The U.S. State Department has recently announced that employment-based visas like EB-3, EW, and EB-5 have reached their annual cap limit, and no other visa will be issued in this category until Oct 1, 2024.
The early exhaustion of these visas for FY 2024 shows that the demand for these visa categories is high as US economies rely on foreign talent to fill the labor gap in various fields, including healthcare and IT industries.
In this blog, we will discuss the crucial things to be kept in mind to hire foreign talent for businesses to grow and thrive.
What are EB-3, EW, and EB-5 visas?
EB-3 visas are skilled worker visas for professionals in various fields. This category is further divided into below subcategories:
- Skilled worker: For individuals with at least two years of experience in a particular occupation.
- Professional: For individuals with a bachelor’s degree or higher in a specialized field.
EW visas are visas for religious workers. This category is available for individuals who are employed by a religious organization and are coming to the U.S. to perform religious duties.
EB-5 visas are investor visas. This category is available for individuals who invest a certain amount of money in a U.S. business and create a certain number of jobs. These visas are crucial for US businesses to hire foreign talent to fill the labor gap in various sectors.
What happens when the annual cap is reached?
When the annual cap for a visa category is reached, no further visas can be issued in that category until the next fiscal year begins on October 1st. This means that businesses that have filed applications for these visas after the cap is reached will have to wait until the next fiscal year to get their visas approved.
Implications of the early exhaustion of these visas
The early exhaustion of these visas shows that the demand for foreign talent in the US is high. This is because US businesses rely on foreign talent to fill the labor gap in various fields, including healthcare and IT industries. The shortage of these visas can have a significant impact on US businesses, as they may struggle to find qualified workers to fill critical roles.
Key factors when hiring foreign workers
If you are a US business looking to hire foreign talent, there are a few crucial things to keep in mind:
Plan ahead: If you are planning to hire foreign talent, it is important to start the process well in advance. This will give you enough time to file the necessary paperwork and avoid delays.
Understand the visa requirements: It is important to understand the specific requirements for the visa category you are applying for. This will help you ensure that your application is complete and accurate.
Work with an immigration attorney: An immigration attorney can help you navigate the complex immigration process. They can also help you ensure that your application is filed correctly and on time.
Be patient: The immigration process can be time-consuming. It is important to be patient and to allow for sufficient processing time.
The new fiscal year starts in less than two months. On October 1st, visa limits will reset, so embassies can start processing these visas again. Employers and workers should be prepared to apply as soon as possible to avoid delays
Conclusion
The early exhaustion of the annual cap for EB-3, EW, and EB-5 visas highlights the growing demand for foreign talent in the United States. As businesses across various industries continue to rely on skilled workers from around the world, it’s imperative for employers to plan ahead, understand the visa requirements, and seek professional guidance to navigate the complex immigration process.
By taking proactive steps and working closely with immigration attorneys, businesses can increase their chances of successfully hiring foreign talent and meeting their workforce needs.
You can also take the assistance of Imagility immigration platform where you can get in touch with experienced immigration attorneys to help you with visa petitions.
For more information, visit www.imagility.co.
