The U.S. Citizenship and Immigration Services (USCIS) announced that it will increase investment and revenue limits for foreign startup founders applying for a visa under the International Entrepreneur Rule, a program that allows foreign entrepreneurs to start businesses in the United States.
Starting October 1, 2024, foreign entrepreneurs will need to show that their company has received:
An investment of at least $311,071 (currently $264,147)
At least $124,429 (currently $105,659) in government awards or grants, or
If the startup does not fully meet the above criteria, provide other strong and credible evidence that shows its significant potential for rapid growth and job creation.
For a renewal application, the founder must show that his or her startup has received:
At least $622,142 (currently $528,293) in investment
Created at least five jobs or
Achieved annual U.S. revenue of at least $622,142 (currently $528,293).
USCIS has also updated the requirements regarding the source of startup investment. The investor must have a track record of making significant investments in successful startups within the past five years.
To qualify, the individual or organization must:
Have invested at least $746,571 (currently $633,952) in startups for equity or similar purposes.
In addition, after their investment, at least two of those startups must have created at least five jobs each or generated $622,142 (currently $528,293) in revenue with an average annual growth of at least 20%.
The International Entrepreneur Rule (IER) was established in January 2017 to allow foreign entrepreneurs to remain in the U.S. to grow their businesses.
The program, however, has not been very successful. As of FY 2021, USCIS has received 94 applications: 26 cases approved, 28 denied, and 40 cases pending or withdrawn. In an attempt to boost the program, USCIS posted updated information on its website on July 12, 2024, including a detailed FAQ section available here: https://www.uscis.gov/working-in-the-united-states/international-entrepreneur-rule
Other key criteria to qualify for the program include:
Entrepreneurs must be involved in a U.S. startup formed within the last five years.
Entrepreneurs may be living abroad or already in the United States.
Startup entities must have been established in the U.S. within the last five years.
Up to three entrepreneurs per startup may be eligible.
Spouses of entrepreneurs can apply for work permits, but children cannot.
Under the rule, entrepreneurs can receive an initial stay of up to 2.5 years to oversee and grow their business in the U.S. An extension of up to an additional 2.5 years can be granted if the startup continues to provide a significant public benefit, demonstrated by substantial increases in capital investment, revenue, or job creation.
