The US Citizenship and Immigration Services (USCIS) is proposing a new rule, which would allow certain international entrepreneurs to be considered for parole (temporary permission to be in the United States) so that they can start their businesses in the United States.
“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 finalised, 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 US.”
The proposed rule would allow the Department of Homeland Security (DHS) to use its existing discretionary statutory parole authority for entrepreneurs of start-up entities whose stay in the country would provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation. Under this proposed rule, the DHS would be able to grant parole to eligible entrepreneurs of start-up enterprises on a case-by-case basis. Eligible entrepreneurs include:
– Those who have a significant ownership interest in the start-up (at least 15 per cent) and have an active and central role to its operations;
– Those whose start-up was formed in the United States within the past three years; and
– Those whose start-up has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by:
- a) Receiving significant investment of capital (at least $345,000) from certain qualified US investors with established records of successful investments;
- b) Receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or
- c) Partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
Under the proposed rule, entrepreneurs may be granted an initial stay of up to two years to oversee and grow their start-up entity in the United States. A subsequent request for re-parole (for up to three additional years) would be considered only if the entrepreneur and the start-up entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.
Article published 30th August 2016