US President Donald Trump plans to set $ 100,000 fees on H-1B visa requests that will not be affected by the American startup, founders and adventure capital. CNBC said this week.
H-1B-1B-which allow companies to temporarily employ foreign workers in skilled professions such as IT, health care and engineering-was already difficult to secure for American startups, due to limited annual shares.
Over the past year, Dizmmond Lim, CEO and co-founder of HR, such as salary statements and the employment of the technology platform, said that all the requests of his company H1-B have been rejected-a matter called “very disappointing” because he tries to secure more higher engineering talents.
However, last year, Workstream secured two H-1B tenants that Lim CNBC told “life changed, both for employees or the company.”
“As an emerging company in the early stage, every rental is precious, and we only choose the best to bypass the H-1B program, because it costs not only the money, but also takes time,” he added.
Now, insurance of this talent is to become more difficult. White House Plan To demand companies to pay $ 100,000 fees when submitting sits for new H-1B visas, although many details are still unclear.
Lim said the drawings will be very high to justify companies in the early stage, such as employment strategies.
Understanding and panic
Lim is not alone in his interest – startups across the country, along with workers in H1B visas, have left concern about the effects of new fees.
Alma, a start -up legal technology company that is based in San Francisco, which provides immigration advice to professionals and other startups, told CNBC that it has seen 100x in inquiries since the White House announcement on Friday.
“Over the past two days, customers have been afraid and anxious, because the size of their companies indicates that they will not be able to pay a fee of $ 100,000 and compete in salaries,” said Alma Mara, Executive Director of ALMA.
Not only does the companies advise companies to employ H-1B talent, but also appoint candidates under the same program.
“The main problem becomes: Is there enough local offer to meet the demand if this international talent disappears?” Request Mara. She added that startups often depend on finding a “uncomfortable” foreign talent to gain an advantage over larger competitors.
According to Marat, Alta was advising companies awaiting more clarity on the H-1B visa changes before changing employment strategies.
Startups
The owners of investment capital and innovation experts agreed that startups will strike through the H-1B visa fees.
Alexander Lazaro, the administrative partner of Fluent Ventures, told CNBC in an email:
He added that startups often struggle to employ engineers and specialists who need them locally, but choosing to import talent through migration, instead of building a distance outside the country.
Meanwhile, Robert De Atkinson, President of the Washington Foundation, based in Washington, has argued that a few talented employees from abroad can often be a decisive factor in the success of the startup.
He added that foreign talents can help startups to create networks abroad and customer bases.
Investment capital is less?
The H-1B visa opponents argue that it removes job opportunities for American citizens. But an unintended result of $ 100,000 fees can be a reduction in entrepreneurship and investment capital on a larger scale.
A 2020 survey I found that startups that employ workers through the H-1B visa process were associated with an increase in the possibility of external financing, the public or acquisition, and creative breakthroughs.
Now, the new fees can “reduce the appetite of PE and VC for early American names that depend greatly on H-1B workers, many of whom may now consider abroad to secure their career instead of risking more uncertainty in the United States.”
Singh added that the changes in the visa program can instead create a stronger issue for investors to spread capital in markets such as the United Kingdom, Canada and Europe.
He added: “American startups may face a decrease in the momentum of financing, while Europe can witness a relative lifting in both talent flows and the interest of the investor.”
The reflection of brain migration?
Many markets on the European continent, including the United Kingdom, have been reported with problems with “Brain brain” In recent years, in reference to a phenomenon where skilled and learners migrated to search for better opportunities in countries like the United States
This is often linked to the development of industries and entrepreneurship with high skills in the recipient country.
Now, the uncertainty around us to migrate, including the development of the H1B, can be a real turning point for the technical talent that was on the fence about moving to the United States, ”said Laura Wilming, the president of people and talents in Octopus Ventures, one of the most investment capital investors in Europe.
“The talented individuals who have seen the United States in the past the clear destination are now looking at the United Kingdom and Europe to build their career,” she added.
– Hugh Lake and Ernestin SEO of CNBC contributed to this report
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