NEW YORK CITY - The Biden administration is updating an existing, yet little known, program aimed at boosting immigration among international entrepreneurs.
The International Entrepreneur Rule was first announced in 2017, with the U.S. Citizenship and Immigration Services agency estimating back then that 2,940 business owners would apply each year. However, in the past three years, only 94 applications have been received, and 26 of them have been accepted, according to a new Forbes report.
Now, to encourage more applications to the program, the Biden administration added an in-depth description of the application process, requirements and the various types of acceptable application materials to the program website last week.
Under the rule, the Department of Homeland Security, on a case-by-case basis, may grant parole to foreign entrepreneurs "who demonstrate that their stay in the United States would provide a significant public benefit through their business venture."
Entrepreneurs and their spouses under this program receive employment authorization to work at their startup and they can remain in the country for up to five years.
Now, the updated information on the USCIS website explains that "startup entities must demonstrate substantial potential for rapid growth and job creation by showing at least $264,147 in qualified investments from qualifying investors, at least $105,659 in qualified government or grants, or alternative evidence.
When submitting the initial application, an individual can be in the U.S. or abroad, but must have at least a 10% ownership stake. USCIS lists qualifying investors such as venture capital firms, but a "qualified investor."
The program's lack of popularity is credited to a couple reasons, according to Inc.
The first one: it is not a visa. If an entrepreneur's application is accepted, a business owner can live in the U.S. for two and a half years through authorization from the Department of Homeland Security. They can then apply to stay for another two and a half years if their company met certain benchmarks the first parole period.
The benchmarks are also increasingly difficult to hit. The startup must have either received at least $528,293 in funding and created five jobs, or reached that amount in revenue, averaging at least 20% in annual revenue growth.
After the five years are up, USCIS notes, there's no option to apply for an additional stay, as the program's "intent is for this to provide enough time for the entrepreneur to transition to a more durable status as they become eligible."
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