The Department of Homeland Security (DHS) has officially annouced the final version of the International Entrepreneur Rule, which will allow certain international entrepreneurs to be considered for parole (temporary permission to be in the United States) so that they may start or grow their businesses here in the United States.
The rule, which is set to take effect on July 16, 2017, will grant foreign entrepreneurs of startup entities created within five years of application, temporary stay in the U.S. for up to 2 1/2 years, with the option to extend the stay by an additional 2 1/2 years. To qualify initially, founders must own at least 10% of their companies and have raised at least $250,000 from U.S. investors with a track record of U.S. investments, or at least $100,000 from federal, state, or local government agencies. To be eligible for the extension, founders must continue running their U.S. business, retain at least 5% ownership, and either raise at least $500,000 from U.S. investors, generate $500,000 in annual revenue with 20% year-over-year growth, or prove they've created at least 5 full-time jobs for U.S. workers.
The rule will also provide the foreign entrepreneur’s dependents (spouses and children under 21) with U.S. parole entry and allow them to apply for unrestricted U.S. work authorization. The parolee, however, will only be eligible for employment with his or her USCIS-approved startup.
The International Entrepreneur Rule has been broadened from the proposed rule made in August to accommodate more foreign entrepreneurs. For more information on the new rule, please feel free to contact us.