U.S. Citizenship & Immigration Services (USCIS) will be announcing today a proposed 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 scale their businesses here in the United States.
The proposed rule would allow the Department of Homeland Security (DHS) to grant foreign entrepreneurs of startup entities temporary stay in the U.S. (up to 2 years, with a possible 3 year extension), so long as the foreign national can evidence that he/she will be providing a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation. To be eligible, international entrepreneurs of startup enterprises will have to demonstrate:
- A significant ownership interest in the startup (at least 15 percent) and have an active and central role to its operations;
- Show their startup was formed in the United States within the past three years; and
- Has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by: (1) receipt of significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments; (2) receipt of significant awards or grants (at least $100,000) from certain federal, state or local government entities; or (3) 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.
The rule will not take affect until after a 45 day public comment period and until it is published in the Federal Register. Once published, however, this rule will help our economy grow by expanding immigration options for foreign entrepreneurs who meet certain criteria for creating jobs, attracting investment and generating revenue in the U.S.