White House officials invited Partner Minette Kwok from the Minami Tamaki immigration practice group to participate in an August 26 conference call announcing President Obama’s proposed International Entrepreneurship rule that would allow foreign national entrepreneurs to build their startups in the U.S.
The call was led by Tom Kalil, Deputy Director for Policy at the Office of Science and Technology Policy, and Doug Rand, Assistant Director for Entrepreneurship at the White House Office of Science and Technology.
Under this proposed rule, DHS may parole, on a case-by-case basis, eligible entrepreneurs of startups who hold a significant ownership interest and have an active and central role to its operations. The startup must have been formed in the United States within the past three years, and the enterprise must have substantial and demonstrated potential for rapid business growth and job creation.
“This proposed rule is a breath of fresh air in this difficult political environment right now,” said Kwok. “It promises to give talented foreign national entrepreneurs the chance to carry out their vision, improve the economy; encourages the injection of innovative new ideas that will keep the U.S. market competitive, and promotes job creation.”
“It’s an exciting new law, and the provisions are reasonable and attainable, and overdue.”
Kallil and Rand reminded the call participants that 40 percent new businesses are generated by immigrants – businesses such as EBay, Google, Whatsapp, Instagram, and Qualcomm.
Under the proposed rule, entrepreneurs may be granted an initial stay of up to two years to oversee and grow their startup entity in the United States. A subsequent request for re-parole (for up to three additional years) would be considered only if the entrepreneur and the startup entity continue to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue or job creation.