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 States.

Summary: StartUp Visa Act of 2010 - Amends the Immigration and Nationality Act to establish an employment-based, conditional immigrant visa (StartUp visa) for a sponsored alien entrepreneur: (1) with required amounts of financial backing from a qualifying investor or venture capitalist; and (2) whose commercial activities will generate required levels of employment, revenue, or capital investment.

Directs the Secretary of Homeland Security (DHS) to terminate the status of a sponsored entrepreneur (and the alien spouse and children of such entrepreneur) if not later than three years after the date on which such permanent resident status was conferred: (1) the sponsoring venture capitalist or investor fails to meet investment requirements; or (2) the entrepreneur fails to meet job creation, capital investment, or revenue requirements.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``StartUp Visa Act of 2010''.

SEC. 2. STARTUP VISAS.

    (a) In General.--Section 203(b) of the Immigration and Nationality 
Act (8 U.S.C. 203(b)) is amended--
            (1) by redesignating paragraph (6) as paragraph (7); and
            (2) by inserting after paragraph (5) the following:
            ``(6) Sponsored entrepreneurs.--
                    ``(A) In general.--StartUp visas shall be made 
                available, from the number of visas allocated under 
                paragraph (5), to qualified immigrant entrepreneurs--
                            ``(i) who have proven that a qualified 
                        venture capitalist or a qualified super angel 
                        investor has invested not less than $100,000 on 
                        behalf of each such entrepreneur in an equity 
                        financing of not less than $250,000; and
                            ``(ii) whose commercial activities will, 
                        during the 2-year period beginning on the date 
                        on which the visa is issued under this 
                        subparagraph--
                                    ``(I) create not fewer than 5 new 
                                full-time jobs in the United States 
                                employing people other than the 
                                immigrant's spouse, sons, or daughters;
                                    ``(II) raise not less than 
                                $1,000,000 in capital investment in 
                                furtherance of a commercial entity 
                                based in the United States; or
                                    ``(III) generate not less than 
                                $1,000,000 in revenue.
                    ``(B) Definitions.--In this paragraph:
                            ``(i) Qualified super angel investor.--The 
                        term qualified super angel investor means an 
                        individual who--
                                    ``(I) is an accredited investor (as 
                                defined in section 230.501(a) of title 
                                17, Code of Federal Regulations);
                                    ``(II) is a United States citizen; 
                                and
                                    ``(III) has made at least 2 equity 
                                investments of not less than $50,000 in 
                                each of the previous 3 years.
                            ``(ii) Qualified venture capitalist.--The 
                        term `qualified venture capitalist' means an 
                        entity that--
                                    ``(I) is classified as a `venture 
                                capital operating company' under 
                                section 2510.3-101(d) of the Code of 
                                Federal Regulations;
                                    ``(II) is based in the United 
                                States;
                                    ``(III) is comprised of partners, 
                                the majority of whom are United States 
                                citizens;
                                    ``(IV) has capital commitments of 
                                not less than $10,000,000;
                                    ``(V) has been operating for at 
                                least 2 years; and
                                    ``(VI) has made at least 2 
                                investments of not less than $500,000 
                                during each of the most recent 2 
                                years.''.
    (b) Conditional Permanent Resident Status.--Section 216A of the 
Immigration and Nationality Act (8 U.S.C. 1186b) is amended--
            (1) by striking ``Attorney General'' each place such term 
        appears and inserting ``Secretary of Homeland Security'';
            (2) in subsection (a)--
                    (A) in paragraph (1)--
                            (i) by striking ``(as defined in subsection 
                        (f)(1))'' and inserting ``, sponsored 
                        entrepreneur''; and
                            (ii) by striking ``(as defined in 
                        subsection (f)(2)) shall'' and inserting 
                        ``shall each''; and
                    (B) in paragraph (2)(A), by inserting ``sponsored 
                entrepreneur,'' after ``alien entrepreneur,'';
            (3) in subsection (b), by adding at the end the following:
            ``(3) 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 determines, not later than 3 
        years after the date on which such permanent resident status 
        was conferred, that--
                    ``(A) the qualified venture capitalist or qualified 
                super angel investor who sponsored the entrepreneur 
                failed to meet the investment requirements under 
                section 203(b)(6)(A)(i); or
                    ``(B) the entrepreneur failed to meet the job 
                creation, capital investment, or revenue generation 
                requirements under section 203(b)(6)(A)(ii).'';
            (4) in subsection (c)--
                    (A) in paragraph (1)--
                            (i) in the matter preceding subparagraph 
                        (A), by inserting ``sponsored entrepreneur,'' 
                        after ``alien entrepreneur,''; and
                            (ii) by striking ``alien entrepreneur 
                        must'' each place such term appears and 
                        inserting ``entrepreneur shall''; and
                    (B) in paragraph (3)--
                            (i) in subparagraph (A)(ii), by inserting 
                        ``or sponsored entrepreneur'' after ``alien 
                        entrepreneur''; and
                            (ii) in subparagraph (C), by inserting 
                        ``sponsored entrepreneur,'' after ``alien 
                        entrepreneur'';
            (5) in subsection (d)(1)--
                    (A) in the matter preceding subparagraph (A), by 
                striking ``alien'' and inserting ``alien entrepreneur 
                or sponsored entrepreneur, as applicable'';
                    (B) in clause (i), by striking ``invested, or is 
                actively in the process of investing,'' and inserting 
                ``has invested, is actively in the process of 
                investing, or has been sponsored by a qualified super 
                angel investor or qualified venture capitalist who has 
                invested,''; and
                    (C) in clause (ii), by inserting ``or 203(b)(6), as 
                applicable'' before the period at the end; and
            (6) in subsection (f), by adding at the end the following:
            ``(4) The term `sponsored entrepreneur' means an alien who 
        obtains the status of an alien lawfully admitted for permanent 
        residence under section 203(b)(6).''.