(a) Establishment of INVEST Nonimmigrant Visa- Section 203(b) (8 U.S.C. 1153(b)) is amended--

(1) by redesignating paragraph (6) as paragraph (7); and

(2) by inserting after paragraph (5) the following:

`(6) INVEST IMMIGRANTS-

`(A) DEFINITIONS- In this paragraph, section 101(a)(15)(X), and section 214(s):

`(i) QUALIFIED COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION- The term `qualified community development financial institution' is defined as provided under section 1805.201 45D(c) of title 12, Code of Federal Regulations, or any similar successor regulations.

`(ii) QUALIFIED ENTREPRENEUR- The term `qualified entrepreneur' means an individual who--

`(I) has a significant ownership interest, which need not constitute a majority interest, in a United States business entity;

`(II) is employed in a senior executive position of such United States business entity;

`(III) submits a business plan to U.S. Citizenship and Immigration Services; and

`(IV) had a substantial role in the founding or early-stage growth and development of such United States business entity.

`(iii) QUALIFIED GOVERNMENT ENTITY- The term `qualified government entity' means an agency or instrumentality of the United States or of a State, local, or tribal government.

`(iv) QUALIFIED INVESTMENT- The term `qualified investment'--

`(I) means an investment in a qualified entrepreneur's United States business entity that is--

`(aa) an equity purchase;

`(bb) a secured loan;

`(cc) a convertible debt note;

`(dd) a public securities offering;

`(ee) a research and development award from a qualified government entity;

`(ff) other investment determined appropriate by the Secretary; or

`(gg) a combination of the investments described in items (aa) through (ff); and

`(II) may not include an investment from such qualified entrepreneur, the parents, spouse, son or daughter of such qualified entrepreneur, or from any corporation, company, association, firm, partnership, society, or joint stock company over which such qualified entrepreneur has a substantial ownership interest.

`(v) QUALIFIED JOB- The term `qualified job' means a full-time position of United States business entity owned by a qualified entrepreneur that--

`(I) is located in the United States;

`(II) has been filled by an individual who is not the qualified entrepreneur or the spouse, son, or daughter of the qualified entrepreneur for at least 2 years; and

`(III) pays a wage that is not less than 250 percent of the Federal minimum wage.

`(vi) QUALIFIED SUPER ANGEL INVESTOR- The term `qualified super angel investor' means an individual or organized group of individuals investing directly or through a legal entity--

`(I) each of whom is an accredited investor, as defined in section 230.501(a) of title 17, Code of Federal Regulations, or any similar successor regulation, investing the funds owned by such individual or organized group in a qualified entrepreneur's United States business entity;

`(II)(aa) if an individual, is a citizen of the United States or an alien lawfully admitted for permanent residence; or

`(bb) if an organized group or legal entity, a majority of the individuals investing through such group or entity are citizens of the United States or aliens lawfully admitted for permanent residence; and

`(III) each of whom in the previous 3 years has made qualified investments in a total amount determined to be appropriate by the Secretary, that is not less than $50,000, in United States business entities which are less than 5 years old.

`(vii) QUALIFIED VENTURE CAPITALIST- The term `qualified venture capitalist' means an entity--

`(I) that--

`(aa) is a venture capital operating company, as defined in section 2510.3-110(d) of title 29, Code of Federal Regulations (or any successor thereto); or

`(bb) has management rights, as defined in, and to the extent required by, such section 2510.3-110 (d) (or successor thereto), in its portfolio companies;

`(II) that has capital commitments of not less than $10,000,000; and

`(III) the investment adviser, as defined in section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2), for which--

`(aa) has its primary office location in the United States;

`(bb) is owned, directly or indirectly, by individuals, the majority of whom are citizens of the United States or aliens lawfully admitted for permanent residence in the United States;

`(cc) has been advising such entity or other similar funds or entities for at least 2 years; and

`(dd) has made, on behalf of such entity or a similar fund or entity, at least 2 investments of not less than $500,000 during each of the most recent 2 years.

`(viii) SECRETARY- Except as otherwise specifically provided, the term `Secretary' means the Secretary of Homeland Security.

`(ix) SENIOR EXECUTIVE POSITION- The term `senior executive position' includes the position of chief executive officer, chief technology officer, and chief operating officer.

`(x) UNITED STATES BUSINESS ENTITY- The term `business entity' means any corporation, company, association, firm, partnership, society, or joint stock company that is organized under the laws of the United States or any State and that conducts business in the United States that is not--

`(I) a private fund, as defined in 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2);

`(II) a commodity pool, as defined in section 1a of the Commodity Exchange Act (7 U.S.C. 1a);

`(III) an investment company, as defined in section 3 of the Investment Company Act of 1940 (15 U.S.C. 80a-3); or

`(IV) an issuer that would be an investment company but for an exemption provided in--

`(aa) section 3(c) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c); or

`(bb) section 270.3a-7 of title 17 of the Code of Federal Regulations or any similar successor regulation.

`(B) IN GENERAL- Visas shall be available, in a number not to exceed 10,000 for each fiscal year, to qualified immigrants seeking to enter the United States for the purpose of creating new businesses, as described in this paragraph.

`(C) ELIGIBILITY- An alien is eligible for a visa under this paragraph if--

`(i)(I) the alien is a qualified entrepreneur;

`(II) the alien maintained valid nonimmigrant status in the United States for at least 2 years;

`(III) during the 3-year period ending on the date the alien files an initial petition for such status under this section--

`(aa)(AA) the alien has a significant ownership in a United States business entity that has created no fewer than 5 qualified jobs; and

`(BB) a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution, or such other entity or set of investors, as determined by the Secretary, has devoted a qualified investment of not less than $500,000 to the alien's United States business entity; or

`(bb)(AA) the alien has a significant ownership interest in a United States business entity that has created no fewer than 5 qualified jobs; and

`(BB) during the 2-year period ending on such date has generated not less than $750,000 in annual revenue within the United States; and

`(IV) no more than 2 other aliens have received nonimmigrant status under this section on the basis of an alien's ownership of such business entity;

`(ii)(I) the alien is a qualified entrepreneur;

`(II) the alien maintained valid nonimmigrant status in the United States for at least 3 years prior to the date of filing an application for such status;

`(III) the alien holds an advanced degree in a field of science, technology, engineering, and mathematics, approved by the Secretary; and

`(IV) during the 3-year period ending on the date the alien files an initial petition for such status under this section--

`(aa)(AA) the alien has a significant ownership interest in a United States business entity that has created no fewer than 4 qualified jobs; and

`(BB) a qualified venture capitalist, a qualified super angel investor, a qualified government entity, a qualified community development financial institution, or such other entity or set of investors, as determined by the Secretary, has devoted a qualified investment of not less than $500,000 to the alien's United States business entity; or

`(bb)(AA) the alien has a significant ownership interest in a United States business entity that has created no fewer than 3 qualified jobs; and

`(BB) during the 2-year period ending on such date has generated not less than $500,000 in annual revenue within the United States; and

`(V) no more than 3 other aliens have received nonimmigrant status under this section on the basis of an alien's ownership of such business entity.

`(D) ATTESTATION- The Secretary may require an alien seeking visa under this paragraph to attest, under penalties of perjury, to the alien's qualifications.'.

(b) Petition- Section 204(a)(1)(H) (8 U.S.C. 1154(a)(1)(H)) is amended--

(1) by striking `203(b)(5)' and inserting `paragraph (5) or (6) of section 203(b)'; and

(2) by striking `Attorney General' and inserting `Secretary of Homeland Security'.