On Friday, August 26, 2016 the USCIS released a proposed rule which would allow certain entrepreneurs to enter the United States for a temporary period of time to start a business in the US.
The proposed rule would allow entrepreneurs of startup entities to enter the US, if the startup will provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation. Under the proposed rule, the USCIS will decide on a case-by-case basis if the entrepreneur is eligible to enter the US. Factors to be considered are:
· If the entrepreneur has a significant interest in the startup (at least 15%) and has an active role in the startup’s operations;
· If the startup was formed in the US within the past three years;
· If the startup has substantial and demonstrated potential for rapid business growth and job creation, as evidenced by:
o significant investment of capital (at least $345,000) from US investors with record of success,
o significant investment of capital (at least $100,000) from a US government entity(ies),
o partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup’s potential for growth and job creation.
Under this new rule, the entrepreneur may be granted up to a two year stay in the US to oversee startup. The entrepreneur may be granted an additional three year stay, but only if the entrepreneur and the startup entity continue to meet the criteria above.
For additional information, please see the USCIS website.