Startup Visas for the US to Launch in July
Entrepreneurs will be able to apply for “parole status”
Foreigners wishing to start their own business in the US will be able to apply for “parole status” so that can stay and build their startups reports Geek Wire.
The International Entrepreneurs Rule was published by the US Citizenship and Immigration Services on Tuesday and will allow business entrepreneurs to apply for startup visas which were previously only applicable to humanitarian or medical relief workers.
According to the report, the new visa rules require entrepreneurs to show that their budding companies “have the potential for “rapid growth” and job creation, by way of government grants of at least $100,000 or funding of at least $250,000 from a qualified investor,” eliminating small business from consideration.
The “parole status” is valid for 2 ½ years after completion of which an additional 21/2 years can be applied for.
Other requisites include legal operation as well as a 10% stake of the company at the time of application.
Benjamas Chaiwong, a Thai lawyer specializing in US immigration law says this is “an improvement from the current H-1B business visa which makes it very difficult for entrepreneurs to launch a business.”
Read more here
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