H-1B Visa Program for Entrepreneurs
On February 18, 2016, the New York City Economic Development Corporation launched the International Innovators Initiative (IN2NYC) with City University of New York. This program helps international entrepreneurs obtain H-1B visas, allowing them to stay in the U.S. legally and grow their businesses.
The City University of New York (CUNY) is an integrated system of colleges, graduate schools, and research centers. It provides the city with graduates trained for positions in science, technology, mathematics, teaching, and nursing.
New York City Economic Development Corporation-NYCEDC is the City’s primary vehicle for promoting economic growth through expansion and redevelopment programs that encourages investments.
Eighty entrepreneurs are projected to obtain H-1B visas through this program with high prospects of job creation for New Yorkers.
The program is open to international entrepreneurs who have started businesses abroad and want to relocate or expand to NYC.
It also welcomes international students graduating from U.S. universities who founded businesses while on student visas. In addition, the International Innovators Initiative Program will partner selected entrepreneurs with one of the seven participating colleges. Furthermore, this collaboration aims to foster innovation and provide essential support for these entrepreneurs as they grow their businesses.
The participating colleges include:
- Baruch College.
- LaGuardia Community College.
- City College of New York.
- Medgar Evers College.
- Queens College.
- Lehman College and
- The College of Staten Island.
Eligible entrepreneurs will be required to build and establish their businesses in their participating colleges’ incubator and additionally be willing to support the participating partner college by actively contributing towards academic research, providing students with internship and mentoring, as well as employment opportunities.
The program is designed to retain international talent educated in the United States and attract talented entrepreneurs from abroad. Students and educators in participating colleges will benefit.
The program will also help New York City remain a magnet for global talent and, at the same time, enhance its ability to compete internationally.
Supporters of the program have applauded the program, alleging it will:
- Encourage entrepreneurship.
- Build and strengthen New York City’s international partnerships.
- Directly benefits CUNY students by training them on how to launch their own businesses.
- Create jobs, mentorship for students in the participating partner’s Colleges.
- Provides vital pathways to success for many future New Yorkers.
- Offer Immigrants an opportunity to invest in the community.
- Keep U.S.-trained talent within the U.S.
The current federal immigration system makes it difficult for many foreign-born entrepreneurs to start or grow businesses within the U.S. Many of these entrepreneurs are faced with the challenges of demonstrating eligibility for an H-1B visa which requires an employer employee relationship and provides a limited number of H-1B visas annually.
The new program IN2NYC specifically aims to create ways to bypass some of the H-1B challenges by allowing international entrepreneurs to form an independent board of directors, thus establishing an employer-employee relationship between the company and the entrepreneur. Consequently, the company can sponsor an H-1B petition on behalf of the entrepreneur.
Cap-Exempt H-1B Visa through College Partnerships
Partnering with the participating Colleges will create an affiliation with educational institutions for H-1B visa purpose.
These colleges are H-1B exempt, and as a result, applicants will not be subject to the H-1B cap or lottery process. Consequently, this provides a significant advantage for entrepreneurs seeking sponsorship. Moreover, it enables a smoother pathway for international talent to establish their businesses in the U.S. without the typical visa constraints.
Applicants will be able to apply for a cap-exempt H-1B visa at any time.
The program seeks to specifically identify foreign nationals who can actively provide direct contributions to the United States, especially through their work on behalf of institutions of higher education. In doing so, the program aims to foster innovation and academic growth.
United States, especially through their work on behalf of institutions of higher education. The NYCEDU will therefore begin taking applications for the program starting in Spring 2016 and additionally expects to have the first set of entrepreneurs by the fall of 2016. For more information, visit the program website.
