NewsFlash! Details of Proposed International Entrepreneur Program Released!26 Aug 2016
Earlier today, the U.S. Citizenship and Immigration Services (USCIS) released details of a proposed rule that “…would allow certain international entrepreneurs to be considered for parole (temporary permission to be in the United States) so that they may start or scale their businesses here in the United States.” The proposed rule, now entitled International Entrepreneur Rule, seems to be somewhat broader than originally indicated. Per the related USCIS press release:
“Under this proposed rule, DHS may parole, on a case-by-case basis, eligible entrepreneurs of startup enterprises:
- Who have a significant ownership interest in the startup (at least 15 percent) and have an active and central role to its operations;
- Whose startup was formed in the United States within the past three years; and
- Whose startup has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by:
- Receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments;
- Receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or
- Partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
“Under the proposed rule, entrepreneurs may be granted an initial stay of up to two years to oversee and grow their startup entity in the United States. A subsequent request for re-parole (for up to three additional years) would be considered only if the entrepreneur and the startup entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.”
The proposed rule is expected to be published in the Federal Register in the near future. Once it is published, the public will be given 45 days to submit comments to the U.S. Department of Homeland Security (DHS) on the proposal.
MurthyDotCom will post a more detailed analysis of this proposed rule in the near future. Subscribe to the free MurthyBulletin for updates on this proposal and other immigration law matters.
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