A new rule proposed on Friday by the U.S. Citizenship and Immigration Services (USCIS), which doesn’t require congressional approval, would allow foreigner entepreneurs to receive a temporary entry in the US for up to five years.
This parole (a temporary permission to be in the United States) is destined to certain international entrepreneurs so that they may start their businesses or to grow their businesses that are already active in US.
This rule is part of Obama administration’s program to expand US immigration policies, especially related to start-ups and entrepreneurship and would allow The Department of Homeland Security to temporarily admit people whose entry into the United States would create “significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation.”
“America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” said Director León Rodríguez. “This proposed rule, when finalized, 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 U.S.”
Under this rule DHS may parole an entrepreneur of start-ups if he or she meets one or more of the conditions:
– Who have a significant ownership interest in the startup (at least 15 percent) and have an active and central role to its operations;
– Whose startup was formed in the United States within the past three years; and
– Whose startup has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by:
– Receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments;
– Receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or
– Partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
There would be an initial parole of three years that can be extended up to five years.
This rule will be under public comment for 45 days after which USCIS will address the comments.