Update on Startup Visa Rule
June 15th, 2017
The Department of Homeland Security (DHS) approved the "startup visa rule" during Obama's last days in office. DHS officially calls the rule the "International Entrepreneur Rule." The rule's purpose was the give entrepreneurs who did not qualify for other visa programs another chance to stay in the U.S.
Presently, the rule has been sent to the Office of Management and Budget (OMB) for further review. This often means that the rule may be postponed, withdrawn, or amended before it goes into effect. Otherwise, the rule would go into effect in July.
An executive order leaked in January suggested that President Trump wants to eliminate the rule. The fact that the OMB revisited the rule may mean that the current administration wants to reevaluate.
What does the rule do?
The startup visa holds entrepreneurs to a high standard in order to qualify. He or she must demonstrate that he or she will contribute to growth and job creation. He or she would have to show that a reputable investor has invested at least $250,000 into the company. Those approved for the visa can only stay in the U.S. for 30 months, and possibly for a 30 month extension.
William Stock, president of the American Immigration Lawyers Association (AILA) said that the rule "combines two things that are at war with each other within this particular administration... it is a business friendly rule, a job-creating rule... but we also have a xenophobic strand in this administration."
DHS predicts that about 3,000 individuals would qualify for this status.
Categories: Immigration News