In January of this year, the Department of Homeland Security (DHS) published a final rule providing foreign individuals who are founders of start-up companies an opportunity to grow their companies within the United States. The rule is anticipated to help improve the economy through increased capital spending, innovation and job creation.
The final rule allows DHS to use its “parole” authority on a case-by-case basis to grant a temporary admission and stay to foreign entrepreneurs who can show that their stay in the United States will provide a significant public benefit through the potential for business growth and job creation. This new rule will go into effect on July 17, 2017.
DHS estimates that nearly 3,000 entrepreneurs a year may be eligible for admission under this rule. Qualified applicants may be granted a stay of up to 30 months, and can apply for an extension of up to an additional 30 months, at the discretion of DHS. Eligibility may be granted for up to three entrepreneurs per entity, and includes spouses and children. Approved applicants may only work for their start-up business. Spouses may apply for work authorization, but their children will not be eligible.
To qualify, an applicant must demonstrate that they meet the following requirements to be considered eligible under this rule:
- The applicant has a substantial ownership interest in a start-up entity created within the past five years in the United States that has substantial potential for rapid growth and job creation.
- The applicant has a central and active role in the start-up entity, such that the applicant is well-positioned to substantially assist with the growth and success of the business.
- The applicant can prove that their stay will provide a significant public benefit to the United States based on the applicant’s role as an entrepreneur of the start-up entity by:
- Showing that the start-up entity has received a significant investment of capital from certain qualified U.S. investors with established records of successful investments;
- Showing that the start-up entity has received significant awards or grants for economic development, research and development, or job creation (or other types of grants or awards typically given to start-up entities) from federal, state or local government entities that regularly provide such awards or grants to start-up entities; or
- Showing that they partially meet either or both of the previous two requirements and providing additional reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
The process of applying for admission to the U.S. can be very confusing and every step of the process is crucial. Consult with a qualified immigration attorney if you want to apply for parole as an entrepreneur to lawfully enter the U.S. The right attorney can make the process more manageable than attempting the process on your own.
FIND OUT WHERE YOU STAND! You may already qualify for a benefit that you are not aware of yet. If you have never talked to an immigration attorney about your situation before, now is the best time to do so – before the new administration starts making changes that may affect you and your family. Contact an experienced, licensed attorney to find out what YOU can do to help your situation. If you would like our assistance, contact our office today at 210-932-3600 to set up a consultation.