The Obama Administration has announced that it will propose an International Entrepreneur Rule to allow international startup founders to establish their companies in the United States. Under the new rule, foreign entrepreneurs in any industry could stay up to five years in the U.S.
The Department of Homeland Security would issue temporary visas for entrepreneurs under certain requirements. For a two-year U.S. visa, entrepreneurs must prove that the startup was founded in the U.S. within the past three years, that they have at least 15 percent ownership in the company, and that they have received governmental grants of at least $100,000 or have raised at least $350,000 from U.S. investors. If the foreign entrepreneurs demonstrate that the company has growing and job creation potential they could receive an additional three-year visa. In this case, they would also need to hold at least 10 percent ownership, they must have had created 10 full-time jobs, have had a 20 percent year-on-year grow, a prior annual revenue of $500,000, or to have raised at least $500,000 from investors. If they don’t meet these requirements but can demonstrate that their company provides public benefit in any way, they might still be considered.
Around 3,000 foreigners a year would qualify, according to DHS estimations.
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