Obama administration proposes new rule to welcome immigrant entrepreneurs

The Obama administration is considering implementing a new rule for overseas startup founders who have raised money from venture capitalists in the US to come to America for two to five years, giving them the option to apply to stay longer once they arrive on the country’s shores.

Named International Entrepreneur Rule, it would be effective after a 45-day comment period, and is considered a temporary solution for President Obama, who has wanted to put in place a startup visa for a long time that would allow immigrant entrepreneurs to start businesses in the US. But an impasse in the Congress has made the passing of this legislation for immigration out of the question in the near future.

This new rule is leveraging the Immigration and Nationality Act, which exists currently, to allow the government to allow immigrants temporarily into the country on an individual basis for emergency humanitarian causes or benefiting the public in a major way. President Obama is now making a case for entrepreneurs creating jobs in America and contributing to its GDP as helping the public of the country considerably.

The USCIS (US Citizenship and Immigration Services) director, Leon Rodriguez, was quoted by the Wired magazine as saying that the rule accrues public benefit considerably by encouraging those firms, which display a prospect for swift growth of business, innovation and creation of jobs.

Though there would no ceiling on the number of migrants who would be allowed entry as per this rule, there would be major restrictions. The option to apply for two tiers of admission would be provided to the entrepreneurs. One option allows them entry for two years into the US, but the government would have the power to overturn that decision any time. Entrepreneurs should own a minimum of 50 percent stake in their businesses and must have raised a minimum of $345,000 from venture capitalists in the US who have had a record of investing in the country significantly before, or alternately a minimum of $100,000 from agencies of federal, state or local governments.

The other option allows entrepreneurs admission for three additional years. Entrepreneurs need to continue to run their business in America, own a minimum of 10 percent stake and raise a minimum of $500,000 from investors in America, to produce $500,000 in annual earning with 20 percent growth per year, or show that they have created at least 10 full-time jobs during those five years.

Following that, these entrepreneurs wanting to settle in the US may for visas such as the employment-based EB-2 visa.

If you are an entrepreneur who wishes to migrate to the US, approach Y-Axis and avail top-class guidance and assistance to file for a visa at one of the 19 offices which are located in the major cities of India.