US President Joe Biden reopens doors to foreign entrepreneurs via ‘Startup Visa’

Under the President of the United States – Joe Biden’s administration, the US is reopening its doors to foreign entrepreneurs by withdrawing a ‘proposed’ rule introduced by the Trump administration that would have rescinded the International Entrepreneur Rule (IER), known as the startup visa program. The US Department of Homeland Security (DHS) announced on 11 May 2021.

What is the International Entrepreneur Visa?

IER allows ‘qualified’ international entrepreneurs to obtain immigration ‘parole’, which means a temporary entry and stay in the US to nurture your startup, without the need of a work visa or a green card. The ‘qualified entrepreneurs’ are chosen based on a prescribed criterion that includes factors like funds raised (minimum of US$ 250K from qualified US investors or $ 100K from government grants). IER is commonly known as the startup visa. It gives a permit to eligible foreign entrepreneurs to stay and work in the US for 2.5 years with the possibility of another extension of similar tenure.

IER was originally created at the end of the Obama Administration. However, it was targeted for removal under the Trump Administration before launching. The Trump administration repeatedly tried to end the program.

The Biden administration aims to ensure that all avenues available under the law remain viable options for entrepreneurs seeking to come to the US as they would benefit the country by growing their businesses and creating job opportunities for US workers.

Many entrepreneurs believe that the US-based investors have a comfort level if the founders are also based in America. Startups also get easy access to funding and future growth for especially those in the technology sector.

Statements by Stakeholders

“The IER is a long-overdue immigration pathway for startup founders. This regulation was finalised three days before Donald Trump’s inauguration. It survived several near-death experiences over the next four years and is now poised to become part of President Biden’s efforts to grow the economy and build back better. I’m so glad that, four years ago, we burned the midnight oil to finish this midnight regulation, whose time has finally come,” said Doug Rand, co-founder of Boundless Immigration (technology company in the immigration space). Rand had helped create this program when he was an advisor to former US President Obama.

“Immigrant entrepreneurs have made incredible contributions to the US economy, including creating some of America’s most prominent companies, such as Moderna and Pfizer that have developed COVID-19 vaccines. By implementing the IER, the Biden Administration is unlocking an incredible job creation tool that will help the US remain the global leader in innovation,” said Bobby Franklin, President and CEO of the National Venture Capital Association.

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