The New Entrepreneur Parole Rule
On January 17, the Department of Homeland Security (DHS) published a 211-page final rule to encourage entrepreneurship and grow our economy by granting parole status to foreign-born investors and family members who establish start-up companies in the U.S.
The rule will go into effect on July 17, 2017.
It will allow entrepreneurs to obtain parole status for 30 months plus a possible 30-month extension in order to oversee and grow their start-ups in the US. Parole status will be available to persons whose start-up companies were formed during the past 5 years as long as the investor plays a central and active role in the company. There is a limit of 3 entrepreneurs who can qualify for parole for each start-up company.
Spouses and children of each entrepreneur will also be eligible for a 30-month parole. Spouses may apply for EAD work permits.
The USCIS is developing an I-941 application form. The filing fee will be $1,200.
• How Much Money Must be Invested?
The entrepreneur must own at least 10% of the start-up. He must show that the start-up has a potential for rapid growth and job creation by having a qualified US investor who has:
Invested at least $250K in the start-up; or
Received government awards or grants of at least $100K; or
Partial compliance with #1 or #2 above and presentation of “compelling evidence” to show that the start-up would provide a "significant public benefit" to the US. The entity must show "substantial potential for rapid growth and job creation".