A good news for entrepreneurs as now they can stay up in the USA for upto 5 years with their startup business. This policy is introduced by the US government inorder to attract business startups that have potential to boost the GDP of the US and create more jobs for the people. Previously the USA introduced the International Entrepreneur rule in the Obama era in which foreign entrepreneurs were allowed to stay in the US for two and a half years but now it is extended to five years.
The international entrepreneur rule which is administered by the department of homeland security, has now allowed foreign entrepreneurs to apply for authorized stay in the USA for 5 years which is known as “Parole”. This is based on making a business which helps the local citizens of the United States in the long term. The spouse are allowed to migrate with their husband in this policy but the children are not eligible for this program.
Key Criteria For This Program:
Startup Date: The business should have already started in the US within the past 5 years.
What is Expected: The business should have potential of massive growth and reducing unemployment in the country by employing people. It should atleast have investment of $264147 which is approximately RS 2.2 crore from qualifying investors and $105659 from grants, government awards or alternative source.
Parole: The initial parole is for 2.5 years but it could be extended for 5 years if the business reaches the objective of creating jobs for the people and growing in the country.
Number Of Entrepreneurs Needed: Upto 3 entrepreneurs are needed for this parole program.
Qualifying Criteria
Ownership and Role
- Ownership: You need to own at least 10% of the startup.
- Role: You must be involved in daily operations and decision-making.
Startup Requirements
- Business Entity: The startup must be legally registered in the US. It should have been formed within the last five years.
- Growth Potential: The startup should show potential for rapid growth and job creation.
Funding Requirements
- Investment: The startup should have at least $264,147 from qualifying investors or $105,659 from US government awards or grants.
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What Benefit US Gets From This?
The main question that arises is how will the US benefit from this scheme? This scheme has the potential to expand and boost the US economy. Firstly, the startup business will create more employment opportunities for the local people in the USA which will reduce the unemployment rate in the country and therefore the government will not have to pay unemployment benefits to unemployed people.
Secondly, the tax revenue will also increase for the United States government as the corporate tax will also increase due to the availability of more business in the country. Along with this the income tax revenue will also increase because the people will be employed and the tax will be collected from their income.
Lastly, the business startups will result in production of more goods in the country which will increase the GDP of the country and create more choices for the people of the US by creating competition which could reduce the prices of goods and will also improve quality.
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