In what will surely be a blow to the tech industry, which relies heavily on foreign-owned start-up companies as innovators and job creators, the U.S. Department of Homeland Security (DHS) announced its intent to effectively dismantle the International Entrepreneur Rule promulgated by the Obama administration on January 17, 2017.
As described in greater detail in our previous blog post, the International Entrepreneur Rule would have provided a temporary “parole” status for certain foreign nationals whose start up business demonstrated the potential for rapid growth and job creation. U.S. Immigration law does not currently provide for a start-up visa, so the International Entrepreneur rule would have filled a critical need in our immigration system, especially for those individuals not yet able to qualify for an E-2 investor visa or a National Interest Waiver.
The International Entrepreneur Rule was proposed on August 31, 2016. The final rule was published on January 17, 2017, and set to go into effect on July 17, 2017. Citing the Trump Administration’s Executive Order 13767 - prescribing improvements to border security and immigration enforcement - DHS has announced its intention to delay the effective date of the International Entrepreneur Rule until March 14, 2018, and to ultimately rescind the International Entrepreneur rule and eliminate the parole entirely.
Although we are disappointed in the announcement by DHS, Green and Spiegel’s mission to facilitate investment by foreign nationals in the United States remains undeterred. If your company is now affected by the rescinding of the International Entrepreneur Parole Rule, contact us today to discuss potential alternative options.