USCIS releases new guidelines for the International Entrepreneur Rule (IER) in 2024. Learn about the updated criteria, application process, and how this rule can benefit you as a foreign entrepreneur.
Exciting news for foreign entrepreneurs looking to grow their businesses in the US! The USCIS has just released new information about the International Entrepreneur Rule (IER), a programme designed to help international start-ups thrive in the United States. Here’s a comprehensive guide on the latest updates, key requirements, and how you can benefit from this opportunity in 2024.
What is the International Entrepreneur Rule (IER)?
The International Entrepreneur Rule is a special programme created in January 2017 under the Obama administration to attract foreign entrepreneurs to the US. It offers a unique pathway for international start-ups to stay in the US and expand their businesses.
Related Reading:
- What is the International Entrepreneur Rule?
- International Entrepreneur Rule: Everything You Need to Know
Key Features of the International Entrepreneur Rule
- Establishment: The IER was established to offer a temporary visa for foreign entrepreneurs.
- Purpose: To allow international entrepreneurs to grow their start-ups and create jobs in the US.
- Duration: Entrepreneurs can initially stay for up to 2.5 years, with a possible extension of another 2.5 years.
Recent Updates from USCIS: What’s New in 2024?
On July 12, 2024, USCIS updated its website with new information and guidelines for the International Entrepreneur Rule. This update aims to make the application process clearer and more accessible for international start-ups.
1. New Criteria for Start-Up Entities
The most significant update is the new requirement for demonstrating substantial potential for growth:
- Investment Requirements:
- $264,147 in qualified investments from approved investors.
- $105,659 in qualified government awards or grants.
- Alternatively, substantial evidence of the start-up’s potential for success.
Explore More:
- How to Meet the New Investment Requirements for IER
- Tips for Meeting the New Criteria for the International Entrepreneur Rule
2. Detailed FAQ Section
USCIS has added a comprehensive FAQ section to help entrepreneurs navigate the IER programme. This section answers common questions about eligibility, application procedures, and maintaining your status in the US.
Related Articles:
- International Entrepreneur Rule FAQ: Your Top Questions Answered
- The Complete Guide to the International Entrepreneur Rule FAQ
Eligibility Requirements for the International Entrepreneur Rule
To qualify for the IER, you must meet several key requirements. Here’s a breakdown of what you need to know:
**1. Entrepreneur’s Status:
- New or Existing Start-Ups: You must be involved with a US-based start-up formed within the past five years.
- Location: Entrepreneurs can be either abroad or already in the US.
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**2. Number of Entrepreneurs:
- Up to Three Entrepreneurs: Each start-up can have up to three eligible entrepreneurs.
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**3. Family Members:
- Spouse: Spouses of entrepreneurs can apply for work authorisation.
- Children: Children cannot apply for work authorisation under this rule.
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Application Process for the International Entrepreneur Rule
Here’s a step-by-step guide to help you through the application process for the IER:
1. Gather Documentation
Prepare the necessary documents, including proof of investment, start-up formation, and business plans.
Helpful Resources:
- Documents Needed for the International Entrepreneur Rule Application
- How to Prepare Your IER Application
2. Submit Your Application
Complete and submit the application through the USCIS online portal.
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3. Await Decision
USCIS will review your application and make a decision based on the new criteria.
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What If Your Application is Denied?
If your IER application is denied, there are several options available:
- Appeal the Decision: You can file an appeal or request a review of the decision.
- Reapply: Review the feedback from USCIS and reapply if you address the issues.
Learn More:
Success Stories from the International Entrepreneur Rule
Here are a few success stories from entrepreneurs who have benefited from the IER:
- Case Study 1: How a Tech Start-Up Grew Using the International Entrepreneur Rule
- Case Study 2: From Idea to Success: An Entrepreneur’s Journey with IER
Conclusion: Is the International Entrepreneur Rule Right for You?
The International Entrepreneur Rule offers a valuable opportunity for foreign entrepreneurs to grow their start-ups in the US. With the new updates for 2024, there are more chances than ever to make the most of this programme.
Are you considering applying for the IER? Share your thoughts or questions in the comments below!
