US tweaks immigration rules to attract more foreign startup founders
United States has tweaked the International Entrepreneur Rule in a bid to attract more foreign entrepreneurs.
Under the updated guidelines, foreign entrepreneurs can now potentially stay in the US for up to five years, contingent upon their venture's public benefit. Initially granted for two-and-a-half years, extensions may be granted based on criteria like funding milestones and job creation.
The International Entrepreneur Rule (IER), administered by the Department of Homeland Security (DHS), lets noncitizen entrepreneurs apply for authorized stay in the United States, known as «parole,» based on demonstrating significant public benefit through their business ventures. This allows them to work exclusively for their startup. Eligibility extends to the entrepreneur's spouse, but not their children, who may also be paroled.
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Key criteria for the IER include:
- Entrepreneurs may apply whether residing abroad or already within the US.
- Start-up entities must have been recently established in the US, within the past five years.
- These entities must exhibit potential for rapid growth and job creation, substantiated by investments totaling at least $264,147 from qualifying investors, $105,659 in government awards, grants, or alternative evidence.
- Once granted, the initial parole period can be up to 2½ years. If extended through re-parole based on meeting additional financial or job creation benchmarks, the total stay can reach up to 5 years.
- Each startup can
