New proposed regulations would make it easier for foreign entrepreneurs who want to start businesses in the United States. Many businesses have been created or co-created by foreign students who were here to study in the United States. The problem for these students, though, is that they often find it difficult to determine how to stay in the US after they have completed their education. Due to their visa requirements, many of them have to return to their home countries instead of staying on US soil, and this means all of their education and skills leave the US as well.
Meeting the Initial Criteria to Stay
The new regulations would allow certain foreign entrepreneurs to stay in the US, but there would be strict criteria they would have to meet. For the first two years, they would need to show that they have created a startup company in the preceding three-year period, and that startup had significant growth potential. Additionally, $345,000 or more must have been secured from investors or $100,000 in grants from the government. The entrepreneur would have to be active in the company, and would need to have an ownership interest of at least 15%.
Staying On After the First Two Years
To remain for another three years, the foreign entrepreneur must show that the startup has operated lawfully for the previous two years, and that they still have at least a 10% interest in the ownership of the company. Another $500,000 in funding must also have been secured from investors or through grants, and annual revenue has to be at least $500,000 as well. There can be three co-founders for a startup, and the company must have created at least 10 jobs for workers in the US. Spouses and children could also come to the US under this system, and spouses would be allowed to work. This has the potential to allow foreign entrepreneurs to create many more companies and jobs in the United States.
Immigration can feel like a challenging issue, but it does not have to be that way for everyone. To find out more about immigration issues, contact The Law Offices of Scott Warmuth at 1-888-517-9888. With the right legal advocate on your side, you can get your immigration questions answered. It can also be easier to attain the correct immigration status and move toward entrepreneurship or other life goals. By talking to an immigration attorney, you have the opportunity for the best outcome in your particular case and situation.