In a final rule effective October 1, 2024, U.S. Citizenship and Immigration Services (USCIS) will increase the investment and revenue thresholds under the International Entrepreneur Rule (IER), as required every three years. The application fee will not change.
The IER allows the Department of Homeland Security (DHS) to "grant a period of authorized stay [parole], on a case-by-case basis, to noncitizen entrepreneurs who show that their stay in the United States would provide a significant public benefit through their business venture and that they merit a favorable exercise of discretion." Under the rule, entrepreneurs granted parole are eligible to work only for their startup businesses. The spouses and children of a noncitizen entrepreneur may also be eligible for parole.
USCIS will make the following adjustments:
- For an initial application, entrepreneurs must show at least $311,071 (currently $264,147) in qualified investments from qualifying investors, at least $124,429 (currently $105,659) in qualified government awards or grants, or, if only partially meeting the threshold investment or award criteria, alternative reliable and compelling evidence of the startup entity's substantial potential for rapid growth and job creation.
- For a second period of authorized stay under the IER, the
entrepreneur generally must demonstrate that the startup entity has
either:
- Received a qualified investment, qualified government grants or awards, or a combination of such funding, of at least $622,142 (currently $528,293);
- Created at least five qualified jobs; or
- Reached annual revenue in the United States of at least $622,142 (currently $528,293) and averaged at least 20% in annual revenue growth.
- The definition of a "qualified investor" requires the
investor to have a history of substantial investment in successful
startup entities. USCIS generally considers such an individual or
organization a qualified investor if, during the preceding five
years, the following apply:
- The individual or organization made investments in startup entities of at least $746,571 (currently $633,952) in total, in exchange for equity, convertible debt, or other security convertible into equity commonly used in financing transactions within the startup entities' respective industries; and
- After such investment by such individual or organization, at least two such startup entities each created at least five qualified jobs or generated at least $622,142 (currently $528,293) in revenue with an average annualized revenue growth of at least 20%.
Details:
- USCIS final rule, 89 Fed. Reg. 60298 (July 25, 2024).
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