Biden Administration Resurrects Entrepreneurship Program for Immigrants
President Biden announced last Monday his intent to revive an Obama-era program that allowed immigrant entrepreneurs to work in the United States. Titled the International Entrepreneur Rule, it allowed foreign entrepreneurs to work in the country up to five years, given they met certain criteria, including the ownership of at least 10% of a startup and the attraction of at least $250,000 in United States venture capital.
The Trump administration published a notice intending to suspend the policy before it went into effect, citing its parole benefit as grounds for opposition. Parole allows the United States to admit migrants without visas, provided there is a significant public benefit. Ultimately, the program was not officially terminated by Trump, but withered away regardless, since investors and entrepreneurs believed the notice indicated Trump’s intent to deny applications.
The new attention to the program and increased resource allocation will likely sponsor a new influx of immigrant entrepreneurs. This is a major benefit to the country as a whole, and hopefully will offer new opportunities to immigrants.