It means there will be more opportunities in the United States for talented and skilled workers
The U.S. announced the ambitious America COMPETES Act, 2022 (Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength) 2022, which proposes to open up new opportunities for talented people worldwide with a new start-up visa.
It aims to strengthen the supply chain and revive the innovation engine of the country’s economy to outperform China and the rest of the world for decades to come.
- To encourage semiconductor manufacturing in the United States.
- Grants and loans to improve manufacturing and supply chain resilience, among other programs.
- Funding to tackle social and economic inequality, climate change and immigration. For example, it provides exemptions for PhDs in STEM (science, technology, engineering or math) from the green card limit and creates a new green card for entrepreneurs.
A green card holder (permanent resident) is a person who has been authorized to live and work permanently in the United States.
- To build manufacturing facilities to make the U.S. less dependent on solar components made in Xinjiang, China.
- It creates a new “W” classification of non-immigrants for entrepreneurs with an ownership interest in a start-up entity, essential employees of a start-up entity, and their spouses and children.
The I.T. revolution, the arrival of the internet and low-cost computers in developing nations has increased the number of people willing to work for a relatively low cost in the United States, a win-win situation for employers and employees.
The U.S. Government issues several visas each year to fill the gap of low-cost, highly-skilled employees in I.T. and other related fields. These visas allow companies located outside of the United States to send employees to work at client facilities.