NEW IMMIGRATION POLICY
US Seeks Certain Foreign Investors!
Published on January 27, 2017 | By Shahzad Ahmed - Immigration Attorney with NeJame Law
On January 17, 2017, the U.S. Department of Homeland Security (DHS) published a final rule: Certain promising investors who will create jobs will receive lawful stay in the United States.
Under this final rule, DHS may use its "parole" authority to grant a period of authorized stay, on a case-by-case basis, to foreign entrepreneurs who demonstrate that their stay in the United States would provide a significant public benefit through the potential for rapid business growth and job creation.
What are the requirements of this parole?
According to the DHS publication, the following requirements must be met:
- The investor started up an entity within the last 5 years and has substantial potential for rapid growth and job creation;
- The investor possesses a substantial ownership interest (at least 10%) in a start-up entity and 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 of the business and job creation AND
- The applicant can prove that his or her 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 one of the following:
- 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 “by demonstrating that the start-up entity has received investments of capital totaling $250,000 or more from established U.S. investors (such as venture capital firms, angel investors, or start-up accelerators) with a history of substantial investment in successful start-up entities;” OR
- Showing that the start-up entity has received significant awards or grants ($100,000 or more) 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.
When will this rule go into effect?
The new rule is effective July 17, 2017.
Who will benefit from this rule?
DHS estimates that 2,940 entrepreneurs will be eligible under this rule annually. Eligible entrepreneurs may be granted a stay of up to 30 months, with the possibility to extend the period by up to 30 additional months if they meet certain criteria, in the discretion of DHS.
Under this final rule, eligibility may be extended to up to three entrepreneurs per start-up entity, as well as spouses and children. Entrepreneurs granted stays will be eligible to work only for their start-up business. Their spouses may apply for work authorization in the United States, but their children will not be eligible.