US to introduce alternative to startup visa

The USCIS (US Citizenship and Immigration Services) on 17 January decided to introduce the International Entrepreneurs Rule, which will allow foreign nationals to apply for ‘parole status’ to set up fledgling startups in the United States and reside there. Published by USCIS to the Federal Registrar, eligible for this status till now have been people who sought a visa to work for charitable causes.  CNN said that from 17 July, this will also be provided to entrepreneurs who satisfy certain criteria. It is being touted as an alternative to a visa for startups. According to the new rules, entrepreneurs floating new companies, which are not over five years old, should demonstrate a strong possibility of brisk growth and generating jobs through government grants of minimum $100,000 or at least $250,000 funding from an accredited investor. In addition, the investors should be able to operate lawfully in the US and its founders need to have a stake of at least 10 percent in the enterprise when they apply. The status is applicable for two and half years and an opportunity maybe provided for the applicants to renew it for another two and half years. Applicants must note that if their company is perceived as not helping the American economy, their status can be annulled. If you are looking to migrate to the US, contact Y-Axis, India’s premier immigration consultancy firm, to apply for a visa from one of its several offices located all over the country.