July 21, 2017
Startup Visa Delayed; Foreign Entrepreneurs Affected
Update: On December 1, 2017, a federal judge rejected the delay for the implementation of the International Entrepreneur Rule, ordering the Trump administration to begin accepting applications of foreign entrepreneurs who wish to grow their companies in the US. For more information, please click on this link. On July 10, 2017 the U.S
Update: On December 1, 2017, a federal judge rejected the delay for the implementation of the International Entrepreneur Rule, ordering the Trump administration to begin accepting applications of foreign entrepreneurs who wish to grow their companies in the US. For more information, please click on this link.
On July 10, 2017 the U.S. government announced that it was delaying the implementation of the International Entrepreneur Rule, commonly referred to as a startup visa, which was scheduled to go into effect on July 17, until March 2018. The decision was quickly denounced by the business community, which argues that the delay of the rule is damaging to America innovation and job creation.
Steve Case, an investor who was a founder of AOL, blasted the decision on Twitter. “Big mistake,” he wrote. “Immigrant entrepreneurs are job makers, not job takers.”
Gary Shapiro, chief executive of the Consumer Technology Association, a trade group representing the consumer technology industry – Statement “The 44 immigrant-founded billion-dollar startups now in the U.S. have created an average of 760 American jobs per company,” Mr. Shapiro said in a statement. “Without these immigrant entrepreneurs, it is unlikely America would stand as the beacon of innovation that it is today.”
What is the startup visa?
The startup visa is a rule, which was proposed by the Obama administration, to increase the number of foreign entrepreneurs in the U.S. The rule was enacted to give immigrant entrepreneurs, under certain conditions, the ability to stay in or come temporarily to the United States to build their business.
What are the requirements to obtain the startup visa?
Under the proposed rule, a foreign entrepreneur seeking to start a company in the U.S. would be allowed to stay or come to the United States, together with his/her family for up to 30 months to operate his or her business if he/she can demonstrate that:
- He/she recently formed a Startup
- He/she have a substantial ownership interest in the startup
- The startup has significant US capital investment (at least $250,000) or government funding (at least $100,00)
What is the future of the startup visa?
The future of this startup visa remains uncertain. The trump administration is delaying its implementation, while it seeks comments from the public on a plan to rescind the rule.
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