NEWS & ALERTS
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24 Jul2024
Effective Oct. 1, 2024, we will increase the investment and revenue thresholds under the International Entrepreneur Rule, as required every three years. The application fee will not change, however.
Background
The International Entrepreneur Rule, published in 2017, provides a framework for the Department of Homeland Security to use its parole authority to grant a period of authorized stay, on a case-by-case basis, to noncitizen entrepreneurs who would provide a significant public benefit through their startup entity’s potential for rapid growth and job creation. If granted parole, the entrepreneur would be authorized to work for their startup entity incident to their parole, and their spouse, if also granted parole, would be eligible to apply for employment authorization to work in the United States. We recently updated our International Entrepreneur Rule FAQs, highlighting that we have no backlog, and we look forward to adjudicating new applications as quickly as possible.
The final International Entrepreneur Rule required that USCIS adjust the investment and revenue thresholds in 8 CFR 212.19 for inflation every three years. The next automatic adjustment will take effect on Oct. 1, 2024.
Key Changes
As required by regulation, we will make the following dollar figure adjustments:
- For an initial application, entrepreneurs must demonstrate the startup entity’s substantial potential for rapid growth and job creation by showing at least $311,071 (currently $264,147) in qualified investments from qualifying investors, at least $124,429 (currently $105,659) in qualified government awards or grants, or, if only partially meeting the threshold investment or award criteria, alternative reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
- For a second period of authorized stay under the International Entrepreneur Rule, the entrepreneur generally must demonstrate that the start-up entity has either:
- Received a qualified investment, qualified government grants or awards, or a combination of such funding, of at least $622,142 (currently $528,293);
- Created at least five qualified jobs; or
- Reached annual revenue in the United States of at least $622,142 (currently $528,293) and averaged at least 20% in annual revenue growth.
- The definition of a “qualified investor” requires the investor to have a history of substantial investment in successful startup entities. We generally consider such an individual or organization a qualified investor if, during the preceding five years, the following apply:
- The individual or organization made investments in startup entities of at least $746,571 (currently $633,952) in total, in exchange for equity, convertible debt, or other security convertible into equity commonly used in financing transactions within the startup entities’ respective industries; and
- After such investment by such individual or organization, at least two such startup entities each created at least five qualified jobs or generated at least $622,142 (currently $528,293) in revenue with average annualized revenue growth of at least 20%.
DHS will publish the adjusted dollar amounts in a final rule on July 25, 2024. The final rule will be effective on Oct. 1, 2024. Again, the application fee will not change at this time.
If you need more information or have any questions call 407-226-3659 to schedule a free consultation at our Orlando or Tampa office.
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