Department of Homeland Security moves to finally rescind the International Entrepreneur Rule
Jonathan Shieber at Techcrunch
https://techcrunch.com/2018/05/28/department-of-homeland-security-moves-to-finally-rescind-the-international-entrepreneur-rule/
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After nearly a year of protest and litigation, the Department of Homeland Security finally announced late last week that it was moving ahead with plans to rescind the International Entrepreneur Rule, which would have allowed immigrant founders of startups to remain in the U.S. for up to five years.
The Obama-era initiative was designed to allow immigrants who were creating new companies (and new jobs) in the United States to remain in the country for two-and-a-half years (with the possibility for another two-and-a-half year extension) as long as they were meeting milestones for company growth and development.
It was an attempt to woo more immigrant entrepreneurs (a group that’s accounted for the creation of over half of the startups in the U.S. that currently enjoy valuations of over $1 billion) to the country and make America more competitive at a time when countries from France to Singapore are doing more to bring startup founders to their shores.
Drafted two days before Donald Trump’s inauguration, the rule-making was seen by many Republicans as an example of executive office overreach. It was certainly a response to Congress’ inability to pass immigration reform legislation, at a time when other countries were making it easier for entrepreneurially savvy emigres to settle in their borders, according to Obama officials.
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