entrepreneurs

US adds benefits to rules for foreign entrepreneurs and their families to stay

by Ray Clancy on January 19, 2017

It could become easier for foreign entrepreneurs and their families to stay in the United States if they can demonstrate that they can provide significant economic and employment benefits to the country.

The Department of Homeland Security (DHS) said it will use its authority to grant a period of authorised stay on a case by case basis to foreign entrepreneurs who fulfil certain criteria.

EntrepreneurThey will need to demonstrate that their stay in the United States would provide a significant public benefit through the potential for rapid business growth and job creation.

The new rule will be introduced in July 17 and it is estimated that 2,940 entrepreneurs will be eligible annually for a stay of up to 30 months with the possibility to extend the period by up to 30 additional months if they meet certain criteria.

Eligibility may be extended to up to three entrepreneurs per start-up as well as spouses and children. Entrepreneurs granted stays will be eligible to work only for their start-up business, their spouses may apply for work authorisation in the United States, but their children will not be eligible to do so.

An applicant will need to demonstrate that he or she meets certain criteria including having a substantial ownership interest in a start-up created within the past five years in the United States that has substantial potential for rapid growth and job creation.

They must also have a central and active role in the start-up so that they are well-positioned to substantially assist with the growth and success of the business and prove that their stay will provide a significant public benefit to the United States based on the applicant’s role as an entrepreneur of the start-up.

The rules will also require that the start-up has received a significant investment of capital from certain qualified US investors with established records of successful investments, and significant awards or grants for economic development, research and development, or job creation from federal, state or local government entities.

They may also need to provide additional reliable and compelling evidence of the start-up’s substantial potential for rapid growth and job creation.

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