July 19th, 2024 at 05:51 pm

Stay and Work Temporarily in the US: Exploring the International Entrepreneur Rule

The International Entrepreneur Rule (IER), a new initiative by USCIS, aims to encourage skilled foreign entrepreneurs and promote innovation. Qualifying foreign entrepreneurs may be granted temporary parole status under the IER, allowing them to remain and work in the US for a maximum of five years while they build and expand their enterprises.

Are you a US resident and have a great company concept that you can’t seem to bring to life? You’re in luck, according to US Citizenship and Immigration Services (USCIS)! The International Entrepreneur Rule (IER), which was implemented by the US, presents a substantial chance for non-citizen entrepreneurs who want to launch and expand their businesses in the US.

If qualified entrepreneurs fulfill certain requirements, the IER permits them to reside and work temporarily in the US. The specifics of the IER, its qualifying standards, and the application procedure are covered in full in this article.

Overview: International Entrepreneur Rule (IER)

Under the IER program, foreign entrepreneurs who fulfill certain requirements can apply for temporary parole status. With this parole, they can stay and work in the US for a maximum of five years to grow and expand their company. Among these prerequisites are:

• Ownership: At the time of the first application and at the time of re-parole, the entrepreneur must own at least 10% of the startup.
• Beginning Conditions: The startup needs to be founded as a US business and no older than five years.
• Investment: The startup needs to have gotten grants or awards from the government totaling $100,000, or at least $250,000 in financing from eligible US investors.

Authorized Stay and Work Permissions

On a case-by-case basis, the Department of Homeland Security (DHS) issues a permitted stay, which is known as “parole.” Paroleed entrepreneurs are only permitted to work on their startups. The entrepreneur’s spouse and kids may also be eligible for parole, and the spouse may apply for work authorization as soon as they enter the country.

IER Threshold Criteria

To be eligible for the IER, entrepreneurs and their startups need to fulfill the following requirements:

• Entrepreneur’s Residence: Entrepreneurs may reside in the United States or overseas.
• Startup Formation: Within the last five years, the startup must have been founded in the United States.
• Investment and Grants: The business must show that it has received at least $264,147 in approved investor investments or at least $105,659 in grants from the government.
• Initial Parole Period: Entrepreneurs may be eligible for an initial parole period of up to 2.5 years. This time may be extended for an additional 2.5 years, contingent on meeting revenue targets, creating jobs, or obtaining more capital.
• Number of Entrepreneurs: Under the IER, up to three entrepreneurs per startup may be qualified for parole.

Extensive Standards for Business Owners and Startups

• Ownership Interest: A significant ownership stake in the startup is required of the entrepreneurs.
• Investments that meet the requirements must be made in the form of convertible debt, equity, or another security that can be converted into equity.
• Growth Potential: The business should have a strong chance of expanding quickly and adding jobs.

Application Process

Forms and Fees

Form I-941, Application for Entrepreneur Parole, must be submitted by business owners, along with a $1,200 payment. The application for a travel document, Form I-131, must be filed by the spouse and children (unmarried minors under 21) together with supporting documentation and a $630 cost.

Time Spent Processing

For now, premium processing is not available for Form I-941. However, at USCIS’s discretion, applicants may request accelerated processing.

Post-Approval Steps

Entrepreneurs outside of the US must finish the parole application procedure in a US embassy or consulate if their application is accepted. Travel documents will be sent to those who are already in the US, and they will need to leave and return before their final parole decision can be made.

Authorization for Work and Travel

Without requiring a separate work authorization form, entrepreneurs approved under the IER are permitted to work for their startup. This advantage differs from a visa, though, since it only permits a single entry into the US. Entrepreneurs who want more travel time can apply for “advance parole.”

Conclusion

Through the establishment and expansion of their enterprises, non-citizen entrepreneurs have a great potential to contribute to the US economy thanks to the International Entrepreneur Rule. Entrepreneurs can gain from a temporary stay in the US by fulfilling the requirements and completing the application procedure, which promotes innovation and job development.

In addition to consulting with immigration experts, entrepreneurs can visit the official USCIS website for more comprehensive information and updates about the International Entrepreneur Rule.