President Biden takes another step forward in an effort to modernize the U.S. Immigration system
In a reversal of the former administration’s direction, U.S. Citizenship and Immigration Services recently announced that the Department of Homeland Security (DHS) is withdrawing a 2018 notice that proposed removal of the International Entrepreneur program from DHS regulations.
Opening an immigration path to the United States for international entrepreneurs, the International Entrepreneur (IE) parole program, first introduced in 2017, will remain a viable program for foreign entrepreneurs to create and develop start-up entities with high growth potential in the U.S. The program will help to strengthen and grow our nation’s economy through increased capital spending, innovation, and job creation.
Known as the International Entrepreneur Rule, this “startup visa” is available immediately and will enable entrepreneurs and startup founders from across the globe to bring ideas to the U.S., create jobs and drive the economy.
Why is this important? According to the New American Economy (NAE), a bipartisan research and advocacy organization, 1 out of every 5 entrepreneurs in the U.S. is an immigrant. That is 3.2 million immigrants running their own businesses driving $406B in tax revenue annually while employing 8 million Americans.
Initially permitting a stay inside the U.S. for 2.5 years, this “visa” is renewable and should enable the recipient to work towards U.S. lawful permanent resident status (“green card” status), as well as including work provisions for spouses. Applicants must be able to demonstrate their company would be of significant benefit to the U.S. Although the “visa” is not immediate permanent residency, it is a tremendous opportunity for bright minds to bring their talents and families to the U.S., while working towards “green card” status.
Entrepreneurs applying for parole under this rule must demonstrate that they:
- Possess a substantial ownership interest in a start-up entity created within the past five years in the United States that has substantial potential for rapid growth and job creation.
- Have a central and active role in the start-up entity such that they are well-positioned to substantially assist with the growth and success of the business.
- Will provide a significant public benefit to the United States based on their role as an entrepreneur of the start-up entity by showing that:
- The start-up entity has received a significant investment of capital from certain qualified U.S. investors with established records of successful investments.
- The start-up entity has received significant awards or grants for economic development, research and development, or job creation (or other types of grants or awards typically given to start-up entities) from federal, state, or local government entities that regularly provide such awards or grants to start-up entities; or
- They partially meet either or both of the previous two requirements and provide additional reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
- Otherwise merit a favorable exercise of discretion.
The application process is extensive but manageable with the right partner. The Guerrero Law Firm is here to help you. With over 20 years of success in U.S. Immigration Law, our team is innovative and recognized by peers and experts globally.
Contact us by email at email@example.com or phone at 645.545.5000 today for a consultation and find out why we are the leading immigration law firm in New York City — serving clients throughout the United States and across the globe.