According to a report by the San Francisco Chronicle, the Trump administration may rescind or indefinitely delay the International Entrepreneur Rule, widely regarded as the U.S. version of a startup visa. Overseen by the Department of Homeland Security, the rule is intended to “increase and enhance entrepreneurship, innovation, and job creation in the United States.”
Anxiously awaited by the startup community, the rule was set into motion by the Obama administration just three days before the former president left office and is set to go into effect on July 17. According to the official who shared a draft of a Federal Register notice with the San Francisco Chronicle, DHS intends to push the date the rule would become active into 2018 while it works on withdrawing it in a more permanent way.
The Federal Register provides more detail on rule’s specific requirements and accommodations:
“The final rule adds new regulatory provisions guiding the use of parole on a case-by-case basis with respect to entrepreneurs of start-up entities who can demonstrate through evidence of substantial and demonstrated potential for rapid business growth and job creation that they would provide a significant public benefit to the United States.
Such potential would be indicated by, among other things, the receipt of significant capital investment from U.S. investors with established records of successful investments, or obtaining significant awards or grants from certain Federal, State or local government entities.
If granted, parole would provide a temporary initial stay of up to 30 months (which may be extended by up to an additional 30 months) to facilitate the applicant’s ability to oversee and grow his or her start-up entity in the United States.”
TechCrunch has reached out to DHS for confirmation of the drafted notice and will update the story accordingly.