In this podcast, attorney Jacob J. Sapochnick discusses the all new International Entrepreneur rule. To hear more about this exciting new rule for entrepreneurs, please click below.
What is it?
The International Entrepreneur Rule will allow certain entrepreneurs the opportunity to seek ‘parole’ into the United States, based on his or her role in the startup company, provided the company can demonstrate substantial potential for rapid growth and job creation in the United States. Not all entrepreneurs will be eligible. Qualifying entrepreneurs must demonstrate that their entry would create a significant public benefit in the United States, and provide ‘substantial’ and ‘demonstrated potential’ to create more jobs and business growth in the United States, and not merely provide income to the entrepreneur and his or her family members.
What are the requirements?
Entrepreneurs must demonstrate:
- At least a 15 percent ownership interest in their startup enterprise;
- That they take on an active and central role in the startup enterprise’s operations;
- That the startup enterprise has been formed in the United States within the past three years; and
- That the startup enterprise has proven to yield a substantial and demonstrated potential for rapid business growth and job creation as evidenced by:
- Having received a significant investment of capital of at least $345,000 from certain qualified U.S. investors that have a proven track record of success i.e. showing established records of successful investments;
- Having received significant awards or grants of at least $100,000 from federal, state, or local government entities; or
- By partially satisfying one or both of the above criteria, in addition to presenting other reliable and compelling evidence to show the startup entity’s substantial potential for rapid growth and job creation in the United States.