Entrepreneurs have few immigrant and non-immigrant visa categories that are appropriate for them. The EB-5 immigrant investor visa requires avery substantial $1 million investment (or $500,000 Regional Center investment for a non-active investor). The E nonimmigrant visa availability is restricted to citizens of certain designated treaty countries and the H-1B nonimmigrant visa allows skilled professionals to work for a U.S. employer, but does not allow self-employment and applicants face a limited number of visas available each year. There is no entrepreneur category per se. Now, U.S. Citizenship and Immigration Service has proposed a new rule allowing foreign entrepreneurs to be granted temporary permission (parole) to be in the United States in order to start their businesses. It would provide entrepreneurs a temporary initial stay of up to 2 years with the option to extend this by an additional 3 year period to actively operate and grow their businesses.
Eligibility factors include:

• Significant ownership interest in the start-up of at least 15%
• Active, central role in operations of the start-up
• Start-up formed in the U.S. within the past three years
• Start-up has demonstrated potential for “rapid business growth and job creation”
  • Receipt of significant capital investments from qualified U.S. investors with record of successful investments (at least $345,000);
  • Receipt of awards or grants of at least $100,000 from federal, state or local government entities;
  • Partially satisfying one or both of the above criteria with other evidence of the start-up’s potential for rapid growth and job creation

The public has 45 days from the date of publication to comment on the proposed rule. This rule could potentially has a large impact on those relying on securing one of the limited H-1B visas by serving as an alternative option to the H-1B and its cap quota. It will also potentially give options to self-employed entrepreneurs who have additional difficulties in obtaining H-1B visas. However, given the strict eligibility factors as this rule is a far from solving the issue at hand.