According to the revised guidelines, foreign entrepreneurs can now potentially reside in the US for up to five years, provided their venture demonstrates significant public benefit. Initially, they are granted a stay of two-and-a-half years, with extensions available based on criteria such as achieving funding milestones and creating jobs. The International Entrepreneur Rule, overseen by the Department of Homeland Security (DHS), allows noncitizen entrepreneurs to apply for an authorized stay in the United States, referred to as “parole,” by showing substantial public benefit through their business endeavors. It permits them to work exclusively for their startup. While the entrepreneur’s spouse is also eligible for parole, their children are not. Also, if you are coming back to India, try to Grab cheap flight tickets from USA to India through Tripbeam. It will help you save money on your travel.
To Qualify for the IER, Applicants Must Meet Key Criteria:
Citizenship of Entrepreneurs
- Entrepreneurs can apply whether they are residing outside the US or already within the country.
Startup Entity Requirements
- The startup must be a legally established entity in the US, created within the last five years.
- The startup must show potential for fast growth and job creation, backed by at least $264,147 from investors, $105,659 in government grants, or other solid evidence.
Parole Period
- An initial parole period of up to 2½ years is granted.
- Re-parole, or extensions, can be given for a maximum stay of 5 years if further financial or employment-related benchmarks are fulfilled.
Total Number of Entrepreneurs
- Under this law, each startup can have up to three entrepreneurs eligible for parole, allowing numerous founders to collaborate and grow their businesses in the United States.
Family Members
- The entrepreneur’s wife can apply for employment authorization upon entering the US under parole conditions. However, this provision does not extend to their children.
Requirement for Roles & Ownership
- You must be actively involved in the daily operations and key decision-making processes of the startup.
- You must own at least 10% of the startup at the time of application, indicating a significant investment in the business.
Funding Requirements
- To demonstrate the startup’s potential for rapid growth and job creation, the startup must have received within the past 18 months.
- A qualified investment of at least $264,147 from a reputable investor, demonstrating confidence in the startup’s potential, or
- A qualified award or grant of at least $105,659 from a US federal, state, or local government entity. Alternatively, other credible evidence of the startup’s growth potential may be provided.
Family Accompaniment and Employment Authorization
Spouse: The entrepreneur’s spouse can apply for parole and subsequently seek employment authorization using Form I-765.
Children: Unmarried children under 21 years may apply for parole but are not eligible for employment authorization.
Application Process and Status Adjustments
- You are eligible for parole from outside the United States if you fulfill the criteria.
- While in the US on parole, you can apply for other immigration statuses if eligible. However, parole does not permit status adjustments within the US, so you may need to travel abroad for visa processing.
Eligibility from Nonimmigrant Status
- Entrepreneurs currently in nonimmigrant status can apply for IER parole. Approval may necessitate departure from the US for re-entry under parole conditions.
- Violating a nonimmigrant visa can have serious implications, such as deportation and an indefinite ban on returning to the United States.
To Sum Up
In summary, the revised International Entrepreneur Rule allows foreign entrepreneurs to stay in the US for up to five years if their startup shows significant public benefit. Entrepreneurs can start with a 2½-year parole and extend it based on meeting financial and job creation milestones. Each startup can have up to three eligible founders, and while the entrepreneur’s spouse can work, children cannot. Entrepreneurs must own at least 10% of their startup and be actively involved in its operations. Applying for parole from outside the US is possible, but adjusting status may require travel abroad. Overstaying a visa can lead to severe consequences. For a spontaneous travel plan, you can Grab last minute flights to India from USA through Tripbeam.
Also Read: Say Goodbye To The Long Immigration Process As India Discontinues The Air Suvidha Form
