America is the land of dreams where many entrepreneurs of foreign origin are educated at some of the most prestigious universities. However, those who go there in student visa are unable to stay there if they are not employed by the American companies or if they lose visa lotteries or are unable to sponsor themselves through the current existing investor visa program. Else, the foreign natives with entrepreneurial mind have to move from student visa to H-1B and then eventually to green card status before opening their own business. As a result of this America is losing some of the most talented and skilled entrepreneurs, scientists and engineers who were educated at the topmost universities of the country.
To stop the brain drain and also to attract more new foreign entrepreneurs into the country, the current American government has proposed a new U.S. immigration rule. Once this rule comes into being, it will allow the international entrepreneurs as well as foreign natives with strong entrepreneurial acumen to start their business on the American soil. This will create more jobs for the Americans as well as improve the overall economy of the country. All they have to do is apply for a temporary permission known as parole to be in the U.S. of America where you can be in the country for a period up to five years.
The New Immigration Rule Leans Towards The Tech Start-Ups
According to a study by the National Foundation for American Policy, where the research group focused on immigration issues, revealed that more than 50 percent of the American tech start-ups were valued at more than or equal to $1 billion and have at least one immigrant founder. This rule was proposed by the Department of Homeland Security (DHS). Once this rule is implemented, it would make it easy for the new startup owners to build their businesses if they have adequate funding from the American investors. Though entrepreneurs in any industry can build their businesses on the American soil, initially, the new rule would be more inclined towards those in the field of science and technology.
Criteria Under The New Immigration Rule
As per the new rule, the entrepreneurs will be given a two-year window and if they meet the following criteria including double-digit annual revenue growth, generate a revenue of at least $500,000 and create at least 10 full-time jobs they will be allowed to stay for further three years.
- As per the new immigration rule, DHS will use its existing discretion and issue a temporary permit known as parole.
- The start-up should provide rapid growth and job creation.
- The entrepreneur should have at least 15 percent ownership stake in the business and also have significant role in the day to day operations.
- The entrepreneur should have been able to raise the capital of $345,000 from venture capitalists, or private investors or $100,000 from government sources.
The new law is good news for individuals desiring to becoming entrepreneurs in America and realize the American dream. The country too benefits by unleashing the immense entrepreneurial capability of bright minds.
