Obama’s startup visa may come to rescue of foreign investors in US
Posted on May 23, 2017
Foreign investors have a window of opportunity to enter American shores commencing from 17 July through the International Entrepreneur Rule, which was approved by the DHS (Department of Homeland Security) during the end of President Barack Obama regime, allowing them time to stay in the country to complete setting up of businesses. But they are keeping their fingers crossed and hoping Donald Trump won’t scrap it.
Prateek Joshi, a prospective entrepreneur from India, said he would mull applying for it if it becomes effective. San Francisco Chronicle quotes Joshi as saying that it is because of such opportunities that entrepreneurs are attracted to Silicon Valley to look out for jobs or to try to set up businesses.
Obama came up with the International Entrepreneur Rule by allowing the government to grant ‘parole’ to a foreigner. A parole implies that a foreigner would be allowed to stay in the US for a temporary period, without being given a legal staying status in the country.
A parole is granted to people if they can demonstrate that their ventures help the public in a humanitarian or in any other way. The previous administration officials announced the rule in a blog post in August 2016 by saying that this would validate entrepreneurs who get endorsed by venture capitalists in the US for showing a lot of potential for creating jobs and growing their companies.
Under this rule, a foreign entrepreneur must invest at least $250,000 into a company, which will allow him/her to stay in the US for 30 months. It could be extended for 30 months more.
If you are looking to Migrate to the US, get in touch with Y-Axis, a prominent immigration consultancy firm, to apply for a visa.