Proposal to permit foreign entrepreneurs to stay in US for up to two years

by Ray Clancy on August 29, 2016

International entrepreneurs could be granted permission to stay temporarily for up to two years in the United States to start up or scale up their business under a proposal currently being considered.

The US Citizenship and Immigration Services (USCIS) has published the proposal in the Federal Register and interested parties have 45 days to comment on the plans.

USAmap‘America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,’ said USCIS 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 US,’ he added.

The proposed rule would allow the Department of Homeland Security (DHS) to use its existing discretionary statutory parole authority for entrepreneurs of start-up entities whose stay in the United States would provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation.

Under this proposed rule, DHS may parole, on a case by case basis, eligible entrepreneurs of start-up enterprises who have a significant ownership interest in the start-up, at least 15%, and have an active and central role to its operations.

They would also be considered if their start up was formed in the United States within the past three year and if the start-up has substantial and demonstrated potential for rapid business growth and job creation.

The judgement level on whether a start-up has potential for growth would be if it has significant investment of capital of at least $345,000 from certain qualified US investors with established records of successful investments.

The criteria would also include receiving significant awards or grants of 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 start-up entity’s substantial potential for rapid growth and job creation.

Under the proposed rule, entrepreneurs may be granted an initial stay of up to two years to oversee and grow their start-up entity in the United States. A subsequent request for up to three additional years would be considered only if the entrepreneur and the start-up entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.

‘The notice of proposed rulemaking in the Federal Register invites public comment for 45 days, after which USCIS will address the comments received,’ said a USCIS spokesman.

‘The proposed rule does not take effect with the publication of the notice of proposed rulemaking. It will take effect on the date indicated in the final rule when a final rule is published in the Federal Register,’ he added.

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