The San Francisco Chronicle has recently released a report indicating that the Trump administration may soon rescind or delay the International Entrepreneur Rule. The I.E. rule, which is intended to increase entrepreneurship and innovation, and hopefully lead to job creation, is widely regarded as a type of company startup visa. The program will be overseen by the U.S. Department of Homeland Security.
The rule was initially put in place by the Obama Administration and is anxiously anticipated by the startup community. It was set to come into effect on July 17, however, it appears that Homeland Security is now intending to push back the date into 2018 as it finalizes plans to withdraw the rule permanently.
The final version of the I.E. rule will add new provisions on the use of parole for entrepreneurs of start-up business. These parole matters will be evaluated on a case-by-case basis with a view to determining whether the entrepreneur can demonstrate that they have the potential to produce business growth and create jobs that provide a significant benefit to the public. The entrepreneur can demonstrate their business potential by receiving significant capital contributions from investors, establishing a record of successful investments, or obtaining grants or awards from various government entities.
If the entrepreneur is granted parole, they would receive a temporary stay for up to 30 months, which may then be extended for a further 30 months, to allow the applicant the ability to oversee and develop his or her start-up business in the U.S.
News Alert - Trump killing startup visa program