On Friday, August 26, 2016 the USCIS released a proposed rulewhich would allow certain entrepreneurs to enter the United States for atemporary period of time to start a business in the US.
The proposed rule would allow entrepreneurs of startupentities to enter the US, if the startup will provide a significant publicbenefit through the substantial and demonstrated potential for rapid businessgrowth and job creation. Under theproposed rule, the USCIS will decide on a case-by-case basis if theentrepreneur is eligible to enter the US. Factors to be considered are:
· If the entrepreneur has a significant interest in the startup(at least 15%) and has an active role in the startup’s operations;
· If the startup was formed in the US within the past threeyears;
· If the startup has substantial and demonstrated potential forrapid business growth and job creation, as evidenced by:
o significantinvestment of capital (at least $345,000) from US investors with record ofsuccess,
o significantinvestment of capital (at least $100,000) from a US government entity(ies),
o partiallysatisfying one or both of the above criteria in addition to other reliable andcompelling evidence of the startup’s potential for growth and job creation.
Under this new rule, theentrepreneur may be granted up to a two year stay in the US to overseestartup. The entrepreneur may be grantedan additional three year stay, but only if the entrepreneur and the startupentity continue to meet the criteria above.
Foradditional information, please see the USCISwebsite.