Biden relaunches International Entrepreneur Parole program for promising foreign entrepreneurs

The Biden Administration of the United States has relaunched the International Entrepreneur Parole (IEP) Program that grants the leadership of promising foreign start-ups temporary residence in the United States to grow businesses with sturdy economic and job-creation potential.

The program was finalized under the Obama Administration in 2017, but the Trump Administration shelved it due to its dormancy. However, the Biden Administration is relaunching IEP Program to grant promising foreign entrepreneurs who fall short of the eligibility criteria of existing visa programs to remain in the United States to grow their businesses and make contributions to the country’s economy.

Nonetheless, this is a discretionary and temporary permission to enter and stay in the United States – essentially, a parole. The qualifying entrepreneurs are not eligible for permanent residence unless they qualify under another United States immigration program.

To be permitted for parole, foreign entrepreneurs must satisfy specific benchmarks, including being an established US start-up business within five years of the candidate’s application for parole. The candidate must be an active and central role player in the functioning of the business and should hold an ownership interest of at least 10 percent in the start-up. Also, foreign nationals that partly satisfy the criteria for funding are expected to provide compelling evidence additionally related to the start-up’s substantial potential for fast job creation and rapid development. Bear in mind that for each start-up, no more than three foreign entrepreneurs may be granted parole.

Entrepreneurs can stay in the US for the commencing period of up to 30 months – if permitted, with a license to work for a foundation business. Set as an optional grant, the US government can nullify parole during any period if the foundation business collapses or fails to display a significant public advantage to the United States.