The long-awaited international entrepreneur regulation first announced in November 2014 is to take effect on Jan. 19, the day before the inauguration of President-elect Trump, Kevin Miner, a partner in the Atlanta law office of Fragomen, Del Rey, Bernsen & Loewy LLP, alerted Global Atlanta.
It remains to be seen whether the Trump administration will let the “entrepreneur visa” program stand or refute it. But, according to Mr. Miner, if left in place, the program could provide important new opportunities for entrepreneurs, “especially for the many technology start-up companies that are being established in the Atlanta area.”
He added that the Office of Management and Budget completed its review of the Obama administration initiative on Thursday, Jan. 5, and is expected to publish the regulation in its entirety in the near future.
“The regulation involves creation of an ‘entrepreneur visa’ program that will allow foreign national entrepreneurs to be able to immigrate temporarily to the United States to establish and grow a business,” he said.
As proposed the regulation would permit foreign entrepreneurs who have established a business in the United States, demonstrated U.S. investor funding of at least $345,000 (or at least $100,000 in federal, state or local government grants) and who can show that their business has substantial potential for rapid growth and job creation to apply for up to five years of authorization to stay in the United States.
Although there already are certain existing visa programs providing some entrepreneurs with the ability to come to the U.S., Mr. Miner said, they often are difficult for entrepreneurs with newly established companies to meet. The proposed “entrepreneur visa” program would provide, he added, a more streamlined option for foreign nation entrepreneurs to establish and grow their businesses in the United States.
The program does not provide an immigration status to approved applicants. Instead, qualifying entrepreneurs would receive “parole” – a discretionary permission to remain in the U.S. – but would not be eligible for permanent residence unless they qualified under another U.S. immigration program.