We are waiting to hear on some final guidance for an exciting new regulation relating to international entrepreneurs. USCIS has proposed a new rule, which would allow certain entrepreneurs to be considered for parole – temporary permission to be in the United States – so that they can start or scale their businesses in the U.S. Under this proposed rule, eligible entrepreneurs of start-up companies may qualify if the following criteria are met:
They have a significant ownership interest in the startup (at least 15 percent) and have an active and central role to its operations;
The start-up was formed in the United States within the past three years; and
The start-up has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by:
• receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments;
• receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or
• partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
Under the proposed rule, entrepreneurs may be granted an initial stay of up to 2 years to oversee and grow their start-up company. A subsequent request for re-parole (for up to an additional 3 years) would be considered only if the entrepreneur and the startup entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.
Please also speak to us about the E-2 and EB-5 investor options!