MUMBAI: Under President Joe Biden’s administration, the US is reopening its doors to foreign entrepreneurs. The US Department of Homeland Security (DHS) has announced that it is withdrawing a ‘proposed’ rule introduced by the Trump administration that would have rescinded the International Entrepreneur Rule (IER), better known as the start-up visa program.
IER enables ‘qualified’ international entrepreneurs (based on prescribed criteria including funds raised, which are a minimum of $ 250,000 from qualified US investors or $ 100,000 from government grants) to obtain immigration ‘parole’ – that is to temporarily enter and stay in the US and nurture their startup, despite not having a work visa or a green card. Commonly, IER is known as the startup visa, but it is actually a permit for eligible foreign entrepreneurs to stay in the US for two and a half years with the possibility of another extension of a similar tenure.
Withdrawing the proposed rule that would end the IER is consistent with the Biden administration’s goal of better ensuring that all avenues available under the law remain viable options for those seeking to come to the US, including qualified entrepreneurs who would substantially benefit the US by growing new businesses and creating jobs for the US workers, states DHS.