The U.S. Citizenship and Immigration Services (USCIS) has recently released updated information about the International Entrepreneur Rule (IER), a program designed to enable foreign entrepreneurs to establish businesses in the United States. This initiative, which was introduced back in 2017, aims to foster economic growth by providing opportunities for international business owners to contribute to the U.S. economy.
In an effort to enhance the clarity and functionality of the program, USCIS published new guidelines and a detailed FAQ section on July 12, 2024. The updates are intended to streamline the application process and provide better guidance to prospective participants. It is hoped that these improvements will result in a higher rate of successful applications and increased participation in the IER.
Since the beginning of the fiscal year 2021, USCIS has received a total of 94 applications for the program. Out of these, 26 cases have been approved, 28 have been rejected, and 40 are either pending or have been withdrawn. These figures highlight the relatively low uptake of the program and the need for further improvements to make it more accessible to eligible entrepreneurs.
To be eligible for the International Entrepreneur Rule, foreign business owners must meet certain criteria set out by USCIS. One of the key requirements is that the start-up entity must demonstrate a substantial potential for rapid growth and job creation, typically through investments or grants amounting to at least £200,000 from qualifying investors, or at least £80,000 from qualifying government awards or grants. Alternatively, they can provide alternative evidence to demonstrate their potential for economic contribution.
Other essential eligibility criteria for the program include the following:
– The start-up must have been formed in the U.S. within the past five years.
– Up to three entrepreneurs per start-up may be eligible to participate.
– Spouses of entrepreneurs can apply for work authorization, but children are not eligible under the program.
Under the IER, approved entrepreneurs are granted an initial stay of up to 2.5 years to establish and develop their companies in the U.S. There is also an option to apply for an extension of up to an additional 2.5 years if the start-up continues to provide significant public benefit, as demonstrated by substantial increases in capital investment, revenue, or job creation.
For those seeking more detailed information about the International Entrepreneur Rule, Boundless has put together a comprehensive guide on the topic. This resource offers valuable insights into the program’s requirements and the application process, helping entrepreneurs navigate the complexities of U.S. immigration laws.
The IER represents an important pathway for international entrepreneurs to make a meaningful contribution to the U.S. economy. By providing opportunities for foreign business owners to establish and grow their companies in the United States, the program seeks to create a more diverse and dynamic business environment that benefits both the entrepreneurs and the local economy. With the recent updates from USCIS, it is hoped that the IER will become more accessible and widely utilized by eligible entrepreneurs, furthering its objective of driving economic growth through international entrepreneurship.