What Foreign Nationals Need To Know About The State Of The “International Entrepreneur Rule”
The “International Entrepreneur Rule” was created during the Obama administration, as a means to allow foreign entrepreneurs and investors to enter the U.S., so that they can create startup business that will provide new, quality jobs and investment in the U.S. But there have been some changes that foreign nationals need to know about.
As first approved, to be eligible for the new program, an applicant must have a substantial ownership in a rapidly growing U.S. start-up company created within the past five years. The applicant must have an active, central role in that business’s growth. The company must have qualified U.S. investors, and it must demonstrate that, through investment and job creation, it would provide substantial benefit to the U.S. Each start-up is limited to three parole visas per company.
The Trump Administration does not want to implementthe program, believing that it is not secure enough, either in protecting the nation’s borders or U.S. businesses. Therefore, the Administration intended in simply putting the rule on hold—in effect cancelling the rule. However, a federal district court said that they could not do so, and that the rule (i.e., program) must be implemented.
So ordered, the Administration is going forward with the rule, but it is adding new provisions to do so.The Department of Homeland Security now will supervise the program, and each application for entry is made on a case-by-case basis.
A second provision was put in place in early 2017 that requires the Secretary of Homeland Security to ensure that applications are granted only when an entrepreneur demonstrates urgent humanitarian reasons or a significant public benefit arising from the decision to grant entry to the U.S. to start a business.
The upshot is that the United States Customs and Immigration Service is currently accepting applications for this program.
However, qualified applicants should try to get an application in as soon as possible, because it is unclear if the program will survive in its current form, and if so, for how long.
For further information about the International Entrepreneur Rule, or if you have any other questions on immigration, please contact Zanes Law at 866-499-8989.