II 

114TH CONGRESS 

2D SESSION S. 3510 

To facilitate the creation of American jobs by immigrant entrepreneurs. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 6, 2016 

Mr. FLAKE introduced the following bill; which was read twice and referred 

to the Committee on the Judiciary 

A BILL 

To facilitate the creation of American jobs by immigrant 

entrepreneurs. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Attracting and Retain5 ing Entrepreneurs Act’’. 

6 SEC. 2. ENTREPRENEUR NONIMMIGRANT VISAS. 

7 (a) ENTREPRENEUR NONIMMIGRANT CATEGORY.— 

8 Section 101(a)(15) of the Immigration and Nationality 

9 Act (8 U.S.C. 1101(a)(15)) is amended— 

10 (1) in subparagraph (U)(iii), by striking ‘‘or’’ 

11 at the end; 


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1 (2) in subparagraph (V)(ii)(II), by striking the 

2 period at the end and inserting ‘‘; or’’; and 

3 (3) by adding at the end the following: 

4 ‘‘(W) in accordance with the definitions set 

5 forth in section 203(b)(6)(A), a qualified entre6 preneur who has demonstrated that, during the 

7 3-year period ending on the date on which the 

8 alien filed an initial petition for nonimmigrant 

9 status described in this subparagraph— 

10 ‘‘(i) a qualified venture capitalist, a 

11 qualified angel investor, a qualified govern12 ment entity, a qualified community devel13 opment financial institution, qualified 

14 startup accelerator, or such other type of 

15 entity or investors, as determined by the 

16 Secretary, or any combination of such enti17 ties or investors, has made a qualified in18 vestment or combination of qualified in19 vestments of not less than $100,000 in the 

20 alien’s United States business entity; or 

21 ‘‘(ii) the alien’s United States busi22 ness entity— 

23 ‘‘(I) has created not fewer than 3 

24 qualified jobs; and 


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1 ‘‘(II) during the 2-year period 

2 ending on such filing date has gen3 erated not less than $250,000 in an4 nual revenue arising from business 

5 conducted in the United States.’’. 

6 (b) ADMISSION OF ENTREPRENEUR NON7 IMMIGRANTS.—Section 214 of the Immigration and Na8 tionality Act (8 U.S.C. 1184) is amended— 

9 (1) in subsection (b), by striking ‘‘(other than’’ 

10 and all that follows through ‘‘such section)’’ and in11 serting ‘‘(other than a nonimmigrant described in 

12 subparagraph (H)(i)(b), (H)(i)(c), (L), (V), or (W) 

13 of section 101(a)(15))’’; and 

14 (2) by adding at the end the following: 

15 ‘‘(s) ENTREPRENEUR NONIMMIGRANT VISAS.— 

16 ‘‘(1) DEFINITIONS.—The definitions set forth 

17 in section 203(b)(6)(A) shall apply to this sub18 section. 

19 ‘‘(2) INITIAL PERIOD OF AUTHORIZED ADMIS20 SION.—The initial period of authorized status as a 

21 nonimmigrant described in section 101(a)(15)(W) 

22 shall be 3 years. 

23 ‘‘(3) RENEWAL OF ADMISSION.—Subject to 

24 paragraph (4), the period of authorized nonVerDate Sep 11 2014 01:37 Dec 07, 2016 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S3510.IS S3510

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1 immigrant status described in paragraph (2) may be 

2 renewed for additional 3-year periods if— 

3 ‘‘(A) during the most recent 3-year period 

4 in which the alien was granted such status, the 

5 alien’s United States business entity created 

6 not fewer than 3 qualified jobs; and 

7 ‘‘(B)(i) during such 3-year period, a quali8 fied venture capitalist, a qualified angel inves9 tor, a qualified government entity, a qualified 

10 community development financial institution, 

11 qualified startup accelerator, or such other type 

12 of entity or investors, as determined by the Sec13 retary, or any combination of such entities or 

14 investors, has made a qualified investment or 

15 combination of qualified investments of not less 

16 than $250,000 to the alien’s United States 

17 business entity; or 

18 ‘‘(ii) during the 2-year period ending on 

19 the date on which the alien petitioned for an ex20 tension, the alien’s United States business enti21 ty has generated not less than $250,000 in an22 nual revenue arising from business conducted 

23 within the United States. 

24 ‘‘(4) WAIVER OF RENEWAL REQUIREMENTS.— 

25 The Secretary may renew an alien’s status as a nonVerDate Sep 11 2014 01:37 Dec 07, 2016 Jkt 069200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\S3510.IS S3510

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1 immigrant described in section 101(a)(15)(W) for 

2 not more than 1 year at a time, up to an aggregate 

3 of 2 years, if the alien— 

4 ‘‘(A) does not meet the criteria under 

5 paragraph (3); and 

6 ‘‘(B) meets the criteria established by the 

7 Secretary, in consultation with the Secretary of 

8 Commerce, for approving renewals under this 

9 subsection, which shall include a determination 

10 that— 

11 ‘‘(i) the alien has made substantial 

12 progress in meeting such criteria; and 

13 ‘‘(ii) such renewal is economically ben14 eficial to the United States. 

15 ‘‘(5) ATTESTATION.—The Secretary shall re16 quire an alien seeking status as a nonimmigrant de17 scribed in section 101(a)(15)(W) to attest, under 

18 penalty of perjury, that the alien meets the applica19 tion criteria. 

20 ‘‘(6) W–1 VISA FEE.—In addition to processing 

21 fees, the Secretary shall collect a $1,000 fee from 

22 each nonimmigrant admitted under section 

23 101(a)(15)(W).’’. 


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1 SEC. 3. ENTREPRENEUR IMMIGRANT VISAS. 

2 Section 203(b) of the Immigration and Nationality 

3 Act (8 U.S.C. 1153(b)) is amended— 

4 (1) by redesignating paragraph (6) as para5 graph (7); and 

6 (2) by inserting after paragraph (5) the fol7 lowing: 

8 ‘‘(6) ENTREPRENEUR IMMIGRANTS.— 

9 ‘‘(A) DEFINITIONS.—In this paragraph 

10 and in sections 101(a)(15)(W) and 214(s): 

11 ‘‘(i) QUALIFIED ANGEL INVESTOR.— 

12 The term ‘qualified angel investor’ means 

13 an individual or organized group of individ14 uals investing directly or through a legal 

15 entity— 

16 ‘‘(I) each of whom is an accred17 ited investor (as defined in section 

18 230.501(a) of title 17, Code of Fed19 eral Regulations, or any similar suc20 cessor regulation) investing the funds 

21 owned by such individual or organized 

22 group in a qualified entrepreneur’s 

23 United States business entity; 

24 ‘‘(II)(aa) if an individual, is a cit25 izen of the United States or an alien 


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1 lawfully admitted for permanent resi2 dence; or 

3 ‘‘(bb) if an organized group or 

4 legal entity, a majority of the individ5 uals investing through such group or 

6 entity are citizens of the United 

7 States or aliens lawfully admitted for 

8 permanent residence; and 

9 ‘‘(III) each of whom in the pre10 vious 3 years has made qualified in11 vestments totaling not less than 

12 $50,000 (or such higher amount de13 termined appropriate by the Sec14 retary) in United States business enti15 ties that are less than 5 years old. 

16 ‘‘(ii) QUALIFIED COMMUNITY DEVEL17 OPMENT FINANCIAL INSTITUTION.—The 

18 term ‘qualified community development fi19 nancial institution’ means an entity that 

20 has been certified by the CDFI Fund 

21 under section 1805.201 45D(c) of title 12, 

22 Code of Federal Regulations, or any simi23 lar successor regulation. 


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1 ‘‘(iii) QUALIFIED ENTREPRENEUR.— 

2 The term ‘qualified entrepreneur’ means 

3 an individual who— 

4 ‘‘(I) has a significant ownership 

5 interest, which need not constitute a 

6 majority interest, in a United States 

7 business entity; 

8 ‘‘(II) is employed in a senior ex9 ecutive position at such entity; 

10 ‘‘(III) submits a business plan to 

11 U.S. Citizenship and Immigration 

12 Services; and 

13 ‘‘(IV) had a substantial role in 

14 the founding or early-stage growth 

15 and development of such entity. 

16 ‘‘(iv) QUALIFIED GOVERNMENT ENTI17 TY.—The term ‘qualified government enti18 ty’ means an agency or instrumentality of 

19 the United States or of a State, local, or 

20 tribal government. 

21 ‘‘(v) QUALIFIED INVESTMENT.—The 

22 term ‘qualified investment’— 

23 ‘‘(I) means an investment in a 

24 qualified entrepreneur’s United States 

25 business entity that is— 


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1 ‘‘(aa) a purchase from such 

2 entity of equity or convertible 

3 debt issued by such entity; 

4 ‘‘(bb) a secured loan; 

5 ‘‘(cc) a convertible debt 

6 note; 

7 ‘‘(dd) a public securities of8 fering; 

9 ‘‘(ee) a research and devel10 opment award from a qualified 

11 government entity to the United 

12 States business entity; 

13 ‘‘(ff) another investment de14 termined appropriate by the Sec15 retary; or 

16 ‘‘(gg) a combination of any 

17 of the investments described in 

18 items (aa) through (ff); and 

19 ‘‘(II) does not include an invest20 ment from— 

21 ‘‘(aa) such qualified entre22 preneur; 

23 ‘‘(bb) the parents, spouse, 

24 son, or daughter of such qualified 

25 entrepreneur; or 


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1 ‘‘(cc) any corporation, com2 pany, association, firm, partner3 ship, society, or joint stock com4 pany over which such qualified 

5 entrepreneur has a substantial 

6 ownership interest. 

7 ‘‘(vi) QUALIFIED JOB.—The term 

8 ‘qualified job’ means a full-time position at 

9 a United States business entity owned by 

10 a qualified entrepreneur that— 

11 ‘‘(I) is located in the United 

12 States; 

13 ‘‘(II) has been filled for at least 

14 2 years by a United States citizen or 

15 legal permanent resident who is not 

16 the qualified entrepreneur or the 

17 spouse, son, or daughter of the quali18 fied entrepreneur; and 

19 ‘‘(III) is compensated at a wage 

20 level that is commensurate with simi21 larly situated employees in comparable 

22 positions in the metropolitan statis23 tical area of the employment. 

24 ‘‘(vii) QUALIFIED STARTUP ACCEL25 ERATOR.—The term ‘qualified startup acVerDate Sep 11 2014 01:37 Dec 07, 2016 Jkt 069200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\S3510.IS S3510

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1 celerator’ means a corporation, company, 

2 association, firm, partnership, society, or 

3 joint stock company that— 

4 ‘‘(I) is organized under the laws 

5 of the United States or of any State 

6 and conducts business in the United 

7 States; 

8 ‘‘(II) in the ordinary course of 

9 business, provides a program of train10 ing, mentorship, and logistical support 

11 to assist entrepreneurs in growing 

12 their businesses; 

13 ‘‘(III) is managed by individuals, 

14 the majority of whom are citizens of 

15 the United States or aliens lawfully 

16 admitted for permanent residence; 

17 ‘‘(IV)(aa) regularly acquires an 

18 equity interest in companies that par19 ticipate in its programs in which the 

20 majority of the capital so invested is 

21 committed from individuals who are 

22 United States citizens or aliens law23 fully admitted for permanent resi24 dence, or from entities organized 


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1 under the laws of the United States 

2 or any State; or 

3 ‘‘(bb) is an entity that has re4 ceived not less than $250,000 in fund5 ing from a qualified government entity 

6 or entities during the previous 5 years 

7 and regularly awards grants to com8 panies that participate in its programs 

9 (in which case, such grant shall be 

10 treated as a qualified investment for 

11 purposes of clause (iv)); 

12 ‘‘(V) during the previous 5 years, 

13 has acquired an equity interest in, or, 

14 in the case of an entity described in 

15 subclause (IV)(bb), regularly made 

16 grants to, not fewer than 10 United 

17 States business entities that— 

18 ‘‘(aa) have participated in 

19 its programs; and 

20 ‘‘(bb)(AA) have each secured 

21 at least $100,000 in initial in22 vestments; or 

23 ‘‘(BB) during any 2-year pe24 riod following the date of such 

25 acquisition, have generated not 


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1 less than $500,000 in aggregate 

2 annual revenue within the United 

3 States; 

4 ‘‘(VI) has its primary location in 

5 the United States; and 

6 ‘‘(VII) satisfies such other cri7 teria as the Secretary may establish. 

8 ‘‘(viii) QUALIFIED VENTURE CAPI9 TALIST.—The term ‘qualified venture capi10 talist’ means an entity that— 

11 ‘‘(I)(aa) is a venture capital oper12 ating company (as defined in section 

13 2510.3–101(d) of title 29, Code of 

14 Federal Regulations or any successor 

15 to such regulation); or 

16 ‘‘(bb) has management rights, as 

17 defined in, and to the extent required 

18 by, such section 2510.3–101(d) or 

19 successor regulation, in its portfolio 

20 companies; 

21 ‘‘(II) has capital commitments of 

22 not less than $10,000,000; and 

23 ‘‘(III) has an investment adviser 

24 that— 


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1 ‘‘(aa) is registered under 

2 section 203 of the Investment 

3 Advisers Act of 1940 (15 U.S.C. 

4 80b–3); 

5 ‘‘(bb) has its primary office 

6 location in the United States; 

7 ‘‘(cc) is directly or indirectly 

8 owned by individuals, the major9 ity of whom are citizens of the 

10 United States or aliens lawfully 

11 admitted for permanent residence 

12 in the United States; 

13 ‘‘(dd) has been advising 

14 such entity or other similar funds 

15 or entities for at least 2 years; 

16 and 

17 ‘‘(ee) has advised such entity 

18 or a similar fund or entity with 

19 respect to at least 2 investments 

20 of not less than $500,000 made 

21 by such entity or similar fund or 

22 entity during each of the most 

23 recent 2 years. 

24 ‘‘(ix) SECRETARY.—Except as other25 wise specifically provided, the term ‘SecVerDate Sep 11 2014 01:37 Dec 07, 2016 Jkt 069200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\S3510.IS S3510

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1 retary’ means the Secretary of Homeland 

2 Security. 

3 ‘‘(x) SENIOR EXECUTIVE POSITION.— 

4 The term ‘senior executive position’ in5 cludes the position of chief executive offi6 cer, chief technology officer, and chief op7 erating officer. 

8 ‘‘(xi) UNITED STATES BUSINESS EN9 TITY.—The term ‘United States business 

10 entity’ means any corporation, company, 

11 association, firm, partnership, society, or 

12 joint stock company that is organized 

13 under the laws of the United States or any 

14 State and that conducts business in the 

15 United States that is not— 

16 ‘‘(I) a private fund (as defined in 

17 202(a) of the Investment Advisers Act 

18 of 1940 (15 U.S.C. 80b–2)); 

19 ‘‘(II) a commodity pool (as de20 fined in section 1a of the Commodity 

21 Exchange Act (7 U.S.C. 1a)); 

22 ‘‘(III) an investment company (as 

23 defined in section 3 of the Investment 

24 Company Act of 1940 (15 U.S.C. 

25 80a–3); or 


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1 ‘‘(IV) an issuer that would be an 

2 investment company without an ex3 emption provided in— 

4 ‘‘(aa) section 3(c) of the In5 vestment Company Act of 1940 

6 (15 U.S.C. 80a–3(c)); or 

7 ‘‘(bb) section 270.3a–7 of 

8 title 17, Code of Federal Regula9 tions, or any similar successor 

10 regulation. 

11 ‘‘(B) IN GENERAL.—Not more than 

12 10,000 visas shall be available during each fis13 cal year for qualified immigrants seeking to 

14 enter the United States for the purpose of cre15 ating new businesses, as described in this para16 graph. 

17 ‘‘(C) ELIGIBILITY.—An alien who is a 

18 qualified entrepreneur is eligible for a visa 

19 under this paragraph if— 

20 ‘‘(i)(I) the alien maintained valid non21 immigrant status in the United States for 

22 at least 2 years; 

23 ‘‘(II) during the 3-year period ending 

24 on the date the alien files an initial peti25 tion for such status under this section— 


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1 ‘‘(aa)(AA) the alien has a signifi2 cant ownership in a United States 

3 business entity that has created not 

4 fewer than 5 qualified jobs; and 

5 ‘‘(BB) a qualified venture capi6 talist, a qualified angel investor, a 

7 qualified government entity, a quali8 fied community development financial 

9 institution, qualified startup accel10 erator, or such other entity or type of 

11 investors, as determined by the Sec12 retary, or any combination of such en13 tities or investors, has devoted a 

14 qualified investment or combination of 

15 qualified investments of not less than 

16 $500,000 to the alien’s United States 

17 business entity; or 

18 ‘‘(bb)(AA) the alien has a signifi19 cant ownership interest in a United 

20 States business entity that has cre21 ated not fewer than 5 qualified jobs; 

22 and 

23 ‘‘(BB) during the 2-year period 

24 ending on such petition date, has gen25 erated not less than $500,000 in anVerDate Sep 11 2014 01:37 Dec 07, 2016 Jkt 069200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\S3510.IS S3510

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1 nual revenue within the United 

2 States; and 

3 ‘‘(III) not more than 2 other aliens 

4 have received nonimmigrant status under 

5 this section on the basis of an alien’s own6 ership of such United States business enti7 ty; or 

8 ‘‘(ii)(I) the alien maintained valid 

9 nonimmigrant status in the United States 

10 for at least 3 years before the date on 

11 which the alien filed an application for 

12 such status; 

13 ‘‘(II) the alien holds an advanced de14 gree in a field of science, technology, engi15 neering, or mathematics that has been ap16 proved by the Secretary; 

17 ‘‘(III) during the 3-year period ending 

18 on the date on which the alien files an ini19 tial petition for such status under this sec20 tion— 

21 ‘‘(aa)(AA) the alien has a signifi22 cant ownership interest in a United 

23 States business entity that has cre24 ated not fewer than 4 qualified jobs; 

25 and 


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1 ‘‘(BB) a qualified venture capi2 talist, a qualified angel investor, a 

3 qualified government entity, a quali4 fied community development financial 

5 institution, qualified startup accel6 erator, or such other entity or type of 

7 investors, as determined by the Sec8 retary, or any combination of such en9 tities or investors, has devoted a 

10 qualified investment or combination of 

11 qualified investments of not less than 

12 $500,000 in total to the alien’s 

13 United States business entity; or 

14 ‘‘(bb)(AA) the alien has a signifi15 cant ownership interest in a United 

16 States business entity that has cre17 ated not fewer than 3 qualified jobs; 

18 and 

19 ‘‘(BB) during the 2-year period 

20 ending on such petition date, the enti21 ty has generated not less than 

22 $500,000 in annual revenue within 

23 the United States; and 

24 ‘‘(IV) not more than 3 other aliens 

25 have received nonimmigrant status under 


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1 this paragraph on the basis of an alien’s 

2 ownership of such United States business 

3 entity. 

4 ‘‘(D) NEW BUSINESS PLAN REQUIRE5 MENT.— 

6 ‘‘(i) IN GENERAL.—A qualified entre7 preneur shall submit a new business plan 

8 to U.S. Citizenship and Immigration Serv9 ices if there has been a material change to 

10 the business plan referred to in subpara11 graph (A)(ii)(III). 

12 ‘‘(ii) PRESUMPTION.—There shall be 

13 a presumption in favor of approval for any 

14 new business plan submitted pursuant to 

15 clause (i). 

16 ‘‘(E) ATTESTATION.—The Secretary may 

17 require an alien seeking a visa under this para18 graph to attest, under penalties of perjury, to 

19 the alien’s qualifications.’’. 

20 SEC. 4. ADMINISTRATION AND OVERSIGHT. 

21 (a) RULEMAKING.— 

22 (1) IN GENERAL.—Not later than 16 months 

23 after the date of the enactment of this Act, the Sec24 retary of Homeland Security, in consultation with 

25 the Secretary of Commerce, the Administrator of the 


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1 Small Business Administration, and heads of other 

2 relevant Federal agencies and departments, shall 

3 promulgate regulations— 

4 (A) to carry out the amendments made by 

5 this Act; and 

6 (B) to ensure that such amendments are 

7 implemented in a manner that is consistent 

8 with— 

9 (i) the protection of national security; 

10 and 

11 (ii) the promotion of United States 

12 economic growth, job creation, and com13 petitiveness. 

14 (2) MODIFICATION OF DOLLAR AMOUNTS.— 

15 (A) IN GENERAL.—The Secretary of 

16 Homeland Security may prescribe regulations 

17 that increase or decrease any dollar amount 

18 specified in— 

19 (i) section 101(a)(15)(W) of the Im20 migration and Nationality Act, as added by 

21 section 2(a); 

22 (ii) section 214(s) of such Act, as 

23 added by section 2(b); or 

24 (iii) section 203(b)(6) of such Act, as 

25 added by section 3. 


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1 (B) AUTOMATIC ADJUSTMENT.—Unless a 

2 dollar amount referred to in subparagraph (A) 

3 relating to a petition for a nonimmigrant visa 

4 under section 101(a)(15)(W) of the Immigra5 tion and Nationality Act or an immigrant visa 

6 under section 203(b)(6) of such Act is adjusted 

7 by the Secretary of Homeland Security pursu8 ant to such subparagraph, such dollar amount 

9 shall automatically adjust— 

10 (i) on January 1, 2021, by the per11 centage change in the Consumer Price 

12 Index (CPI–U) during fiscal year 2020; 

13 and 

14 (ii) on every fifth subsequent January 

15 1 by the percentage change in the CPI–U 

16 during the previous 5 fiscal years. 

17 (b) OTHER AUTHORITY.—The Secretary of Home18 land Security, in the Secretary’s unreviewable discretion, 

19 may deny or revoke the approval of a petition seeking an 

20 immigrant visa under section 203(b)(6) of the Immigra21 tion and Nationality Act, as added by section 3, or any 

22 other petition, application, or benefit based upon the pre23 vious or concurrent filing or approval of a petition for clas24 sification of an alien under such section, if the Secretary 

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1 tion, application, or benefit is contrary to the national in2 terest of the United States or for other good cause. 

3 (c) REPORTS.—Once every 3 years, the Secretary of 

4 Homeland Security shall submit a report to Congress that 

5 includes— 

6 (1) a description of the implementation of this 

7 Act and the amendments made by this Act; 

8 (2) the number and percentage of entrepreneurs 

9 who have met the thresholds for nonimmigrant re10 newal and adjustment to green card status under 

11 the amendments made by this Act; 

12 (3) an analysis of the program’s economic im13 pact, including— 

14 (A) job and revenue creation; 

15 (B) increased investments; and 

16 (C) growth within business sectors and re17 gions; 

18 (4) a description and breakdown of the types of 

19 businesses that have been created by entrepreneurs 

20 granted nonimmigrant or immigrant status; 

21 (5) for each report other than the Secretary’s 

22 initial report, a description of the percentage of the 

23 businesses initially created by the entrepreneurs 

24 granted immigrant and nonimmigrant status under 


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1 this Act and the amendments made by this Act, that 

2 are still in operation; and 

3 (6) any recommendations for improving the 

4 program established under this Act and the amend5 ments made by this Act. 

Æ 


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