New rule proposed by USCIS welcomes more foreign entrepreneurs to US

The proposed new rule of U.S. Citizenship and Immigration Services (USCIS) is an attempt to attract more foreign entrepreneurs to the US. Under it, select entrepreneurs would be issued a temporary pass for two years to set up their companies, with the opportunity of requesting an extension for three more years.

The rule would let the DHS (Department of Homeland Security) grant ‘parole’ status to entrepreneurs. Usually granted for medical or humanitarian reasons, it is being viewed as a creative remedy to compensate for the absence of a startup visa in America. This rule also does not need congressional approval.

This rule found a strong supporter in Max Levchin, PayPal cofounder. In this regard, he stated his own example of moving to Chicago from the erstwhile Soviet Union in 1991. He was said to be only 16 at that time. He went on to found PayPal in 1998, which now provides employment to almost 17,000 people and is valued at $47 billion. Levchin wrote that the wealth he gained from his company allowed him to invest in 100 plus startups, which includes YELP.

Lechin was quoted by CNN Money as saying that he was of the belief that world’s most promising entrepreneurs should have the same opportunity he was fortunate enough to have and the opportunity to realise their potential in America.

Levchin, now the head of consumer lending startup Affirm, said that immigrants have cofounded one in four of the top high-tech startups all over the US.

Lechin added that his story was not out of the ordinary, for America has been a country of immigrants and has always attracted entrepreneurs and innovators from all parts of the globe.

Craig Montuori, the Global Entrepreneur In Residence Coalition executive director, said that this proposal is 99 percent is the best bet for America since there is no extensive legislative reform.

If you want to migrate the US – the land of opportunities – approach Y-Axis to get help and assistance to file for a visa at one of its 19 offices located in all major cities of India.