The United States has launched the International Entrepreneur Rule (IER) to attract non-citizen entrepreneurs, including those from Nigeria, aiming to establish and grow their startups in the US. This initiative seeks to boost the US economy through innovation and job creation by providing foreign entrepreneurs with temporary parole status.
The IER grants temporary parole status to foreign entrepreneurs meeting specific criteria, allowing them to live and work in the US for up to five years to develop and scale their businesses. Entrepreneurs must own at least 10% of the startup at the initial application and 5% at re-parole. The startup must be less than five years old, established as a US entity, and have received at least $250,000 from qualified US investors or $100,000 in government grants.
Eligibility Requirements
To qualify, the entrepreneur and startup must meet these threshold criteria:
– Entrepreneur’s Residence: Entrepreneurs can be either living abroad or already in the US.
– Startup Formation: The startup must have been formed in the US within the past five years.
– Investment and Grants: The startup must show at least $264,147 in qualified investments from investors or $105,659 in government awards or grants.
– Initial Parole Period: Entrepreneurs may receive an initial parole period of up to 2.5 years, with a possible extension based on additional funding, job creation, or revenue benchmarks.
– Number of Entrepreneurs: Up to three entrepreneurs per startup can be eligible for parole under the IER.
Application Process
The application process involves:
- Filing Form I-941 for Entrepreneur Parole with a $1,200 fee.
- Spouse and Children: They must file Form I-131, Application for Travel Document, with a $630 fee and supporting evidence.
- Processing: If approved, entrepreneurs outside the US complete parole processing at a US embassy or consulate. Those in the US will receive travel documentation by mail and must depart and re-enter the US for a final parole determination.
Entrepreneurs approved under the IER can work for their startup without needing a separate work authorization form. While distinct from a visa, this benefit allows one-time entry into the US, with an option to apply for advance parole for further travel needs.
