The federal Office of Management and Budget (OMB) has cleared a USCIS proposal to create a programme that would provide temporary parole, on a case-by-case basis, to certain foreign investors, researchers and entrepreneurs who will establish a start-up entity in the United States.
The proposed rule, entitled “Significant Public Benefit Parole for Entrepreneurs,” would require applicants to demonstrate that they have substantial U.S. investor financing or show potential for innovation or job creation through the development of new technologies or cutting-edge research.
The proposed rule is likely to be published in the Federal Register in the coming days. The specifics of the programme – including eligibility criteria and procedures – will not be known until publication.
The entrepreneur parole program was first announced in November 2014 as part of President Obama’s planned executive actions to encourage innovation and support U.S. high-skill businesses and workers.
What’s Next for the Proposed Entrepreneur Parole Program
Once the rule is published, individuals and organisations will have an opportunity to provide feedback during a comment period, which is typically 30 to 60 days long. After the public comment period closes, DHS will review the feedback it receives and prepare to issue a final version of the regulation. The entrepreneur parole program would not be implemented until the final regulation is approved, a process that is likely to take several months.