International Entrepreneur: Authorization to travel to the US to start your business.
What is the International Entrepreneur Program?
It is a program available since 5/10/2021 to foreign entrepreneurs of any country in the world to create and develop start-up entities with high growth potential in the United States. It needs to have job generating potential (at least generate 5 jobs after the initial period of authorization), have growth potential and certain investment requirements.
This program is available particularly for nationals of countries that do not have treaties with the US for purposes of E visas (such as India, Venezuela or Uruguay).
How many International Entrepreneurs can be authorized per start-up?
A maximum of 3 International entrepreneurs per start-up entity but they have to submit separate applications.
Can the start-up be an entity that has already been incorporated?
Yes, but it has to be incorporated no longer than 5 years ago and it has to have operated legally since its inception.
Do they have to be outside the US to submit their applications?
No. It can be submitted while in the US or outside the US. Once the application is approved, the person should go to the Consulate in their country to get the travel permit stamped in their passport.
Can the International Entrepreneur travel with their family?
The spouse and children under 21 can be admitted but will have to submit their own application of the I-131 Form.
What are the filing fees?
The International Entrepreneur Program (I-941) has a fee of $1200 plus $85 for biometric fees. I-131 has a filing fee of $575 plus a filing fee of $85 that might be applicable.
What is the maximum amount of time the International Entrepreneur Program allows in the US.?
The maximum initial authorization is for 30 months and then it can be renewed for 30 more months (for a total of 5 years).
After being present in the US as an International Entrepreneur, can the individual become a Legal Permanent resident?
The International Entrepreneur Program is not a path to become a Legal Permanent Resident. Nevertheless, if there is an independent ground to become a legal permanent resident, the International Entrepreneur may apply for it. However, the International Entrepreneur will not be able to adjust status or change of status directly in the US and will have to exit the US and process the new immigrant or non immigrant visa in the US Consulate abroad.
Can the spouse of the International Entrepreneur work in the US?
Yes, he or she will be able to request a work permit once the person is in the US. He/she will not be able to work until they receive the relevant employment authorization document. The minor children however, will not be able to request a work permit. The International Entrepreneur will have a work authorization to work for his start up that is incident to his status. He can work as an employer or as an employee but he will have to maintain a household income equivalent to 400% of the federal Poverty guideline, which for 2022 would be as follows: For a household of one: $54,360; for a household of two people: $73,240; for a household of three people: $92120; or a household of four people: $ 111,000: or a household of five people: $129,880; or a household of six people: $148,760.
What are the International requirements?
A. To qualify as an International Entrepreneur you should show that you:
(1) Have a central and active role in the operations of a start-up entity, such that you are well-positioned, due to your knowledge, skills, or experience, to substantially assist the U.S. start-up entity with the growth and success of its business;
(2) Possess at least a 10% ownership stake in the U.S. start-up entity, and that the entity:
(a) Was recently formed (for example, created within the five years immediately preceding the filing date of your Form I-941) and has been lawfully doing business within the United States during any period of operation since its date of formation; and
(b) Has substantial potential for rapid growth and job creation, evidenced by the receipt of significant capital investment, grants or awards.
B. Substantial Investment, Grant or Award.
You should demonstrate that your start-up entity has received a minimum investment amount or qualified award or grant as described below:
(1) The start-up entity has received a qualified investment, within 18 months immediately preceding the filing of your Form I-941, of at least $250,000 from one or more qualified investors;
(2) The start-up entity has received, within 18 months immediately preceding the filing of your Form I-941, an amount of $100,000 or more through one or more qualified government awards or grants; or
(3) If your start-up entity partially meets one or more of the above criteria, you may still be considered for entrepreneur parole by providing other reliable and compelling evidence of the start-up entity's substantial potential for rapid growth and job creation.
NOTE: If relying on other evidence that you believe is reliable and compelling, you will also need to show that your entity has:
(1) Received a substantial level of investment (although less than $250,000); or
(2) Received a substantial level of government funding (although less than $100,000).
Investment must be from a Qualified Investor.
The term “qualified investor” for purpose of entrepreneur parole means an individual who is a U.S. citizen or lawful permanent resident of the United States, or an organization that is located in the United States and operates through a legal entity organized under the laws of the United States or any state, that is majority owned and controlled, directly and indirectly, by U.S. citizens or lawful permanent residents of the United States, provided such individual or organization regularly makes substantial investments in start-up entities that subsequently exhibit substantial growth in terms of revenue generation or job creation. Such an individual or organization may be considered a qualified investor if, during the preceding five years:
(1) The individual or organization made investments in start-up entities in exchange for convertible debt or other security convertible into equity commonly used in financing transactions within their respective industries comprising a total in such 5-year period of no less than $600,000; and
(2) Subsequent to such investment by such individual or organization, at least 2 such entities each created at least 5 qualified jobs or generated at least $500,000 in revenue with average annualized revenue growth of at least 20%.
NOTE: An individual or organization that has been permanently or temporarily enjoined from participating in the offer or sale of a security or in the provision of services as an investment adviser, broker, dealer, municipal securities dealer, government securities broker, government securities dealer, bank, transfer agent or credit rating agency, barred from association with any entity involved in the offer or sale of securities or provision of such services, or otherwise found to have participated in the offer or sale of securities or provision of such services in violation of law is not a qualified investor.