Recently, Biden administration announced to revive International Entrepreneur Program in 2021. This program, shorted for IEP, is to encourage foreign entrepreneurs to create and develop start-up entities with high growth potential in the US, which are expected to facilitate research and development in the country, development in the county, creates jobs for US workers, and otherwise benefit the U.S economy.
This parole allows:
– the entrepreneurs to stay for 30 months which is extendable for another 30 months
– it’s Spouse to apply for work authorization and
– their Children to attend a public school.
Any one who is already in the U.S cannot change his/her status to IEP. They must leave the US and come back with the IEP status.
Entrepreneurs apply for parole under this rule must demonstrate that they:
– Possess a substantial ownership interest in a start-up entity created within the past five years in the United States that has substantial potential for rapid growth and job creation.
– Have a central and active role in the start-up entity such that they are well-positioned to substantially assist with the growth and success of the business.
– Will provide a significant public benefit to the United States based on their role as an entrepreneur of the start-up entity by showing that:
a. the start-up entity has received a significant investment of capital from certain qualified U.S. investors with established records of successful investments;
b. the start-up entity has received significant awards or grants for economic development, research and development, or job creation (or other types of grants or awards typically given to start-up entities) from federal, state, or local government entities that regularly provide such awards or grants to start-up entities; or
c. They partially meet either or both of the previous two requirements and provide additional reliable and compelling evidence of the start-up entity’s substantial potential for rapid growth and job creation.
d. Otherwise merit a favorable exercise of discretion.
Lastly, this program may be a good alternative to those whose H1b/OPT was not selected or denied and/or who is not allowed or affordable to apply for E2 status. If you would like to know more about this program, please contact us at 847-660-4233 (English, Korean) or 317-701-2768 (Mandarin).