New US Immigration Route for Entrepreneurs
United States, 4th September: A new US immigration route for entrepreneurs has been proposed recently.
Yes, that’s quite true.
That’s simply great. Isn’t it? Indeed.
“A new US immigration route for entrepreneurs has been proposed in a recent move.”
As per the details, this new US immigration route has been proposed by the US Department of Homeland Security. The proposal will not need any congressional approval. It will enable US immigration officials to admit foreign entrepreneurs case by case.
How to qualify under the new US immigration route for entrepreneurs?—Well, to get qualified under the new US immigration route for entrepreneurs, one must be having a central and an active role. Moreover, he or she must have a significant ownership stake in any US firm founded in last three years duration.
So, foreign entrepreneurs will now have an option to apply for staying longer in the US. It has been named “International Entrepreneur Rule”. It will become effective after a comment period of 45 days.
It is being regarded as a workaround for US President Barack Obama. Obama has been desirous of creating a ‘startup visa’ to pave the way for immigrant entrepreneurs. It will enable foreign entrepreneurs to start businesses in the US.
It may be worth notable that the new US immigration proposal takes benefit of the current Immigration and Nationality Act. Under this act, the US government can grant temporary entry into the US to individuals on a case-by-case basis. This could be for ‘significant public benefit’ or ‘urgent humanitarian reasons’.
No cap on the number of immigrant entrepreneurs to be allowed in the US—Well, there will be no cap on the total number of immigrant entrepreneurs to be allowed in the US under this ruling. Meanwhile, some restrictions will be there.
Foreign entrepreneurs will have the choice to apply for two tiers of admission.
- The first allows entry into the US for two years but the US government can reverse this decision any time. Founders need to own a minimum of 50 percent of their firms and must have raised a minimum of $345,000 from US investors/or $100,000 from federal/state/local government agencies.
- The second tier offers founders admission for additional three years. Founders need to continue running their businesses in the US, retain a minimum of 10 percent ownership, and either raise a minimum of $500,000 from US investors, generate $500,000 in annual revenue with 20 percent year-over-year growth/prove they created 10 full time jobs in five years.