or 15 investments with a total investment of not less than $3,000,000 during the 3-year period preceding the date of the petition for classification under this paragraph. The term venture capital fund means an entity— that is classified as a venture capital operating company under section 2510.3–101(d) of title 29, Code of Federal Regulations (as in effect on January 1, 2015), or has management rights in its portfolio companies to the extent required by such section if the venture capital fund were classified as a venture capital operating company; has capital commitments of not less than $10,000,000; and in which the majority of ownership and control of the general partner or managing members is held by individuals who are United States citizens or aliens lawfully admitted to the United States for permanent residence. The term seed investment means an investment in which a seed accelerator makes an investment into a startup business that is valued at less than $10 million at the time of the investment in exchange for at least 4 percent of the equity in the startup businesses. The term United States worker means an employee (other than the immigrant or the immigrant’s spouse, son, or daughter) who is— a citizen or national of the United States; or an alien who is lawfully admitted for permanent residence, is admitted as a refugee under section 207, is granted asylum under section 208, or is an immigrant otherwise authorized to be employed in the United States. The Secretary of Homeland Security may delegate to the Secretary of Commerce authority and responsibility for determinations under sections 203(b)(6) and 216A (with respect to an alien entrepreneur who obtains status under section 203(b)(6)) of the Immigration and Nationality Act ( 8 U.S.C. 1153(b)(6) and 1186b), including determining whether an alien has met employment creation requirements. The Secretary of Homeland Security and the Secretary of Commerce may each adopt such rules and regulations as are necessary to carry out the delegation authorized under clause (i), including regulations governing the eligibility criteria for obtaining benefits pursuant to this paragraph. Adjudication fees described in section 286(m) of the Immigration and Nationality Act ( 8 U.S.C. 1356(m) ) shall remain available until expended to reimburse the Secretary of Commerce for the costs of any determinations made by the Secretary of Commerce under clause (i). Visas shall be made available, notwithstanding subsection (a)(2) or

(d)of section 201 or the matter preceding paragraph

(1)of this subsection, to qualified immigrants who have been issued a visa or otherwise provided nonimmigrant status under section 101(a)(15)(E)(ii) (not including alien employees of the treaty investor), maintained that status for a minimum of 10 years, and created full-time employment for at least 5 United States workers for a minimum of 10 years. . Section 204(a)(1)(H) of the Immigration and Nationality Act ( 8 U.S.C. 1154(a)(1)(H) ) is amended by striking section 203(b)(5) and inserting paragraph (5), (6), or

(7)of section 203(b) . Section 216A of the Immigration and Nationality Act ( 8 U.S.C. 1186b ) is amended— by striking Attorney General each place such term appears and inserting Secretary of Homeland Security ; in subsection (b)(1)— in subparagraph (A), by striking investment and inserting investment or engagement ; by amending subparagraph

(B)to read as follows: the requisite investment or engagement was not made; or ; and in subparagraph (C), by striking section 203(b)(5) and inserting paragraph

(5)or

(6)of section 203(b), as applicable ; in subsection (d)(1)— in the matter preceding subparagraph (A), by striking the alien ; by amending subparagraph

(A)to read as follows: the requisite investment or engagement was made; and ; and in subparagraph (B), by striking section 203(b)(5) and inserting paragraph

(5)or

(6)of section 203(b), as applicable ; and in subsection (f)— in paragraph (1), by striking section 203(b)(5) and inserting paragraph

(5)or

(6)of section 203(b) ; and in paragraph (3), by striking a limited partnership and inserting any entity formed for the purpose of doing for-profit business . Section 201(b)(1) of the Immigration and Nationality Act ( 8 U.S.C. 1151(b)(1) ), is amended by adding at the end the following: Aliens described in paragraph

(6)or

(7)of section 203(b). .

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