What is the International Entrepreneur Parole Program?
USCIS recently announced the reinstatement of the International Entrepreneur Parole, a program that was initially introduced in 2017 and subsequently halted by the Trump administration. The International Entrepreneur Parole program is meant to offer an opportunity for foreign entrepreneurs to create and develop start-up companies with high growth potential in the United States. It is getting close to a “start-up visa” that other countries use to attract investors. Specifically, admission to the United States can be granted to up to three entrepreneurs per start-up entity and allow them to work only for their business, as well as their spouses and children.
Applicants must satisfy the following requirements to establish eligibility under the International Entrepreneur Parole program:
creation of a US business within five years before the application;
ownership of at least 10% stake in the business;
playing an active role in the business by showing skills, experiences, and knowledge that will be fundamental in the growth of the company;
receipt of an investment of at least $250,000 from qualified US investors or at least $100,000 from qualified government awards or grants. Qualified US investors are angel investors and venture capital firms that have made investments totaling at least $600,000 over the last 5 years and generated through the investments at least 5 qualified jobs, or $500,000 in revenues. However, foreign entrepreneurs who only partially satisfy the funding criteria are invited to provide evidence of the company’s significant public benefit for the United States.
The initial admission period can be granted up to 2 years and a half, and spouses can be granted a work authorization. A second equal term of 2 years and a half can be obtained as long as it is shown that: the company:
has been lawfully operating in the United States;
continues to offer public benefit for the United States. Either can demonstrate this: a) receipt of $500,000 in additional investments or grants or b) revenue of $500,000 with at least 20% annualized growth; or c) at least 5 full-time jobs.
and the applicant entrepreneur:
possesses at least 5% ownership stake;
is playing an active role in the business by showing skills, experiences, and knowledge that will be fundamental in the ongoing growth of the company;
However, applicants for the second parole period who only partially satisfy the investment, or job creation, or the growth criteria are invited to provide evidence of the company’s significant public benefit for the United States.
Finally, concerning financial requirements, the program: a) requires that applicants must be able to show that their household income is more significant than 400 percent of the federal poverty line; b) clarifies that the investment and revenue thresholds will be adjusted every 3 years in accordance with the consumer price index.
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