Keeping true to the February executive order, "Restoring Faith in Our Legal Immigration Systems and Strengthening Integration and Inclusion Efforts for New Americans," the Biden-Harris.
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The Biden administration announced on May 11, 2021, that it is restoring a never-fully-utilized Obama-era program allowing foreign entrepreneurs to stay in the United States temporarily in order to oversee and grow certain startup businesses. The International Entrepreneur Rule (IER) and the corresponding Parole Program were initially announced at the end of the Obama administration but had not gotten off the ground when the new Trump administration proposed to withdraw the rule.
The rebirth of the program opens new opportunities for foreign entrepreneurs seeking to start new businesses in the United States. The limited number of H-1B visas has made it very difficult for foreign students and entrepreneurs to remain in the United States after completion of their studies. Additionally, foreign participants in U.S. business incubators currently have few viable paths to remain in the United States to grow their startups.
Monday, May 24, 2021
On May 10, 2021, the Department of Homeland Security (DHS) announced the revival of the Obama-era program International Entrepreneur Rule (IER). In 2018, the Trump administration proposed to eliminate the IER rule, which allows certain foreign-born entrepreneurs to stay in the U.S. for up to five years.
The DHS estimates that once the program is implemented, about 3,000 foreign entrepreneurs per year would qualify. This would result in the creation of 100,000 jobs over a decade. In the absence of the IER program, foreign-born entrepreneurs must retrofit visas to their personal situations. The E-2 visa, available for citizens of certain countries, is yet another option for entrepreneurs but requires that the entrepreneurs be able to personally invest in the start-up.
Editor's note: Steve S. Rao is a council member and former Mayor Pro Tem of Morrisville. He also serves on the Board of the New American Economy, a bi partisan
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The Department of Homeland Security (DHS) announced it is restoring the Obama-era International Entrepreneur Rule (IER), allowing certain foreign national entrepreneurs the opportunity to launch qualifying start-up businesses in the U.S. The IER was published in January 2017 with an intended effective date of July 2017, but the Trump Administration published a rule delaying its implementation. Because the Trump Administration never issued a final rule removing the IER, the Biden Administration was able to withdraw the proposed removal rule and continue the program consistent with its initiative to remove barriers to lawful immigration.