The International Entrepreneur Rule, which was supposed to go into effect July 17, 2017, but was delayed until March 14, 2018, is now in effect after a federal district court judge ruling on Friday, December 1, 2017 which vacated the rule that delayed implementation. Federal judge James E. Boasberg found that the rule issued by the Department of Homeland Security delaying implementation of the International Entrepreneur Rule violated the Administrative Procedure Act’s requirements, since the Department of Homeland Security did not get advance comments from the public on the delay.
The International Entrepreneur rule is meant to open the door to entrepreneurs to enhance innovation and job creation in the United States. Foreign entrepreneurs who meet certain criteria, such as owning or starting a U.S. company that receives substantial investment funds, are now eligible to be granted parole in the U.S. for up to 30 months to work for their companies and possibly be granted additional time if they can demonstrate significant progress in economic growth and job creation during those 30 months. The rule is based on the government’s parole authority and is meant to provide options to foreign entrepreneurs who do not currently have any U.S. visa options available to them, with the goal of benefitting the U.S. economy through innovation, job growth and increased capital spending.
The new rule creates a significant opportunity for technology and other companies who have founders that may not be eligible for other visas. While the new administration has suggested they will move to rescind the rule in the future, the rule is now currently in effect and we expect that it will benefit talented foreign entrepreneurs who have great ideas and who want to grow a company in the U.S..
To find out more about the new rules or other investor visas, contact Scott Legal, P.C.
Ian E. Scott, Esq. is the Founder of Scott Legal, P.C. He can be reached at 212-223-2964 or by email at firstname.lastname@example.org.
This website and blog constitutes attorney advertising. Do not consider anything in this website or blog legal advice and nothing in this website constitutes an attorney-client relationship being formed. Set up a one-hour consultation with us before acting on anything you read here. Past results are no guarantee of future results and prior results do not imply or predict future results. Each case is different and must be judged on its own merits.