International Entrepreneur Parole
For entrepreneurs building high growth startups in the U.S.
On May 10, 2021, acting USCIS Director Tracy Renaud stated in a press release, “immigrants in the United States have a long history of entrepreneurship, hard work, and creativity, and their contributions to this nation are incredibly valuable. The International Entrepreneur parole program goes hand-in-hand with our nation’s spirit of welcoming entrepreneurship and USCIS encourages those who are eligible to take advantage of the program.” Indeed, some of the most successful entrepreneurs in the U.S. are foreign-born, including Elon Musk, Sergey Brin, and Jan Koum.
The International Entrepreneur Program was created under the Obama administration and paves the way for foreign entrepreneurs and investors to remain in the United States for up to 5 years while starting a business or establishing a business presence. While this program was largely stopped during the Trump administration, Biden revived it in 2021. This program is not a visa, but a parole program that temporarily allows a period of authorized stay. While it is not a path to a green card, there are no quotas on the number of people who can enter the country under this program.
What are the Requirements for the IEP program?
· Having an active or central role in a U.S. based start-up that was created within the last 5 years
· Having at least 10% ownership of a U.S. start-up.
· Demonstrating that the start-up received at least $250,000 ($264,147 starting in October 2021) from qualified US investors or government grants of at least $150,000 in the last 18 months
Currently, up to three entrepreneurs per start-up entity may be able to qualify for the program If an entrepreneur wishes to bring a spouse to the U.S., they can apply for an employment authorization for the spouse to work at their start-up or another U.S. business. Children under 21 can also come with their parents to the U.S.
How Long is the Parole Granted for?
If parole is granted, the entrepreneur is authorized to stay for a period of 30 months with the ability to seek an extension for an additional 30 months. The extension has some additional requirements, including:
· Maintaining their role in the startup company;
· Maintaining at least a 5% ownership stake in the start-up; and
· Demonstrating that the start-up either received at least $500,000 in qualifying investments, grants, or awards; created at least five qualifying jobs; or reached at least $500,000 in annual revenue in the United States and averaged 20% in annual revenue growth.
If you are a foreign-born entrepreneur who wants to come to the United States under the International Entrepreneur Program, it’s important to speak with an experienced immigration attorney to guide you through this process. Contact the Xu Law Group for a consultation today.