,,ii #aacth ,,congress #ast ,session ,s4 #ahi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #cj1 #bjac ,mr4 ,udall of ,colorado 7for himself1 ,mr4 ,flake1 ,mrs4 ,gillibrand1 and ,mr4 ,warner7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to establish an employment-based immigrant visa for alien entrepreneurs who have received significant capital from investors to establish a business in the ,united ,states4 #a4 ,short title ,this ,act may be cited as the ,start,up ,visa ,act of #bjac4 #b4 ,start,up ,visas 7a7 ,in general ,section #bjc7;b7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #bjc7;b77 is amended-- 7#a7 by redesignating paragraph 7#f7 as paragraph 7#g72 and 7#b7 by inserting after paragraph 7#e7 the following3 7#f7 ,sponsored entrepreneurs 7,a7 ,in general ,start,up visas shall be made available1 from the number of visas allocated under paragraph 7#e71 to qualified immigrant entrepreneurs-- 7i7 7,i7 who have proven that a qualified venture capitalist1 a qualified super angel investor1 or a qualified government entity1 as determined by the ,secretary of ,homeland ,security1 has invested not less than #ajj1jjj on behalf of each such entrepreneur2 and 7,,ii7 whose commercial activities will1 during the #b-year period beginning on the date on which the visa is issued under this subparagraph-- 7aa7 create not fewer than #e new full-time jobs in the ,united ,states employing people other than the immigrant's spouse1 sons1 or daughters2 7bb7 raise not less than #ejj1jjj in capital investment in furtherance of a commercial entity based in the ,united ,states2 or 7cc7 generate not less than #ejj1jjj in revenue2 7ii7 7,i7 who-- 7aa7 hold an unexpired ,h#a-;,b visa2 or 7bb7 have completed a graduate level degree in science1 technology1 engineering1 math1 computer science1 or other relevant academic discipline from an accredited ,united ,states college1 university1 or other institution of higher education2 7,,ii7 who demonstrate-- 7aa7 annual income of not less than #bej percent of the ,federal poverty level2 or 7bb7 the possession of assets equivalent to not less than #b years of income at #bej percent of the ,federal poverty level2 and 7,,iii7 who have proven that a qualified venture capitalist1 a qualified super angel investor1 or a qualified government entity1 as determined by the ,secretary of ,homeland ,security1 has invested not less than #bj1jjj on behalf of each such entrepreneur2 or 7iii7 who have a controlling interest in a foreign company-- 7,i7 that has generated1 during the most recent #ab-month period1 not less than #ajj1jjj in revenue from sales in the ,united ,states2 and 7,,ii7 whose commercial activities1 during the #b-year period beginning on the date on which the visa is issued under this subparagraph1 will-- 7aa7 create not fewer than #c new full-time jobs in the ,united ,states that employ people other than the immigrant's spouse1 sons1 or daughters2 7bb7 raise not less than #ajj1jjj in capital investment in furtherance of a commercial entity based in the ,united ,states2 or 7cc7 generate not less than #ajj1jjj in revenue4 7,b7 ,revocation ,if the ,secretary of ,homeland ,security determines that the commercial activities of an alien who received a ,start,up visa pursuant to subparagraph 7,a77i77,,ii7 fail to meet the requirements under such subparagraph1 the ,secretary shall1 not later than #a year after the end of the applicable #b-year period described in such subparagraph-- 7i7 revoke such visa2 and 7ii7 notify the alien that he or she-- 7,i7 may voluntarily depart from the ,united ,states in accordance to section #bdj;,b2 or 7,,ii7 will be subject to removal proceedings under section #bdj if the alien does not depart from the ,united ,states not later than #f months after receiving such notification4 7,c7 ,definitions ,in this paragraph3 7i7 ,qualified super angel investor ,the term qualified super angel investor means an individual who-- 7,i7 is an accredited investor 7as defined in section #bcj4eja7;a7 of title #ag1 ,code of ,federal ,regulations72 7,,ii7 is a ,united ,states citizen2 and 7,,iii7 has made at least #b equity investments of not less than #ej1jjj in each of the previous #c years4 7ii7 ,qualified venture capitalist ,the term qualified venture capitalist means an entity that-- 7,i7 is classified as a venture capital operating company under section #beaj4c-aja7;d7 of title #bi1 ,code of ,federal ,regulations2 7,,ii7 is based in the ,united ,states2 7,,iii7 is comprised of partners1 the majority of whom are ,united ,states citizens2 7,,iv7 has capital commitments of not less than #aj1jjj1jjj2 7,v7 has been operating for at least #b years2 and 7,,vi7 has made at least #b investments of not less than #ejj1jjj during each of the most recent #b years4 4 7b7 ,conditional permanent resident status ,section #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7 is amended-- 7#a7 by striking ,attorney ,general each place such term appears and inserting ,secretary of ,homeland ,security2 7#b7 in subsection 7a7-- 7,a7 in paragraph 7#a7-- 7i7 by striking 7as defined in subsection 7f77#a77 and inserting 1 sponsored entrepreneur2 and 7ii7 by striking 7as defined in subsection 7f77#b77 shall and inserting shall each2 and 7,b7 in paragraph 7#b77;,a71 by inserting sponsored entrepreneur1 after alien entrepreneur12 7#c7 in subsection 7b71 by adding at the end the following3 7#c7 ,sponsored entrepreneurs ,the ,secretary of ,homeland ,security shall terminate the permanent resident status of a sponsored entrepreneur and the alien spouse and children of such entrepreneur if the ,secretary determines1 not later than #c years after the date on which such permanent resident status was conferred1 that-- 7,a7 the qualified venture capitalist or qualified super angel investor who sponsored the entrepreneur failed to meet the investment requirements under section #bjc7;b77#f77;,a77i72 or 7,b7 the entrepreneur failed to meet the job creation1 capital investment1 or revenue generation requirements under section #bjc7;b77#f77;,a77ii74 2 7#d7 in subsection 7c7-- 7,a7 in paragraph 7#a7-- 7i7 in the matter preceding subparagraph 7,a71 by inserting sponsored entrepreneur1 after alien entrepreneur12 and 7ii7 by striking alien entrepreneur must each place such term appears and inserting entrepreneur shall2 and 7,b7 in paragraph 7#c7-- 7i7 in subparagraph 7,a77ii71 by inserting or sponsored entrepreneur after alien entrepreneur2 and 7ii7 in subparagraph 7,c71 by inserting sponsored entrepreneur1 after alien entrepreneur2 7#e7 in subsection 7d77#a7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking alien and inserting alien entrepreneur or sponsored entrepreneur1 as applicable2 7,b7 in clause 7i71 by striking invested1 or is actively in the process of investing1 and inserting has invested1 is actively in the process of investing1 or has been sponsored by a qualified super angel investor or qualified venture capitalist who has invested12 and 7,c7 in clause 7ii71 by inserting or #bjc7;b77#f71 as applicable before the period at the end2 and 7#f7 in subsection 7f71 by adding at the end the following3 7#d7 ,the term sponsored entrepreneur means an alien who obtains the status of an alien lawfully admitted for permanent residence under section #bjc7;b77#f74 4 #c4 ,government ,accountability ,office study 7a7 ,in general ,not later than #b years after the date of the enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit a report to ,congress on the ,start,up ,visa ,program1 authorized under section #bjc7;b77#f7 of the ,immigration and ,nationality ,act1 as added by section #b4 7b7 ,contents ,the report described in subsection 7a7 shall include information regarding-- 7#a7 the number of immigrant entrepreneurs who have received a visa under the immigrant entrepreneurs program established under section #bjc7;b77#f7 of the ,immigration and ,nationality ,act1 listed by country of origin2 7#b7 the localities in which such immigrant entrepreneurs have initially settled2 7#c7 whether such immigrant entrepreneurs generally remain in the localities in which they initially settle2 7#d7 the types of commercial enterprises that such immigrant entrepreneurs have established2 and 7#e7 the types and number of jobs created by such immigrant entrepreneurs4