New DHS Proposed Rule to Welcome More International Entrepreneurs
The Department of Homeland Security (DHS) has published a new rule, which would allow certain international entrepreneurs to remain in the United States in order to start or expand their businesses. The main goal of the program is to attract foreign entrepreneurs, as they would provide public benefit through business growth and job creation.
Once approved, the applicant will be granted an initial period of up to two years, followed by another period of up to three years if meeting additional criteria.
Some of the requirements to qualify as “international entrepreneurs” are as follows:
They have significant ownership interest in the company (at least 15%) and have an active and central role to its operations;
They have formed their startup in the United States within the past two years;
Their startup receives significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments; significant awards or grants (at least $100,000) from certain federal, state or local government entities; or their startup partially satisfies one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
Once the notice of proposed rulemaking is published in the Federal Register, the public will have 45 days from the date of publication to comment. To read the advance version of the notice of proposed rule, please click here.