The International Entrepreneur Rule was delayed less than a week before it was supposed to be implemented on July 17th, until March 2018. The International Entrepreneur Rule is a proposed federal rule that would allow individuals from foreign countries to come to the US for 30 months to facilitate jobs and build business operations. The rule also states that an entrepreneur could extend their stay to another 30 months if necessary. Prospective entrepreneurs must show that they have collected at least $250,000 from American investors or at least $100,000 in grants from government entities prior to traveling to the US.
The delay of the International Entrepreneur Rule was established to further evaluate its compliance to Trump’s executive order on border security. Homeland Security stated that it lacked resources that were necessary to keep this rule intact at the moment and would like time to investigate its relevance in the current era, pursuant to executive order 13767 “Border Security and Immigration Enforcement Improvements”. A public commentary period on the delay was in effect until August 10th to allow the public to voice their comments and concerns regarding the issue.
This delay has created a negative setback for many entrepreneurs who were waiting for the rule to become active to start planning their start-up in the US. Commenters believe that this delay is diluting further innovation for the US and forcing prospective successful companies to turn to different countries for starting their businesses. The International Entrepreneur Rule could not only create more jobs for working Americans but it has the potential to create immense economic revenue for the US economy.
Half of the start-ups worth $1 billion dollars or more have at least one founder who immigrated to the US. Under former president Obama, Homeland Security estimated that 3,000 entrepreneurs would be able to travel to the US to start their businesses under the International Entrepreneur Rule. The future of the International Entrepreneur Rule is uncertain, as the Trump Administration could remove the rule altogether, or begin implementing it in March 2018.