U.S. Citizenship and Immigration Services is proposing a new rule that would allow certain international entrepreneurs to be considered for temporary permission to be in the United States so they may start or scale a businesses in the US.
Dubbed the International Entrepreneur Rule, the public has 45 days from the date of publication to comment on the stopgap measure.
“America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” said USCIS Director León Rodríguez. “This proposed rule, when finalized, 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.”
The proposed rule would allow the Department of Homeland Security to use its existing discretionary statutory parole authority for entrepreneurs of startup entities whose stay in the United States would “provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation.”
Eligible entrepreneurs of startup enterprises must have a significant ownership interest in the startup (at least 15 percent) and an active and central role to its operations, as well as be funded by capital from qualified US investors.
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 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.”