On August 26, 2016, the Department of Homeland Security ("DHS") announced new proposed regulations to increase and enhance entrepreneurship, innovation, and job creation in the United States. DHS's proposed rule would add new regulatory provisions permitting the use of parole/temporary stay on a case-by-case basis with respect to entrepreneurs of start-up entities whose entry into the U.S. would provide a significant public benefit through the substantial and demonstrated potential for rapid business growth and job creation. The regulations describe several metrics for assessing this potential, including the receipt of significant capital investment from U.S. investors with established records of successful investments or obtaining significant awards or grants from certain federal, state or local government entities.
If granted, parole would provide the entrepreneur a temporary, initial stay of up to 2 years, with the possibility of being extended by up to an additional 3 years, in order to facilitate the entrepreneur's ability to oversee and grow her or his start-up entity in the U.S. DHS would consider subsequent requests for re-parole only when the entrepreneur can demonstrate the start-up entity continues to provide a significant public benefit as evidenced by substantial increases in capital investment, revenue, or job creation.
DHS published its notice of proposed rulemaking in the Federal Register, inviting public comment for 45 days - until October 10, 2016. Once the comment period closes, the agency will review comments received and consider changes to the proposed regulations, publishing a final rule in the Federal Register at a later date. You may submit comments on the proposed rule by e-mail at email@example.com with DHS docket number USCIS-2015-0006 in the subject line of the message. Iandoli Desai & Cronin P.C. will continue to bring you updates on this new proposed rule in our newsletter and on our website at www.iandoli.com/newsandupdates.