The Department of Homeland Security has withdrawn a proposed rule that the Trump administration introduced to rescind the Startup Visa USA – officially known as the International Entrepreneur Rule. By doing so, the USA has reopened its doors to qualified foreign entrepreneurs who meet the prescribed requirements – including funds raised.
An entrepreneur must raise at least $250,000 through qualified U.S. investors or $100,000 through government grants to be eligible. Those who qualify will get immigration parole – a permit to temporarily reside in the USA for two and a half years, with a provision for renewal for the same length of time. During this period, the entrepreneur can nurture the startup without having a USA work visa or Green Card.
Immigrant startup founders can now take advantage of this pathway to further innovate and take advantage of the business environment in the USA. Countries like Canada, Australia, the UK, Israel, etc., already have specific visas for foreign startup entrepreneurs. The USA Entrepreneur Visa is now a viable option for startup founders worldwide who wish to build and establish their business in the USA.
Some of the most prominent companies in the USA were founded by immigrants. For instance, leading pharmaceuticals like Pfizer and Moderna, which have created COVID-19 vaccines, were created by immigrants. Indians, in particular, can benefit from this program because of the cutting-edge technology and scope for innovation in the USA, as well as the fact that U.S. investors are more comfortable with founders based in the country.
Indians can access funds and future growth more easily if they are based in the USA, especially if they are in the technology sector. With this move, the Biden administration has reiterated its commitment to opening all legal immigration avenues, especially for entrepreneurs who can benefit the U.S. economy through business growth and job creation.
This visa program can add an indirect value exceeding $18 billion to the U.S. economy, making it a solid economic recovery tool. For in-depth guidance on the lawful process for immigration to the USA, consult India’s most experienced Startup visa specialists by contacting 8595338595 or [email protected].
