Final Regulation for International Entrepreneur Parole Has Been Published
On January 18, 2017, the Department of Homeland Security (DHS) published a final rule to improve the ability of certain promising start-up founders to begin growing their companies within the United States and help improve the U.S. economy through increased capital spending, innovation and job creation. The new regulation allows certain international entrepreneurs to remain in the United States for up to five years in order to start or expand their businesses.
The "parole" authority will 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. The new rule will be effective July 17, 2017.
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.
To learn more about the requirements to be considered under this rule, please read our blog or contact us for further information.