Monday, July 10, 2017

Feds Delay Rule on Entrepreneur Visas

The Trump Administration is Delaying a Rule that would have made it Easier for Foreign Investors and Entrepreneurs to Enter the U.S.

The International Entrepreneur Rule, which was scheduled to go into effect on July 17th, has been Delayed until March 14th, 2018, according to a Notice from the Department of Homeland Security (DHS) posted to Federal Register's website on Monday.

The Notice reads, "This delay will provide DHS with an opportunity to obtain comments from the public regarding a proposal to rescind the rule" in light of President Trump's Executive Order from earlier this year on Immigration Enforcement.

The Rule, which was proposed by President Obama's DHS last year, would have given the Agency the Authority to Grant Entrepreneurs "Parole" on a Case-by-Case basis to enter the U.S. for up to 30 Months, with the possibility of an Extension.

Requirements: In order to Qualify for a Startup Visa, Entrepreneurs must provide Evidence that the Startup Entities:

- Have Substantial and Demonstrated potential for rapid Business Growth and Job Creation.

- Have Secured $250,000 in Funding, R&D Award, or Acceptance from a Startup Incubator.

- Will provide "Significant Benefit" to the U.S.

In July, nearly 80 Groups urged the White House in a Letter to keep the Rule, arguing that it would Strengthen Startup Creation.

The National Venture Capital Association (NVCA), which had organized the Letter, called the News "Extremely Disappointing".

NYC Wins When Everyone Can Vote! Michael H. Drucker
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