Celebrating Immigrant Entrepreneurs’ Contributions to the U.S. Economy

The United States is a nation of immigrants, and June is immigrant heritage month when we stop and recognize the amazing ways that immigrants have contributed to and enriched our American life, society, culture and particularly the economy.

The Partnership for a New American Economy analyzed the positive impact that foreign-born entrepreneurs are having on U.S. economic growth and how they are creating new jobs. The report includes key findings like:

• Immigrants are increasingly likely to start a business, while the rate of new-business generation among those born in the U.S. is declining.
• Immigrants started 28% of all new businesses in 2012 despite accounting for just 12.9% of the U.S. population
• Immigrants start more than 25% of all businesses in seven of eight sectors of the economy the U.S. government expect to grow the fastest over the next decade.

The report explains that immigrants own 18% of incorporated businesses, and that U.S. dependence on immigrant businesses is increasing even as native-born American entrepreneurism is faltering, hitting a 30-year low. Immigrant entrepreneurs are filling the gap and starting more businesses, creating jobs and generating revenue that is spurring the economy.

The case for a “startup visa” to encourage more immigrant entrepreneurs

In 2010, 40% of the Fortune 500 companies in the U.S. were founded either by an immigrant or the child of an immigrant. Despite how much immigrants have contributed to the U.S. economy, there is no dedicated mechanism in U.S. law for immigrants to launch companies in the United States.

Recently there have been proposals for “startup visas” both in the U.S. Senate and the House of Representatives, which would allow immigrant entrepreneurs to start businesses in the U.S. after satisfying a few requirements. The benefits would include:

• Boosting economic growth and creating jobs
• Allowing foreign student and workers to transition from school or employment to entrepreneurship
• Having a greater impact on employment and job creation

Immigrants have made so many significant contributions to all aspects of American life, and notably on the economic front; just imagine how much more could be accomplished if some of the barriers to success were removed from their path?

Do you want to find out more about the naturalization and citizenship process? Talk to a skilled Nashville immigration attorney at the Law office of Perry A. Craft, PLLC who can answer your questions and advise you on how to get started.