On December 1, 2017, the US District Court in DC ruled in favor of the entrepreneurs and venture capitals and vacated the rule (“Delay Rule”) delaying the effective date of the Parole for International Entrepreneurs Rule (PIER) until March 14, 2018. In the Delay Rule, the Department of Homeland Security (DHS) also stated that the PIER was “highly likely to be revoked.” This ruling represents a great step forward towards a fully operational “startup visa” in the US and is a win for entrepreneurs all over the world that are seeking to grow their companies in the US market.
On January 17, 2017, the U.S. Department of Homeland Security (DHS) published the final rule for providing parole to international entrepreneurs who are starting their own businesses in the U.S. Recall that I had published my commentary on the proposed version of the same rule, here. Of course, as someone who follows and practices immigration options for international entrepreneurs, I was excited for that rule. Then, DHS added more discretionary factors to the EB-2 self-petitions with National Interest Waiver (NIW), which would be difficult to obtain for someone who wants to start their own business soon after graduating with an undergraduate degree. Subsequently, DHS published the NEW Parole for International Entrepreneurs Rule, effective July 17, 2017.
With the increasing interest in the pending Parole for International Entrepreneurs Rule, entrepreneurs from other countries are unaware that even before this rule, there were many ways to start your own business and stay in the U.S. Here are some of the methods to allow those that are here on temporary visas, student visas, or other work visas to do just that:
We are so excited about this new rule that we cannot wait until it is published in the Federal Register to write about it. The USCIS began taking comments yesterday. We encourage our readers to submit their thoughts to USCIS, the crucial impact of this program cannot be underestimated. You can read about the proposed rule and send them your comments by using the green button in the upper right-hand corner. They will be taking comments until October 17, 2016. at which time they will begin addressing the comments. The rules will not become final until the date specified in the final rule, which will be published in the Federal Register.
The next president must make passing The Startup Act one of their priorities as a presidential candidate. This would be one giant step towards immigration reform and to really leverage the power of international talent to improve our economy.Here is why…
One: Stop the STEM Students Brain Drain
Studies show that more STEM students here in the U.S. are foreign compared to those that are U.S. Citisens. It is concerning when “we bring them here, we train them, then they leave,” according to Vince Bartram, president and CEO of Project Lead the Way, as quoted in the U.S.News article. The reason that most of these students leave after their studies is because they could not find jobs to maintain their immigration status in the U.S.
For EB-5’s, most investors or business people think of large real estate development projects, having $500K or $1 million in money readily available to invest, and immediately creating those 10 jobs that are required to get permanent residence. This is largely a generalization of this underutilized program.
If you are a foreign national considering starting a business here in the U.S. and you would like to eventually obtain permanent residence, an EB-5 immigration path is worth considering. Here are some of the issues that you should consider with an immigration attorney at the outset.