International entrepreneurs could soon have an easier time getting temporary permission to reside in the United States if a new rule proposed by the U.S. Citizenship and Immigration Services (USCIS) on Aug. 26, 2016, is approved and finalized and the individuals seeking permission meet certain criteria.
What Criteria Must International Entrepreneurs Meet?
If the ruling is finalized, the Department of Homeland Security would use its authority to grant temporary residency parole to foreign business leaders and owners on a case-by-case basis if they meet the following criteria:
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● They hold at least a 15-percent ownership interest in a startup and play a significant role in its day-to-day operations
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● Their startup was formed in the U.S. within the past three years
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● The startup holds the potential for rapid business growth and job creation via three factors:
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● Capital investment of at least $345,000 from U.S. investors with track records of successful investments
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● Awards and grants from governmental entities totaling at least $100,000
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● Meeting one or more of the above criteria while also demonstrating compelling evidence that the startup with generate growth and job creation
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Entrepreneurs who are granted temporary parole by the DHS could stay in the U.S. for an initial two-year period in order to oversee the growth of their companies. Afterward, they would be eligible to apply for a second parole period of up to three years if they can provide evidence that their company is providing a public benefit via capital investment, revenue, and job creation.
What Does the Ruling Mean for Foreign Entrepreneurs?
USCIS’s director León Rodríguez says that America’s economy has benefited in multiple sectors from the contributions of immigrant business owners and entrepreneurs. He added that the proposed ruling would help the economy grow by expanding immigration options for foreign entrepreneurs who meet criteria for “creating jobs, attracting investment, and generating revenue in the U.S.”
