Entrepreneurial experts call for more immigrants
October 15, 2012
In the United States, small businesses are the largest driver of job creation. However, some individuals have been hesitant to create new startups in the past few years, partially because of the economic effects of the 2008 recession. Lending was down, real estate prices were up and it was hard to go it alone as inflation grew.
As such, not many new companies were created during this time period. With that in mind, some experts are interested in boosting the small business landscape by making the process of obtaining visa and green cards easier on those coming to the country for entrepreneurial purposes.
Relaxed immigration standards
According to Inc. Magazine, the regulations that accompany qualifying for work permits are not very easy to meet, as evidenced by the fact that there are only around 140,000 green cards currently being used in the U.S. Moreover, the source explained, the most common visa for workers is the H-1B, though no one nationality can represent more than 7 percent of all visa holders, which severely limits the number.
As such, the magazine proposed loosening some of the qualifications, like the 7 percent rule, allowing spouses to hold H-1B visas and raising the quota for employment-based visas that are allowed permanent status.
Inc. noted that Congress has made some moves to change the application process, specifically passing bills that may lead to letting entrepreneurs whose companies are performing well to stay in the country longer.
Canada, too, is looking to jumpstart their economy in a similar way, said The Globe and Mail. Next year, the nation is deploying the Startup Visa program, which will allow more domestic companies to invest in small businesses owned by foreigners.
Programs can help
If more foreign individuals make their way to the U.S. to begin a new life and new company here, they may run into some problems. Even if they have a good handle on the English language, as well as their products and business plan, they may still encounter other notable issues that come with moving to a new nation.
Accounting software may help leaders who don't yet grasp some of the tax and compliance matters that could spell trouble if gone about in the wrong way. These programs can automate the recording of tax liabilities and serve to make sure recording of expenses and revenues is compliant with state and federal laws, ensuring business operations are by the books.