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US launches International Entrepreneur Rule to attract global business talent
The new rule allows noncitizen entrepreneurs to stay in the country if their business ventures offer significant public benefits.
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Pranavi Sharma - Sat, 13, Jul 2024
- 03:47 EDT
- 816
USCIS is the government agency that oversees lawful immigration to the United States. / USCIS
The United States Department of Homeland Security (DHS) has announced the introduction of the International Entrepreneur Rule (IER), aimed at attracting foreign entrepreneurs to the United States.
As per the new rule, noncitizen entrepreneurs can stay in the country if their business ventures offer significant public benefits. The period of authorized stay will be known as “parole.”
"The DHS may use its authority to grant a period of authorized stay, on a case-by-case basis, to noncitizen entrepreneurs who show that their stay in the United States would provide a significant public benefit through their business venture and that they merit a favorable exercise of discretion," the rule states.
Key Features of the International Entrepreneur Rule:
- Eligibility: Open to entrepreneurs residing abroad or already in the U.S.
- Start-Up Requirements: The start-up must have been formed within the last five years in the U.S. and show substantial potential for rapid growth and job creation.
- Funding Criteria: Start-ups must demonstrate at least $264,147 in qualified investments from U.S. investors, $105,659 in government grants, or provide alternative evidence of growth potential.
- Parole Duration: Entrepreneurs can receive an initial parole period of up to 2.5 years, extendable for another 2.5 years, totaling a maximum of five years.
- Employment Authorization: Entrepreneurs are authorized to work only for their start-up, while their spouses can apply for employment authorization; children cannot.
- Application Process: Entrepreneurs must file Form I-941, Application for Entrepreneur Parole, with a $1,200 fee and supporting documents. Those outside the U.S. need to visit a U.S. embassy or consulate for parole processing, while those within the U.S. will receive travel documentation by mail or at a U.S. embassy or consulate.
- Ownership and Role Requirements: Entrepreneurs must own at least 10 percent of the start-up at the time of the initial application and have a central and active role in its operations.
The IER is expected to attract global entrepreneurial talent, and promote innovation and job creation within the United States.
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