Starting July 17, 2017, entrepreneurs can apply for a “startup visa.”
General requirements:
1. The start-up entity has to be new – which means the entity has been formed within 5 years of filing for the Entrepreneur Parole.
2. Applicant is an entrepreneur of the start-up and is well positioned to advance entity’s business.
a. At least 10% owner,
b. Has an active/central role in operations and future growth of the entity (skill, knowledge, and experience). The applicant cannot be a passive investor.
3. Significant US investment or government funding.
a. US investor – at least $250,000 from an established US investor, or
b. Government grants or awards – at least $100,000 from Federal, state, or local government entities that typically provide funding to US businesses for economic, research, development, or job creation.
4. Alternative criteria – if applicant only partially meets the above criteria for funding, he/she can provide additional compelling evidence that the start-up would provide a significant public benefit to the US – substantial potential for rapid growth and job creation.
Other important information:
- Initial Parole lasts for up to 2.5 years. It can be extend for an additional 2.5 years, but only if there has been significant growth and the entity continues to have substantial potential for rapid growth (the US economy continues to benefit from increased capital expenditures, innovation, and job creation).
- Max 3 entrepreneurs per start-up company that can apply for the parole.
- Family can come too. The spouse can apply for the employment authorization under the 8 CFR 212.19.
- Government filing fees for I-941 are expected to be $1,591.
Source:
8 CFR Parts 103, 212, and 274a.
https://www.federalregister.gov/documents/2017/01/17/2017-00481/international-entrepreneur-rule