USCIS Proposes an International Entrepreneur Rule
The Department of Homeland Security (DHS) has proposed a new rule that can grant parole (for 5 years – 2 years initially and a 3 year extension) on a case-by-case basis to international entrepreneurs to start businesses with a high potential of growth in the United States. The intention is to bring more research and development activities as well increase employment opportunities for US workers and generally add to the business activity.
The decision of the DHS to grant parole to an international entrepreneurs will be based on a combination of of factors including:
- The applicant must have formed the business entity in the 3 years immediately prior to the application for the parole and can demonstrate to the DHS of the entity’s potential for high growth and job creation.
- The applicant possesses skills and experience that is central to the operation and future growth of the business entity and the applicant has at least 15% ownership of the entity at the time of application for a parole. The applicant cannot be a mere investor.
The applicant must be able to show that they have secured significant ($345, 000 or more) capital from qualified investors (venture capital firms, angel investors, or start-up accelerators) who have a track record of successful investments.
As an alternative to the private capital requirement stated above, the applicant may show that the start-up entity has secured ($100, 000 or more) funding from federal or local government with experience in economic development, R&D and job creation..
The applicant may also be considered for a parole if they are unable to fully meet the private or government funding requirements stipulated above but can nevertheless demonstrate to the DHS that their entry into the United States would provide a significant public benefit in terms of the entity’s substantial potential for rapid business growth and job creation.
The DHS has submitted this proposal for public comment for the 45 days, after which it will address any public comments. The final rule will be published in the Federal Register.
See how the Boston Immigration Lawyer can help you..
Whether you want to apply for International Entrepreneurs Parole when it becomes the rule or need help with any other Business or Family immigration matter, please contact Law Offices of Trupti N Patel & Associates – The Boston Immigration Lawyer.
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