Boston, USA
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The US Citizenship and Immigration Services (USCIS) has unveiled modifications to the International Entrepreneur Rule (IER), effective October 1, 2024.
These changes encompass revised investment and revenue thresholds for foreign entrepreneurs seeking to establish startups in the United States. The updates, which reflect inflationary adjustments, aim to ensure the program's continued relevance in the evolving economic landscape. The revised guidelines, stemming from a Department of Homeland Security (DHS) final rule published in July 2024, introduce several key changes. The minimum investment required from a qualified investor has increased to $311,071, while the threshold for government grants or awards now stands at $124,429. For re-parole consideration, startups must demonstrate revenue of $622,142.
Qualified investors are now required to have invested at least $746,571 in startups over five years, with additional performance criteria for those companies. In addition to these financial adjustments, the USCIS has emphasized improved coordination of biometrics appointments for conditionally approved applicants, particularly benefiting those outside the US or opting to receive parole documentation at the US embassies or consulates. This streamlined process aims to enhance the efficiency of biometric data collection for international applicants.
The updated thresholds are part of a broader regulatory framework mandating automatic adjustments every three years based on the Consumer Price Index for All Urban Consumers (CPI-U). This mechanism ensures that the IER remains aligned with economic conditions and inflation. USCIS will regularly publish updated figures on its website, with the next adjustment slated for 2027. In line with these changes, USCIS will update Form I-941, used for Entrepreneur Parole applications, to reflect the revised investment and revenue amounts. These modifications will be incorporated into the form and its instructions, ensuring applicants have access to the most current information when applying for the program.
The International Entrepreneur Rule, introduced to attract talented foreign entrepreneurs, enables individuals to request parole based on their potential to create jobs, drive innovation, and benefit the public. The revised guidelines and streamlined processes ensure that the IER remains competitive and continues to attract top-tier talent from around the world. Entrepreneurs interested in applying under the IER are advised to familiarize themselves with the updated guidelines and prepare their applications accordingly, as the program is expected to remain dynamic and responsive to economic changes.