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US immigration opens doors to business owners with new International Entrepreneur Rule: Here's all we know
United States Department of Homeland Security has launched a news International Entrepreneur Rule for business owners across the world
The United States Department of Homeland Security (DHS) has introduced the International Entrepreneur Rule (IER) to attract foreign entrepreneurs to the country. This rule allows noncitizen entrepreneurs to stay in the country if their business ventures provide a significant public benefit.
International Entrepreneur Rule explained: Key features
Eligibility: The new rule will be eligible to entrepreneurs who are living abroad or already in the U.S.
Start-Up Requirements: The start-up must have been formed within the past five years in the U.S. and demonstrate substantial potential for rapid growth and job creation in the past five years.
Funding Criteria: Start-ups must show 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 based on further benchmarks, totaling a maximum of five years.
Employment Authorization: Entrepreneurs are authorized to work only for their start-up. Whereas, spouses of entrepreneurs can apply for employment authorization, but children cannot.
Application Process: Entrepreneurs must file Form I-941, Application for Entrepreneur Parole, with a $1,200 fee and supporting documents. Entrepreneurs outside the U.S. would need to visit a U.S. embassy or consulate for parole processing. Those within the U.S. will receive travel documentation by mail or at a U.S. embassy or consulate.
Approved applicants are authorized to work for their start-up without needing additional forms. They will receive travel documentation instructions based on their selected location for receiving documents.
Ownership and Role Requirements: Entrepreneurs must own at least 10% of the start-up at the time of the initial application and must have a central and active role in the start-up’s operations.
Start-Up Funding Requirements:
Qualified Investment: At least $264,147 from U.S. investors.
Government Grants: At least $105,659 in U.S. government awards.
Alternative Evidence: Additional reliable evidence if funding levels are partially met.
The entrepreneur, their relatives, or organizations with direct or indirect ownership by the entrepreneur or their relatives cannot be considered qualified investors.
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