The U.S. Citizenship and Immigration Service (USCIS) recently announced a groundbreaking new proposal to award temporary admission to international industrialists looking to cultivate their business within the United States. USCIS Director, Leon Rodriguez believes that “America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley,” thus, the proposal when finalized, is expected to strengthen the country’s economy, produce jobs, magnetize investment and generate significant revenue. “The International Entrepreneur Rule” would authorize certain international entrepreneurs a temporary stay in the US without a requisite visa.
To be considered for the parole grant under the proposed rule, an eligible entrepreneur will need to demonstrate the following:
Alternatively, an applicant who partially meets only one or more of the above may be considered for parole under the rule by providing additional reliable and compelling evidence validation of the entity’s substantial potential for rapid growth and job creation:
Additional conditions regarding income and employment relate to parole application. The applicant must maintain household income while in the US that is greater than 400 percent of the Federal poverty line as well as employment by the entity and spouse’s eligibility for employment authorization.
Additionally, a re-parole applicant must demonstrate that:
Other reliable and compelling evidence of substantial potential for rapid growth and job creation may be provided.
Public remarks of the anticipated rulemaking is welcomed for 45 days, after which the USCIS will address the comments they have received. The decree will be enacted on the date indicated in the ultimate rule published in the Federal Register. For moreinformation, contact Mary Vasilescu, Wiss’ International tax expert or visit the USCIS website here.
Mary Vasilescu advises clients on the formation, structure and taxation of business ventures, international tax, start-up enterprises and joint ventures in the U.S. and abroad, including mergers and acquisitions, restructuring, and international tax planning. Reach Mary at 973.994.9400 or [email protected].