USCIS has proposed new regulations to provide parole of 2-years, which may be extended by another 3-years, for eligible entrepreneurs of startups. If parole is granted, the foreign entrepreneur would be authorized for employment incident to the grant of parole, but only with respect to the entrepreneur’s start-up entity.
Under this proposed rule, entrepreneurs must demonstrate the following:
- S/he has a significant ownership interest in the startup (at least 15 percent) and an active and central role to its operations;
- The startup must have been formed in the U.S. within the past three years; and
- The startup has substantial and demonstrated potential for rapid growth and job creation, as evidenced by:
- Receiving significant investment of capital (at least $345,000) from certain qualified U.S. investors with established records of successful investments;
- Receiving significant awards or grants (at least $100,000) from certain federal, state or local government entities; or
- Partially satisfying one or both of the above criteria in addition to other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
Before the proposed rule can be approved and implemented, a public comment period of 45 days must run its course (likely ending 45 days after 8/29/16). Thereafter, USCIS will address the comments received and publish a final rule and effective date for the new regulation.