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Many revisions in the immigration policy have introduced several ups & downs in the US economy. These upheavals have started shooting when Donald Trump came in the rule. With several cheers to its natives, the changes gave NRI industrialists a violent lurch.
Now, many foreign entrepreneurs have buckled up their shoes to fight for their rights. They went for the lawsuit. Consequently, the district court of the USA has announced a verdict on 4th December, 2017. This verdict got a sigh of relief for the plaintiffs, especially NRIs.
What is International Entrepreneurs Rule?
Aim: International Entrepreneurs Rule or IER is a proposal of the former Obama Administration. It proposes the idea of promoting the footfall of foreign entrepreneurs in the USA.
What: It’s all about granting a temporary parole to the foreign entrepreneurs. The Department of Homeland Security (DHS) is an official authority to revise it later. Such grant will allow them to stay in the USA and scale up their business. The entrepreneurs would have to meet certain criteria to get it.
This rule got the final touch by the Obama administration. His administration named it as Obama Startup Visa policy. It was proposed with the view to motivate the qualified foreign investors to raise huge capital. Initially, it was proposed to be given temporarily. But later, the USCIS would convert it into a permanent residency provided he/she would comply with the visa rules.
Terms and Conditions of Startup Visa:
Initially, the permanent residency was anticipated to grant via the Startup Visa USA 2017. When the presidency was handed over to the Trump, the time period was restricted. Now, it would be granted for two and a half year. Subsequently, it would be revised for the same duration.
It was announced to be executed in July, 2017. But now, the DHS has officially stated that it would come into effect from March 14, 2018.
Delay in its Implementation:
As aforementioned, the IER was to be enforced earlier. On noticing utmost delay in the implementation, the National Venture Capital Association with several Indians (NVCA) & foreign traders filed a petition in its Federal Court. On hearing, the district court magistrate found that the Trump administration is indeed causing delay. It found the administration’s act as unlawful. Due to it, the traders are encountering unbearable hardships.
The shortage of the dedicated foreign entrepreneurs has started impacting its economy. The fostering of innovation, business activities and dynamism is gradual now. The picture of this economy was not ugly in 2016. More than half of the startups (14 by Indians) were set up by the immigrants. That valued worth $1+ billion. Today, this value fell down due to delays in the implementation of the IER rule.
What are initial parole requirements?
Besides official formalities like application of CENOMAR, birth certificate and other immigration papers, the American government has already put several barriers in applying for the H1B visa rule. Here are a few more announcements to add on IER:
- The parole seeker entrepreneur must start up the business in the USA within 5 years post applying.
- The USCIS would stamp the entrepreneur visa for 30 months. Its validation can be elongated further for the same duration (i.e. 30 months).
- The businessman must prove its great potential in offering job opportunities and exponential growth.
- Such investors in the economy must acquire at least 10% ownership in that trade. Nonetheless, he/she should be actively involved in that trade activity.
The trade or business must associate with the qualified US investor to invest at least $250, 000. If so is not possible, he/she should take a grant worth $100, 000 from the American government entities.
