In the coming days, the Trump Administration will take Steps to Delay and ultimately Rescind an Obama Administration Rule allowing Foreign Entrepreneurs to come to the U.S. to Start Companies.
The Rule, called the International Entrepreneur Rule, is Scheduled to go into effect July 17th. U.S. Citizen and Immigration Services (USVIS) will take a Procedural Step to Postpone that Implementation Date as soon as Monday.
In addition, the Agency is expected to Start the Formal Process to Eliminate the Rule. A USCIS Spokesperson said the Rule is "Under Review."
Since the Rule hasn't yet taken effect, Scrapping it won't change anyone's Visa Status. Still, it's a Setback for Tech and Venture Capital firms that supported the Rule, and it's another Sign of Trump's Resolve to Restrict Visas, even for High-Skilled Immigrants.
Startup Visa: The International Entrepreneur Rule, was intended to give Entrepreneurs who aren't Eligible for other Types of Visas and who meet certain Requirements to Stay in the U.S. for 2.5 years to get Their Companies off the ground.
The Department of Homeland Security (DHS) is planning to delay the Effective Date until March 2018. That Delay will give the Administration enough time to formally Pull Back the Rule. Some Trump Administration Officials, who want to Reduce the Number of Foreign Workers entering the U.S., consider the Rule to be Executive Over-Reach by the previous Administration. U.S. Citizen & Immigration Services is Reviewing the Rule.
Fans in Silicon Valley: Tech Investors and CEOs are Proponents of the Rule to create an Additional Avenue for Immigrants to come to the U.S. to Start Companies, Contribute to the Economy and Create more Jobs. DHS estimated that 2,940 Entrepreneurs would be Eligible under the Rule annually.
- "That would mean well over 2,940 people annually scaling new companies that will employ Americans who will be hard at work solving our most pressing challenges in technology, healthcare, manufacturing, and more," a large group of Investors and Immigration Advocates wrote in a Letter to Trump last month.
- In a letter sent to DHS Secretary John Kelly earlier this week, Senators Jeff Flake, Orrin Hatch, John McCain and Jerry Moran said the rule will "help the United States remain globally competitive with other countries that are implementing immigration policies to attract entrepreneurs, such as Canada and France."
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.
I understand not wanting to give Visas to Foreign Workers that could take away jobs from U.S. Citizens. But Entrepreneur Visas looks like it would create Jobs for U.S. Citizens.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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