COMPETES Act, 2022

28 Jan 2022 COMPETES Act, 2022

Posted at 12:10h in Daily current-affairs by khyati khare 0 Comments

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The United States has unveiled the ambitious America Creating Opportunities for Manufacturing, Pre-Eminence in Technology and Economic Strength (COMPETES) Act, 2022 that seeks to open new avenues for talented individuals around the world with a new start-up visa.
It aims to strengthen supply chains and reinvigorate the country’s economy in innovation to overtake China and the rest of the world in the coming decades.

US$52 billion to encourage semiconductor production in the US and US$45 billion for supply chain flexibility, grants and loans to improve manufacturing, among other programs.
Financing to address social and economic inequality, climate change and immigration. For example, it waives the green card limit for STEM (science, technology, engineering, or math) PhDs and creates a new green card for entrepreneurs.
A green card holder (permanent resident) is a person who has been granted the right to live and work in the United States on a permanent basis.
This bill/bill releases US$600 million annually to build manufacturing facilities to reduce the United States’ reliance on solar components manufactured in Xinjiang, China.
It creates a new category- ‘W’ of non-immigrants for entrepreneurs with an ownership interest in a start-up unit, essential employees of a start-up unit and their spouses and children.

This means that more opportunities will be available for Indian talent and skilled workers in America.
Be aware that every year many Indians and Indian companies receive a substantial portion of H-1B ‘work permits’ issued in that year. With this new category Indian professionals are also likely to seize the opportunities that will be provided by the Act.

The IT revolution, the advent of the Internet and low-cost computers in developing countries like India, has led to the number of people willing to work at relatively low costs in the US, which is a great position for both employers and workers.
The US administration issues a certain number of visas each year to fill vacancies for highly skilled low-cost workers in IT and other related fields.
These visas allow companies outside the US to send employees to work at client sites.

H1-B Visa:

People seeking employment in the United States are required to obtain an H1-B visa. The H1-B visa is a visa granted to non-immigrant citizens seeking employment in the United States under sections 101(a) and 15(h) of the Immigration and Nationality Act.
It allows US employers to temporarily employ foreign workers in specialty occupations.

H2-B Visa:

The application form must be certified by the Labor Department to apply for such a visa. It is issued for temporary employment.

L-1 Visa:

This is a non-immigrant visa under which companies can hire foreign workers in their subsidiaries or parent companies based in the US.

H-4 Visa:

An H-4 visa is issued to dependent family members (spouse) of H1-B visa holders who wish to remain in the US during their stay with the H1-B visa holder. Under the H-4 visa, the main applicant is the holder of the H1-B visa.
Family members such as spouses, children under the age of 21 qualify for H-4 visas and can apply at a US consulate in their home country.

J-1 Visa: