In order to attract foreign investment, create jobs and generate income, the U.S. government has proposed a new plan that would grant immigration benefits to entrepreneurs who are willing to start or develop a business in the United States, particularly those focused on new technologies.
The regulation proposed by the U.S. Citizenship and Immigration Services (USCIS) would allow eligible foreign entrepreneurs to obtain a temporary entry permit (parole), without the need to obtain a visa. This permit would grant legal stay in the country for two years with the possibility of a three-year extension.
The International Entrepreneur Rule will allow the Department of Homeland Security (DHS) to use its discretion to grant permits to foreign nationals whose U.S. startups generate a public benefit through rapid business growth and job creation.
Among the requirements to be eligible for the entry permit the foreign entrepreneur must:
* Hold or acquire a stake of at least 15% in a U.S. start-up company and play an active and central role in its operations.
* Choose a start-up company that has been founded in the U.S. within the last three years and that the company demonstrates potential for rapid growth and job creation.
* Demonstrate that their companies have secured equity investment of at least $$345,000 or secured grants or scholarships from a federal, state or local agency of at least $$100,000.
The government proposes to charge $$1,200 to complete the process.
USCIS today published notice of this rule in the Federal Register. The public has 45 days to comment on the proposed regulation. The period ends on October 17, 2016.
The proposed regulation will become effective when the final rule is published in the Federal Register.
