Great news for our fellow startups! The U.S. Citizenship and Immigration Services (USCIS) proposed a new rule, the International Entrepreneur Rule, which would allow certain international entrepreneurs to come to and stay in the US without the need for a visa. You can read the full USCIS press release here.
Under the Rule, Department of Homeland Security (DHS) can, in their discretion, allow eligible entrepreneurs of startups who have at least 15% ownership in a startup that was formed in the United States within the past 3 years that has substantial and demonstrated potential for rapid business growth to enter and stay in the US. Today, the most common visa for foreign workers with specialized skills is the H-1B visa, which is hard to get because there is an annual numerical cap on the number of H-1B visas available.
The DHS’s proposal is open for public comment for 45 days. After that, a final Rule can be drafted and could come into effect as early as next year. Globig will continue to monitor the progress of the Rule during its public comment period and after.
Globig is here to help you with your business expansion needs around the world.