The Biden administration plans to review program for foreign entrepreneurs

Despite the fact that the US has always attracted the brightest minds and the most exceptional talent from abroad through multiple visa programs, the local immigration system does not have a process available to foreign entrepreneurs, unlike Canada or China.

Throughout history, foreign workers who participate in entrepreneurship projects or people who come to the US through different visa programs, and stay in the country to create new companies, have always contributed greatly to the nation’s socioeconomic development by creating jobs for local citizens, and they also become part of the social and cultural fabric through their creative and innovative ideas.

The only alternative available to certain foreign entrepreneurs is the International Entrepreneur Rule (IER), which was implemented shortly after President Barack Obama left office, but the Trump administration proposed to remove it in 2018.

Now that Democratic President Joe Biden is leading the White House, his administration recently announced that it plans to review the IER to possibly revive and promote it again, which is extremely positive news for thousands of foreign entrepreneurs.

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The International Entrepreneur Rule – Brief Explanation

Broadly speaking, the IER allows foreign entrepreneurs, founders of small or medium-sized businesses with a growth projection, to remain in the US without a visa for a period of up to five years (2.5 years initially, with the possibility of extension of another 2.5 years), so long as they meet certain eligibility requirements.

The DHS (Department of Homeland Security) allows them to stay in the country if their business could become a public benefit due to economic gains, financial growth, and job creation.

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What would this mean for the US?

According to DHS estimates, the USCIS (US Citizenship and Immigration Services) would process approximately 2,940 applications from foreign entrepreneurs annually. What does this mean for the local economic system?

A research conducted by New American Economy in 2017 reveals that the IER would create between 135,000 and 308,000 jobs in 10 years, so long as the USCIS processes the DHS estimate annually. This figure would greatly stimulate the country’s economy, which has been tremendously affected by the global health emergency.

However, the IER is not a widely known program and the USCIS has only received a couple dozen applications in the last few years. That is the reason why the Biden administration plans to promote it again to attract talent from abroad as the world is going through an unprecedented crisis.

Seek professional help for your immigration case

As one might realize, the US’ immigration system is so extensive that there are programs and processes that could be overlooked if one does not follow the advice of immigration professionals.

We understand that starting an immigration process requires constant dedication and expert help. Our team is highly qualified to guide you through your immigration journey in the US, so please don’t hesitate to contact us for a FREE Phone Consultation with one of our expert immigration attorneys.

Simply call Motion Law today at: (202) 918-1799.