For startups, the United States is probably the holy land. Infrastructure, support, funding and mentoring facilities, the US is truly still the land of opportunities. And of course, a lenient government. Wait, that was before Trump came right?
The new US President has already shown that he isn’t too keen on foreign companies (unless they are providing jobs) setting up base in the country. Which is why report of him considering to delay or rescind the International Entrepreneur Rule, are all too believable.
The International Entrepreneur Rule was established by US president Barack Obama a couple of days before he left office. The law is expected to go into force next month, on the 17th. However, the San Francisco Chronicle reports that the Trump administration has had its eyes upon the law for quite some time and now, the DHS could well push the date on which the law becomes active, into 2018.
And that wouldn’t be it either. Once the rule has been delayed long enough, the administrative machinery would go into action and find ways of permanently disabling the rule.
Here is an entry from the federal register regarding the rule and it is clear that a useful as the rule would have been for startups, delaying it or even stopping it would have the opposite affect. The startup community was waiting for the rule to pass and if it doesn’t, well, it would probably mark the end of many high potential opportunities for startups.
The final rule adds new regulatory provisions guiding the use of parole on a case-by-case basis with respect to entrepreneurs of start-up entities who can demonstrate through evidence of substantial and demonstrated potential for rapid business growth and job creation that they would provide a significant public benefit to the United States.
Such potential would be indicated by, among other things, the receipt of significant capital investment from U.S. investors with established records of successful investments, or obtaining significant awards or grants from certain Federal, State or local government entities.
If granted, parole would provide a temporary initial stay of up to 30 months (which may be extended by up to an additional 30 months) to facilitate the applicant’s ability to oversee and grow his or her start-up entity in the United States.
