Acknowledging The Promise of Global Entrepreneurship – New Law Addresses Immigrant Start-Up Founders
On July 17th, 2017, the Department of Homeland Security (DHS) will enforce new, flexible regulation placing immigrants in a promising position to expand their commercial pursuits and showcase a diverse entrée of talent. Like recent developments in National Interest Waivers, changes in DHS policy address benefits afforded to the United States as foreign heads of start-up companies expand their services, refine and invent more signature products, and ultimately bolster U.S. prosperity as capital expenditures rise and new jobs materialize.
The benefits start-up companies offer are tremendous, and deserve favorable consideration concerning booms in employment. Each year sees the birth of approximately 500,000 businesses. Unlike larger, longstanding corporations that take a low-risk approach to capital investment, start-ups devote their resources and expertise into groundbreaking technologies and business strategy, often yielding new products and versatile services that catalyze competition and ultimately, economic growth. By welcoming immigrant start-up founders and facilitating their commercial expansion, new immigration policy not only eases socioeconomic mobility for immigrants, but also holds long-term national interests in high regard.
DHS adopts individualized enforcement by establishing an acceptable time duration for immigrant start-up founders to remain in the United States. Through “parole” authority, DHS bases their decisions on the circumstances, skill sets, and endeavors of each immigrant entrepreneur who displays commercial promise and potential to serve national interests. Additionally, eligibility now extends to a maximum of three entrepreneurs in each start-up, and family members’ status receives adequate review as spouses may petition for work authorization.
DHS projects that each year, the new regulation will benefit 2,940 foreign entrepreneurs, who, after demonstrating eligibility, may receive permission to operate their businesses within the United States for a maximum of 30 months. However, on a case-by-case basis, DHS may extend that period to another 30 months, at most.
Establishing a business demands time, resources, ingenuity, and a bravery that commands proper acknowledgment. This breaking development in DHS regulations indicates an understanding that start-ups, different perspectives, and commercial ambition are valuable to national growth and conducive to global thinkers who aim to accomplish their goals. Should you or anyone you know have concerns or questions regarding foreign start-ups and the new DHS rule, contact The Law Office of Sweta Khandelwal today.#Entrepreneurship, #Immigrant Entrepreneurship, #Immigrant Start-Up, #Immigrant Start-Up Founders, #immigration law, #New Immigration Law, #Start-Up Founders