- Applicant entrepreneur can be from any country; must maintain a salary of $97,000 or more; work in a central role at the enterprise; and own 15% or more of the company (and not fall below 10%)
- Validity is two years which can be extended for three more years provided the company has expanded
- Investment within past year of $345,000 by U.S. citizens or green card holders or $100,000 grant from certain government entities
- Investment can be capital or convertible note
- The capital must come from investors who: o Are U.S. citizens or lawful permanent residents or U.S. legal entities majority owned and controlled by U.S. citizens or lawful permanent residents that regularly invest in start-ups. (Investments by parents, spouse, brother, sister, son or daughter of the entrepreneur are excluded, as are investments by any entity in which the entrepreneur or the above relatives hold any direct or indirect ownership interest); and o Have made investments in start-up entities in exchange for equity or convertible debt over the past five years in at least three separate calendar years comprising a total of no less than $1,000,000, and at least two of the entities must have each created at least five qualified jobs or generated at least $500,000 in revenue with average annualized revenue growth of at least 20 percent
- The entrepreneur will need to provide “supporting documentation of his or her role within the entity, as well as the knowledge and experience that is central to the entity’s business.” The proposed regulations indicate such supporting documentation may include: o Letters from relevant government agencies, qualified investors, or established business associations with an understanding of the applicant’s knowledge, skills or experience that would advance the entity’s business o Newspaper articles or other similar evidence that the applicant has received significant attention and recognition o Evidence that the applicant or entity has been recently invited to participate in, is currently participating in, or has graduated from one or more established and reputable start-up accelerators o Evidence that the applicant has played an active and central role in the success of prior start-up entities o Degrees or other documentation indicating that the applicant has knowledge, skills, or experience that would significantly advance the entity’s business o Any other relevant, probative, and credible evidence indicating the applicant’s ability to advance the entity’s business in the United States
The USCIS has issued proposed rules for a new visa for certain entrepreneurs. The requirements are quite restrictive but may benefit some who cannot use the current E-2 investor visa or the L-1 Intracompany Transferee visa or the EB-5 investor green card. Please note this is a proposed rule, not final.
Steps for Obtaining an Entrepreneur Parole Visa
The application is submitted to USCIS with a fee of $1,200. Fingerprints are also required.
Apply for parole at an American Consul. A three-year extension may be available provided the investment amount has increased to $500,000, or the company has $500,000 revenue and averaged 20 percent in annual revenue growth during the initial parole period, or the company has created 10 jobs for US workers, or through a combination of such evidence.