U.S. Citizenship and Immigration Services is proposing a new rule to allow the Department of Homeland Security to use its discretionary statutory parole authority to accept more foreign entrepreneurs that meet job, investment and revenue growth criteria in the U.S.
The International Entrepreneur Rule expands immigration options for eligible immigrant entrepreneurs with at least 15 percent ownership and an active operations role in a startup formed within the U.S. The startup must be formed within the past three years and demonstrate potential for job creation and growth.
"America's economy has long benefited 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 U.S."
Of the proposed rule, Secretary of Commerce Penny Pritzker said: "In the absence of comprehensive immigration reform, I'm delighted to see a solution that will allow the innovators behind many of our nation's startups to remain in the United States, where they can continue strengthening our economy and creating good jobs."
Once able to provide quantifiable evidence, entrepreneurs may be granted an initial stay of up to two years to oversee startup growth. Requests for an additional three years are possible in cases showing significant public benefit.
The public will have 45 days to comment once the notice of proposed rule-making is published in the Federal Register, and USCIS will address the comments before a finalized rule takes effect.
"I encourage every entrepreneur, startup and business to provide feedback during the rule’s public comment period and to participate in this program once implemented," Pritzker said. "I look forward to convening entrepreneurs, startups and other stakeholders around the country to make sure this program achieves its goals."