On August 26, 2016, the U.S. Department of Homeland Security published proposed regulations to implement President Obama’s Executive Order of November 2014, authorizing DHS to institute a program permitting certain entrepreneurs and innovators to receive “parole”, or special permission, to enter the U.S. to work at start-up companies that provide “significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation.”
DHS started a 45-day comment period, accepting comments from the public regarding this proposed rule. DHS is hopeful to digest the comments and issue a Final Rule before the end of 2016, and at that time DHS will announce a date when entrepreneurs and innovators can begin to request this parole.
The proposed rule states that in addition to providing evidence documenting the significant public benefit, the entrepreneur or innovator must also document:
- the receipt of significant capital investment from U.S. investors with established records of successful investments; or
- having obtaining significant awards or grants from certain Federal, State or local government entities.
If granted, parole would provide a temporary initial stay of two years (which may be extended by up to an additional 3 years) to facilitate the applicant’s ability to oversee and grow his or her start-up entity in the United States.
The Law Offices of Jeff Goldman will be submitting comments to the proposed rule and we will be organizing a teleconference in early September for any of our clients or partners in the innovation economy who would like to help us brainstorm helpful comments to send to DHS. Please let us know if you would like to join our efforts.