Boosting the International Entrepreneur Rule
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The Department of Homeland Security last week rolled out additional guidance for the International Entrepreneur Rule, the closest thing the U.S. has to a "startup visa."
Why it matters: The IER provides support for non-U.S. entrepreneurs to establish and build their startups in this country.
How it works: Granted by the Department of Homeland Security, the program is not a formal visa but rather a "parole" status for foreign entrepreneurs who want to enter the country.
- The program sets certain criteria for candidates to be allowed into the country to work on their company for 2½ years, with the option to apply for an additional 2½ years.
- While on the parole status, they can apply for formal visas.
- Spouses of these entrepreneurs can also apply for work authorization.
Flashback: Created during the Obama administration, and initially set to roll out in 2017, it wasn't implemented until 2021 after the Trump administration delayed its rollout and signaled plans to kill it off.
Between the lines: The DHS published additional and clearer information about which entrepreneurs and startups can qualify, probably in an effort to boost the program.
- Since its implementation in 2021, the department has approved only 26 cases out of 94 applications. Twenty-eight have been rejected, and 40 are pending or have been withdrawn.
Yes, but: As we noted in 2021, the IER is not a panacea for foreign-born founders. A true "startup visa" can be created only by Congress.
