Foreign entrepreneurs recognize that changes are on the horizon and it’s important for them to prepare so that their business can function optimally. The Biden administration has outlined plans to make drastic reforms to some of the policies implemented by President Trump as early as his first 100 days in office.
Team Biden has pinpointed immigration and foreign policies that require adjustments and intend to establish task forces to combat the COVID-19 pandemic and return the 545 children separated from their parents at the border but yet to be reunified with their families. Though the new year seems hopeful for foreign business owners because the new administration appears more open, it’s important to remember that these adjustments need time and won’t happen immediately. Read more at fl-ilc.com for additional support on what this year will bring for foreign business Owners in U.S. immigration.
Foreign Business Owners And Immigration
The COVID-19 pandemic placed restrictions on visa issuance and a ban was placed on H1-B visas. The constraints placed on visas including having to pay foreign workers higher wages and limits on specialty occupations have been hard on foreign businesses and those that employ foreigners but the new political tone could be a return to the more inclusive and inviting tone of the Obama-Biden administration.
Visa Changes
The H1-B visa program is one of the most popular visa programs but it has an annual numerical cap and is currently up for discussion. Elimination of the H1-B lottery system will make it harder for businesses to bring in highly skilled foreign talent. E2 visas are also popular for foreign entrepreneurs but also require a tedious petitioning process and making a substantial donation doesn’t guarantee that you will receive a visa.
The COVID-19 pandemic and Trump’s foreign policy have created barriers in the visa process but Biden looks to make changes that could positively affect foreign businesses. E1 and E2 visas are distributed according to treaties with the U.S. government so the options may improve as America’s foreign policies change.
Fee Increases
Policy and a global pandemic curbed traveling to the U.S. in the years of Covid-19. The U.S. Citizenship and Immigration Services (USCIS) makes the majority of its funding from immigration fees and travel bans aren’t good for business. Businesses interested in expediting their application for highly skilled foreign workers are looking at fee increases from $1,440 to $2,500 for certain applications. Filing fees for immigrant-related business activities are currently being litigated but could increase as well as a response to the recent dip as well.
Immigration Changes Coming Soon
The laws governing immigration policy are made by congress and it’s forecasted to remain at a conservative majority therefore, a lot of those laws may not change however President Biden could eliminate the executive orders enacted by the pass administration that place limits on immigration. The suspension of certain immigrant visa applicants will end on December 31, and it is uncertain what will happen next but Team Biden has been on record about wanting to make changes that positively impact immigrant entrepreneurs who can contribute to the U.S. economy.
Biden-Harris Office Impact On Immigrant Entrepreneurs
The Biden-Harris administration campaigned on bringing together people from both sides and trying to unify the government while reversing some of the exclusive immigration policies enacted by Trump. If you’re in Florida and have concerns, then speak with an adept immigration professional about your options and how the changes on the horizon may affect your business.
