International entrepreneurs are likely to benefit from a new rule proposed by the U.S. Citizenship and Immigration Services (USCIS). This new rule would allow some entrepreneurs to obtain temporary permission, also known as “parole”, to stay in the U.S. During their time in the U.S., they can build their businesses.
The new rule will allow international entrepreneurs to come to the U.S. and stay here for a two year period to develop their start-up entity. They would also be allowed to request for re-parole for an additional three years, if their start-ups establish a significant public benefit and create jobs in the country.
USCIS will grant parole on a case-by-case basis to eligible entrepreneurs
- who are actively involved in the operation of the start-up and who own at least 15 percent of the start-up.
- who started their business in the U.S. within the past three years.
Apart from that, the entrepreneurs have to show that their business would grow and create more jobs, by showing at least $345,000 in investment from U.S. investors who have records of successful investments. They also should have received grants from federal or local government entities. Investors will have to partially meet these two requirements and provide evidence of the potential of their business for growth and job creation.
According to USCIS Director León Rodríguez, this proposed rule, if finalized, will expand immigration options for eligible international entrepreneurs, resulting in economic growth and revenue generation in the U.S. He said that foreign entrepreneurs always benefit the country’s economy.
The public will have 45 days to comment on the proposed rule. USCIS will then address those comments. The proposed rule will take effect once a final rule is published in the Federal Register.