In 2014, the then President, Barack Obama promised that he would implement new ways for foreign entrepreneurs to get into the country without too much of a hassle. Many international foreigners had complained that existing visa categories made it harder for them to enter the country.
This week, the USCIS (US Citizenship and Immigration Services) approved a final regulation that allows citizens of other countries that can create opportunities for the US population in significant manners, must be given an immigration benefit by the country’s parole authorities. The opportunities mentioned in the regulation could be economic in nature or creating jobs.
The new program is named the International Entrepreneur Rule and will be out into effect by July 16, 2017.
To be eligible for a visa under the International Entrepreneur Rule, the following criteria have to be met:
- The individual must own at least 10% of a startup
- The startup has to be formed within the last 5 years
- They can provide proof that the startup has enough potential for growth
- Job creation will occur as a result of the advancement of the business
To prove that they qualify for the above criteria, some methods that the foreign nationals can use are:
- Investment receipts totaling to at least $250,000 from US investors. Venture capital firms, angel investors and such are valid investors as long as they have a history of funding successful startups before.
- Awards or grants from federal, state or local institutions in the fields of economic development, research, or job creation, that total up to $100,000 or more.
- The individual can provide solid proof that their startup will create a good number of jobs and provide an economic boost.
Once these criteria are met, the individual will get a 30 month parole grant, which can be extended by another 30 months through application. If the parolee is approved, then their spouses and children can also apply for parole that lets them stay in the US for the same length as the parolee.
Every parole beneficiary must have a household income that is at least 400 percent over the US poverty line. USCIS will have to be regularly informed about the changes in the material possessions of a parolee. The minimum values of required investment or grants will be amended every 3 years based on Consumer Price Index.