Updates on International Entrepreneur Rule

On July 25, 2024, the U.S. Citizenship and Immigration Services (USCIS) published a final rule in the Federal Register updating the investment and revenue requirements to qualify for parole under the international entrepreneur rule. Per regulation, the investment requirements must be adjusted every three years to keep pace with inflation. More details on the program are available in the MurthyDotCom NewsBrief, USCIS Restores Parole Program for International Entrepreneurs (26.May.2021).

Summary of Adjustments to the Program

The final rule will take effect on October 1, 2024. A brief summary of the adjustments is provided here, for the benefit of MurthyDotCom readers.

For an initial application, an entrepreneur must have either received qualified investments of at least $311,071 from qualifying investors, or at least $124,429 in qualified government awards or grants. In the alternative, an entrepreneur may partially satisfy one or both of these criteria, and submit other reliable and compelling evidence of the startup entity’s substantial potential for rapid growth and job creation.

For an application for re-parole, an entrepreneur 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; 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 percent in annual revenue growth.

The final rule also adjusts the requirements for a “qualified investor.” An individual or organization must have made investments in startup entities totaling at least $746,571; and after such investments were made, at least two of these startup entities must have either (a) created at least five qualified jobs; or (b) generated at least $622,142 in revenue with average annualized revenue growth of at least 20 percent.

Conclusion

The international entrepreneur parole program scarcely has been used since the USCIS began accepting applications nearly four years ago. Still, the USCIS recently has taken steps to reduce processing times, and, earlier this month, it created a robust FAQs page to make the program easier to navigate. The Murthy Law Firm has represented a number of entrepreneurs in filing these applications successfully and is available to consult with individuals interested in learning more about this unique program.

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