August 26, 2016
Under President Obama, the White House administration is proposing a new immigrant law for entrepreneurs who have raised money from American investors, granting them access to come to the country for two to five years, with an option to extend.
Deemed the International Entrepreneur Rule, applicants must pass a two tier screening to be admitted into the country on this basis. To qualify to enter for two years, start-up founders must own at least half of the business and have received $345,000 from U.S. investors (or $100,000 from the government). To stay for an additional three years, applicants must continue running their business in the States, own at least 10% of their business, and either raise $500,000 from U.S. investors, prove they’ve created 10 full-time jobs in the five year span, or generate half a million dollars in revenue with 20% YOY growth.
Across the list of Fortune 500 companies, “over 40% of them were founded by immigrants or the children of immigrants.” The administration hopes to pass the law before Mr. Obama leaves office because it is unclear how a Clinton or Trump presidency would move forward.
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