The Entrepreneurship Visa for Emerging Companies returns
The Entrepreneurship Visa for Emerging Companies returns
La Administración de Biden le ha dado una nueva vida a la Regla de Emprendedor Internacional (o IER por sus siglas en Inglés), más conocida como el programa de visas para empresas emergentes. El Departamento de Seguridad Nacional de los Estados Unidos (DHS) ha anunciado que está retirando una regla propuesta por la administración anterior que habría revocado el programa de visas para empresas emergentes. Con este anuncio, los empresarios extranjeros tienen otra vía de inmigración a Estados Unidos.
What is the International Entrepreneur Rule?
International businessmen who qualify under the IER obtain immigration parole. While the term may bring to mind ankle bracelets, here it indicates an immigration status that grants you the right to enter and remain in the U.S. for a specific period of time granted by DHS. You do not need a work visa or green card.
Under the IER, you can stay in the U.S. for two and a half years and, at the end of your stay, extend it for a similar period (new parole). During your stay, you are expected to further your business or ‘start-up’. You can bring your spouse and children to the U.S. Your spouse can work, but your children cannot work in the country.
An immigration attorney can guide you through the application process for the start-up visa program. If you reside outside of Florida you can search online for ‘immigration attorney (include city, whether Hollywood, Weston, Miami or West Plan Beach)’ which will direct you to the law office of Carlos E. Sandoval PA, a respected firm offering a full range of immigration legal services.
History of the International Entrepreneur Rule
The United States, a world leader in innovation, is being challenged by countries such as China, England, Canada and Australia, which have favorable immigration policies for international entrepreneurs. While the country has benefited greatly from the contributions of its immigrant business leaders, its immigration system currently lacks an option that allows immigrant startup founders to pursue their American dream.
In order to close this gap, President Obama introduced the IER toward the conclusion of his term. The Trump administration shot it down before its launch. A successful lawsuit filed by the National Venture Capital Association, a leading organization of hundreds of venture capital firms that provide funding to innovative companies, ensured that the startup visa program remained in place. However, the governing administration was determined to eliminate the program and made attempts in this direction, until the Biden administration revived it, and for good reason. The National Venture Capital Association estimates that the IER rule could create more than 4 million jobs in the first ten years and contribute more than $18 billion in indirect value to the U.S. economy.
How would the International Entrepreneur Rule benefit the United States?
It is widely recognized that immigrant entrepreneurs have made enormous contributions to the U.S. economy. More than 40% of Fortune 500 companies were founded by immigrants or children of immigrants. More than half of America’s ‘unicorn’ companies have immigrant founders, while more than 80% have at least one immigrant employee in a CEO, CFO or VP position. That said, the likes of Elon Musk (Tesla, Space X), Sergey Brin (Google) and Adi Tatarko (Houzz) came to the U.S. as students, through family members or on a temporary work visa.
Implementing the IER would pave an easier path for foreign talent to implement their million dollar idea in a country with a thriving entrepreneurial ecosystem. It would create opportunities for talented entrepreneurs from India, Hungary and other countries that cannot qualify for a non-immigrant visa under the E-1 / E-2 (Treaty Trader / Treaty Investor) rules.
What are the requirements to qualify under the IER?
You have a good chance of qualifying under the start-up visa program if you meet the following criteria:
- Your start-up must have been formed in the United States within the last five years.
- It must have an ownership stake in the start-up of at least 10% and be actively involved in its operations.
- The company must have received a minimum of $250,000 in equity investment from qualified U.S. investors; or at least $100,000 from local, state or federal government agencies; or demonstrate its potential for business growth and job creation by being accepted into a competitive start-up accelerator.
IER parole may be granted to up to three entrepreneurs per entity. Each entrepreneur must apply separately and qualify for parole.
If this type of visa is a good fit for your needs, contact the law office of Carlos E. Sandoval P.A. If you are within the U.S., you can perform a Google search for “visa attorney near me in (your city)”, and it will bring up the firm’s website.
How to apply for IER parole
Depending on your situation, you may need to complete the following forms:
Form I-941: Application for Parole for International Entrepreneurs.
Form I-131: Application for Travel Documents (spouse/dependent)
Form I-765: Application for Employment Authorization (for spouse)
Form I-9: Employment Eligibility Verification (for employees)
All required supporting documents must accompany your application. You must also pay the required fee, including biometric service fees. Each applicant must complete a separate form and pay a fee.
If you are applying from the U.S., you must be fingerprinted at the immigration data center nearest your home. If you are applying from outside the U.S., you may complete this requirement at a U.S. Consulate or Embassy near you.
Translated with DeepL.com (free version)
What else should you know about the International Entrepreneur Rule?
At this point, you cannot appeal a parole/parole denial. USCIS will also not consider a motion to reopen or reconsider a parole denial. In addition, USCIS may cancel parole at any time, with written notice or without notice. An immigration attorney will be able to provide you with comprehensive guidance if you have problems with your immigration status.
As an IER parolee, you will not be able to file an application within the U.S. to change from IER status to another status, such as an H-1B visa. However, there may be other options for applying for Permanent Residency and continuing to live in the United States. Consider speaking with an experienced immigration attorney near you or with the Law Offices of Carlos E. Sandoval P.A. to explore your options.
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Carlos Sandoval
Carlos Enrique Sandoval, Attorney, member of the FL Bar, AILA and licensed to practice law by the Supreme Court and the Federal Court for the Southern District of Florida.
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