New Visa Category Introduced for Preapproved Technology Companies
October 21, 2015
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A new visa category called the Entrepreneur High-Tech visa will be available to certain foreign workers that arrive in Israel to work at one of twelve established and preapproved technology companies that qualify under the program, according to an announcement by the Ministry of Economics. The main benefit of the visa is that it will likely not require company sponsorship and there will be no minimum salary.
According to the announcement, fifty Entrepreneur High-Tech visas will be available. The Entrepreneur High-Tech visa will be valid up to two years, with the possibility of renewals for those who will start a company.
During the next few months, a dedicated committee made up of officials from the Ministry of Economy and the Ministry of Interior will issue related regulations. The Head Scientist of the Israeli Government will issue a call for proposals for local companies interested in preapproval for the program.
What This Means for Employers and Foreign Nationals
Eligible foreign entrepreneurs should benefit from the new visa program since currently, entrepreneur visas must be sponsored by companies and the minimum salary for such visas is at least double the average salary in Israel.
Individuals or companies interested in preapproval for the program should contact their immigration professional to discuss the application process.
Fragomen worked closely with Kan-Tor & Acco Law Firm (Israel) to prepare this alert. It is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
