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Home»Entrepreneurship»USCIS opens doors for business owners with new international entrepreneur rules: here’s everything we know
Entrepreneurship

USCIS opens doors for business owners with new international entrepreneur rules: here’s everything we know

prosperplanetpulse.comBy prosperplanetpulse.comJuly 13, 2024No Comments2 Mins Read0 Views
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To attract foreign entrepreneurs to the U.S., the U.S. Department of Homeland Security (DHS) introduced the International Entrepreneurs Rule (IER), which allows foreign entrepreneurs to stay in the U.S. if their business provides significant public benefit.

The US Immigration Service has introduced new international entrepreneur rules for business owners around the world.
The US Immigration Service has introduced new international entrepreneur rules for business owners around the world.

International Entrepreneurship Rules Explained: Key Features

Eligibility: The new rules apply to entrepreneurs living abroad and those already living in the United States.

Startup requirements: Startups must have been founded in the United States within the last five years and have demonstrated significant potential for rapid growth and job creation during the past five years.

Funding Criteria: Startups must demonstrate at least $264,147 in eligible investments from U.S. investors and at least $105,659 in government grant funding, or provide other evidence of growth potential.

Parole Period: Entrepreneurs can receive a maximum parole period of 2.5 years, which can be extended by another 2.5 years on a subsequent basis, up to a total of 5 years.

Work Permit: Entrepreneurs are only allowed to work for the company they start, while their spouses can apply for work permits but their children cannot.

Application Process: Entrepreneurs must file Form I-941, Entrepreneur Parole Application, along with a $1,200 fee and supporting documentation. Entrepreneurs outside the U.S. must visit a U.S. embassy or consulate for parole processing. Entrepreneurs within the U.S. will receive their travel documents by mail or at a U.S. embassy or consulate.

Approved applicants will be allowed to work at the startup without needing any additional documentation. Applicants will receive travel document instructions based on the location they select for document pickup.

Ownership and role requirements: Entrepreneurs must own at least 10% of the startup’s shares at the time of initial application and play a central and active role in the startup’s operations.

Start-up capital requirements:

Eligible Investments: At least $264,147 from U.S. investors.

Government Subsidies: The U.S. government award is at least $105,659.

Alternative Evidence: Additional credible evidence if funding levels have been partially met.

Entrepreneurs, their relatives, or entities directly or indirectly owned by entrepreneurs or their relatives are not considered accredited investors.

Click here for details



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