New Developments in International Entrepreneur Rule Announced by USCIS

HI INDIA NEWS DESK
WASHINGTON, DC- The U.S. Citizenship and Immigration Services (USCIS) has published updated information about the International Entrepreneur Rule (IER), an Obama-era program that allows foreign entrepreneurs to start businesses in the United States. This rule, established in January 2017, enables foreign entrepreneurs to stay in the U.S. to grow their businesses.

Background
• 2017: IER established to facilitate foreign entrepreneurs staying in the U.S.

• 2018: Trump administration sought to suspend the rule due to implementation concerns.

• Court Ruling: Required DHS to accept applications under IER.

• Biden Administration: Reaffirmed support, maintaining IER as a pathway for international entrepreneurs to contribute to the U.S. economy.

Program Performance
• Since FY 2021: USCIS received 94 applications:

• 26 approved

• 28 rejected

• 40 pending or withdrawn

Recent Updates (July 12, 2024) 

USCIS updated its website with a detailed FAQ section and specific new criteria:

Key Criteria
• Investment Requirements:

• Qualified Investments: At least $264,147 from qualifying investors.

• Government Awards/Grants: At least $105,659.

• Alternative Evidence: Demonstrating substantial potential for rapid growth and job creation.

Eligibility:
• Entrepreneurs must be involved with a U.S. start-up formed within the past five years.

• Entrepreneurs can be either living abroad or already in the U.S.

• Up to three entrepreneurs per start-up can be eligible.

• Spouses of entrepreneurs can apply for work authorization; children cannot.

Duration
• Initial Stay: Up to 2.5 years to oversee and grow their company in the U.S.

• Extension: Up to an additional 2.5 years if the startup continues to provide significant public benefit through substantial increases in capital investment, revenue, or job creation.

The updated information and guidelines aim to boost the program’s success and encourage more international entrepreneurs to contribute to the U.S. economy.