Ready to start a business in the US? The International Entrepreneur Rule may be the answer
If all goes well, starting on July 17, 2017, entrepreneurs who wish to start their businesses in the US have an opportunity. A new federal rule, the International Entrepreneur Rule, will allow eligible entrepreneurs to be granted parole. What does this mean? It means that you will be able to live (with your spouse and children under 21) in the US while you start a business.
The Department of Homeland Security (hereinafter DHS) has the discretion to “parole” certain foreign nationals on the basis of “significant public benefit.” Each case is judged individually on the totality of the evidence provided.
There are, of course, qualifications. Namely, the entrepreneur needs to show that this startup has “significant potential for rapid growth and job creation.” In order to do that, DHS will look for several things.
An entrepreneur must show at least one of the following:
- The business has received at least $250,000 from certain U.S. investors; or
- The business has received at least $100,000 in awards or grants from certain government entities; or
- You can show some capital investment or government awards/grants and can provide additional evidence of the “significant potential for rapid growth and job creation” through this business.
In addition to meeting at least one of these criterion, you must be able to prove the following:
- This is a new business (less than five years old) that has been operating lawfully since its creation;
- The business will likely have rapid growth and will create jobs in the US; and
- The entrepreneur applying for parole
- Has at least a 10 percent ownership in the business;
- Is actively involved in the businesses’ operations; and
- Will “substantially further” the entity’s ability to engage in and conduct business and to grow.
As with any application to USCIS, the adjudicators will evidence presented and evidence available through other means, such as background checks to determine whether negative factors exist that warrant denial of parole. This means that your relationship with the US (have you ever overstayed a visa, have you ever committed any crimes, etc.) will be reviewed thoroughly before parole will be granted.
If USCIS finds that you should be granted parole, you and your family can come to the US to live for up to 30 months. (Your spouse may be able to apply for a work permit and, if granted, will be able to work in the US in any job.) After the initial period of 30 months, you may apply for additional term of parole for another 30 months.
Ready to be on parole? Call Rupert Law Group. We help entrepreneurs, and we’re ready to help you.