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US to increase investment thresholds for international entrepreneurs
These non-citizen entrepreneurs must show that their startup entity has the potential for rapid growth and job creation.
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The US Citizenship and Immigration Services (USCIS) will increase the investment and revenue thresholds under the International Entrepreneur Rule effective Oct. 1.
Established in 2017, this rule enables the Department of Homeland Security to use its parole authority to grant a period of authorized stay to noncitizen entrepreneurs on a case-by-case basis.
These entrepreneurs must show that their startup entity has the potential for rapid growth and job creation, providing a significant public benefit. If granted parole, the entrepreneur would be authorized to work for their startup entity, and their spouse, if also granted parole, would be eligible to apply for employment authorization to work in the United States.
Key changes
While the application fee will not change from Oct.1 the threshold amounts have been increased for application.
For an initial application entrepreneurs must demonstrate the startup entity’s substantial potential for rapid growth and job creation by showing at least $311,071 (currently $264,147) in qualified investments from qualifying investors.
They can otherwise show at least $124,429 (currently $105,659) in qualified government awards or grants, or, if partially meeting the threshold investment or award criteria, provide alternative reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.
For a second authorized stay under the International Entrepreneur Rule, the entrepreneur must demonstrate that the startup has received at least $622,142 in qualified investments or government grants (currently $528,293), created at least five qualified jobs, or achieved annual revenue of at least $622,142 (currently $528,293) with an average annual revenue growth of at least 20 percent.
According to USCIS, a "qualified investor" is defined as an individual or organization with a significant investment history in successful startups. In the past five years, they must have invested at least $746,571 (currently $633,952) in startups for equity or convertible securities.
Additionally, at least two of these startups must have each created five qualified jobs or generated $622,142 (currently $528,293) in revenue with an average annual growth of 20 percent.
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