THE United States is a country of several successful entrepreneurs many of whom were immigrants. Recognizing the value that entrepreneurs brought, the Department of Homeland Security (DHS) relaunched the International Entrepreneur Rule (IER) on July 13.
Temporary entry
This allows it to exercise its discretion to grant temporary entry to qualifying foreign nationals based on their role as an entrepreneur of a recently formed start-up business. Under the program, the USCIS, an agency under the DHS, can grant parole to foreign entrepreneurs who must prove they are bringing some “significant public benefit” to the US.
The entrepreneur must own at least 10% of and maintain at least a five percent ownership interest in a start-up that has done some business and was created in the five years before applying for immigration benefit under the IER. Another criteria is that the entrepreneur must play an active role that is central to the operations of the business, applying the knowledge, skill or experience.
The start-up must have received capital investment of at least $250,000 in the past 18 months from one or more U.S. investors (subject to certain criteria) with an established record of successful investments. This requires that, during the past five years each investor must have invested at least $600,000 in start-ups and at least two of these recipient start-ups must have created five qualifying jobs for U.S. workers or generated $500,000 in annual revenue with a 20% growth rate.
Which jobs qualify
The start-up can be a corporation, LLC, partnership, or other entity organized under federal or state law. Investments by the entrepreneur, immediate family, or entities owned by either do not count. Qualifying jobs are those located in the United States and held on a full-time basis by lawfully employed workers, excluding the entrepreneur, immediate family members and independent contractors.
