Effective October 1, 2024, USCIS will increase the investment and revenue thresholds under the International Entrepreneur Rule, as required every three years. Notably, the application fee will remain unchanged.

Background:

The International Entrepreneur Rule, published in 2017, provides a framework for the Department of Homeland Security to use its parole authority to grant a period of authorized stay, on a case-by-case basis, to noncitizen entrepreneurs who demonstrate significant public benefit through their startup entity's potential for rapid growth and job creation. If granted parole, the entrepreneur is authorized to work for their startup entity, and their spouse, if also granted parole, can apply for employment authorization to work in the United States.

The final rule stipulates that USCIS must adjust the investment and revenue thresholds in 8 CFR 212.19 for inflation every three years. The next automatic adjustment is set to take effect on October 1, 2024.

Key Changes:

The following dollar figure adjustments will be made as required by regulation:

Initial Application Requirements:

• Entrepreneurs must demonstrate the startup entity's substantial potential for rapid growth and job creation by showing at least $311,071 (up from $264,147) in qualified investments from qualifying investors or at least $124,429 (up from $105,659) in qualified government awards or grants.
• If only partially meeting these thresholds, entrepreneurs can provide alternative reliable and compelling evidence of the startup entity's potential for rapid growth and job creation.

Re-parole Application Requirements:

• Entrepreneurs must demonstrate that the startup entity has received a qualified investment, qualified government grants or awards, or a combination of such funding, totaling at least $622,142 (up from $528,293)
• The startup entity must have created at least five qualified jobs.
• The startup entity must have reached annual revenue in the United States of at least $622,142 (up from $528,293) and averaged at least 20% in annual revenue growth.

Qualified Investor Requirements:

• Investors must have a history of substantial investment in successful startup entities. An individual or organization is considered a qualified investor if, during the preceding five years.
• They made investments in startup entities totaling at least $746,571 (up from $633,952), in exchange for equity, convertible debt, or other securities commonly used in financing transactions within the startup entities' respective industries.
• After such investment, at least two of these startup entities each created at least five qualified jobs or generated at least $622,142 (up from $528,293) in revenue with average annualized revenue growth of at least 20%.

DHS will publish the adjusted dollar amounts in a final rule on July 25, 2024. The final rule will be effective on October 1, 2024. Again, the application fee will not change at this time.

Conclusion:

These adjustments aim to ensure that the International Entrepreneur Rule remains aligned with economic conditions and continues to foster innovation and job creation in the United States. Entrepreneurs looking to take advantage of this program should review these new requirements and prepare their applications accordingly. For more detailed information, refer to the USCIS website and the Federal Register publication.