In the final months of his tenure, President Obama has laid the groundwork for a special visa to encourage foreign entrepreneurs to start their companies in the United States. On August 26th, the Department of Homeland Security published the White House’s proposed International Entrepreneur Rule.
If enacted, this rule will grant temporary, two-year visas to foreign entrepreneurs on a case-by-case basis for start-up entities that would provide a “significant public benefit to the United States.” This sentiment seems to fit perfectly with the emerging popularity of benefit corporations in the U.S.
To be eligible as a foreign entrepreneur, you must show that your startup has demonstrated potential for rapid growth and job creation. This can be shown, for example by having obtained financing from qualified U.S. investors, or obtaining awards or research grants from various government entities.
After the initial two-year visa, you may apply for an additional three-year visa if you can show that your company continues to provide significant benefit, including that is has grown and will continue to grow–measured by increases in capital investment, job creation, and revenue.
This proposed rule is currently open for a public comment period of 45 days, and does not take effect until the final rule is published.
In his final State of the Union Address, President Obama noted that “America is every immigrant and entrepreneur from Boston to Austin to Silicon Valley, racing to shape a better world. That’s who we are.” We look forward to the future entrepreneurship that the International Entrepreneur Rule paves the way for.
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Until next time, Susan