The H‑1B cap denotes the maximum number of new H‑1B visas that the U.S. Congress authorizes each year. The regular cap includes 65,000 visas while an extra 20,000 visas go to candidates who possess a U.S. master’s degree or higher. A lottery system selects the applications that surpass the cap. Research institutions as well as universities and other employers who qualify for cap exemption can submit applications whenever they want. The fiscal year starts on October 1 which is the date when the cap resets while the registration period typically starts in March.